Last Updated on July 1, 2024 by admin
Do you want to know how wema bank domiciliary account works or you are planning to open one and you don’t know the requirements and documents to present during the registration process.
Whether you’re an individual working overseas or a business venturing into international trade, this account empowers you to optimize your financial activities. With the Wema Bank Domiciliary Account, you gain access to an array of major foreign currencies such as the US Dollar (USD), Euro (EUR), British Pound (GBP), and Japanese Yen (JPY).
This article is designed to provide a search solution on different kinds of domiciliary accounts offered by wema bank, requirements and documents to open a dom .
What is Domiciliary Account
A domiciliary account is a type of bank account that allows you to hold and transact in foreign currencies, such as US dollars, British pounds, euros, and other major currencies. It is useful for individuals and businesses engaged in international transactions or those who wish to save money in foreign currency.
It ensures you can carry out local or international transactions involving foreign currencies from the comfort of your home, and anywhere in the world.This kind of account come with interest incentive, internet banking flexibility, access to cards and other value-added capabilities
Type of Wema Bank Domiciliary Account
Wema bank Nigeria offers different types of dom accounts which include Wema Domiciliary Account, Wema Dom Plus and Wema Dom Lite. The account comes with different benefits and account opening requirements . So let take a look at each account in detail
1. Wema Dom Lite
The Wema bank Dom Lite requires zero minimum opening and operating amount. The foreign currency account required minimal account opening documentation.It is ideal for individuals who regularly receive international remittance or who need to make payments in US Dollars.
This type of account can be opened in a branch or via the ALAT App. The account can fund through Receipt of international funds transfer e.g. Western Union, Ria, etc. directly into the account by providing your Dom Lite account number at the pay outlet.
You can also fund your weman bank dom lite account with receipt of local foreign currency transfer and Receipt of international wire transfer from a foreign bank account
The Maximum cash withdrawal limit on Wema bank Dom lite account is $2,000 and No cash deposits allowed but it is available for upgrade to Wema Dom Plus with the provision of full KYC documents.
Features
- Zero minimum opening and operating balance
- Maximum cash withdrawal limit of $2,000
- Withdrawal charge of 0.05% of transaction value but not more than $10 per transaction.
- No cash deposits allowed
- Access to USD Mastercard Debit Card for online dollar payments/subscriptions and withdrawal at ATMs abroad.
- Available for upgrade to Wema Domiciliary Plus with the provision of full KYC documents.
- Enables creation of investment in foreign currency through a fixed deposit or USD Goals on ALAT by Wema app.
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Foreign currency cash withdrawal and transfers at any of our branches.
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Account available for upgrade to Non-export Domiciliary account or Domiciliary Plus account to enable foreign currency cash deposit with provision of 2 suitable references and utility bill.
Documentation
- Filled account opening form
- BVN
- Valid ID Card (International Passport, Driver’s License, National Identity Card, Voter’s Card)
- Passport Photograph
2. WEMA Domiciliary Plus Account
This type of Dom account allows you to carry out all your foreign currency transactions in USD, GBP, and Euro with an interest incentive. Account can be opened by individuals and non-individuals. The account has a Minimum opening balance of 100 USD, GBP, or Euro for individuals or 150 USD, GBP, or Euro for business entities.
- Withdrawal charge of 0.05% of transaction value but not more than $10 per transaction.
- Maximum of 4 withdrawals per month to qualify for interest payment.
- Interest payment of up to 0.5% p.a. applicable to accounts with balance of $10,000 and above
- Supports the use of WEMA USD Debit Cards for ATM, POS, Mobile, and Internet transactions.
- Transaction alerts through SMS and/or email.
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Foreign currency cash withdrawal and transfers at any of our branches.
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Receive international transfers and remittance directly to your account.
Documentation
- Duly completed account opening form including signature mandate card
- BVN
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Valid means of identification: International Passport, Drivers’ License
- 1 Passport Photograph
- Copy of a utility bill (water, electricity, waste or telephone) issued within the last 3 months
- Two references
- Address Verification
Also read: How to open Zenith bank Domiciliary account and Diaspora Banking
3. WEMA Non-Export Domiciliary Account
What are the pay charges for withdrawing from my Dom Lite account?
The pay charges for withdrawing from my Dom Lite account is 0.05% of the withdrawal amount applied.
Can I request for a debit card on my Wema bank Dom Lite account?
Yes a Mastercard Dollar-denominated debit card can be requested for. The card enables online transactions and withdrawal at foreign ATMs. Card request fee is $3 and annual maintenance fee is $10.
Can I make a cash deposit to my Wema bank Dom Lite account?
No, cash deposits are not allowed. You may however, upgrade to a Dom Plus account by providing 2 verifiable references and utility bill so you can make cash deposits
You can also read: How to open Union Bank domiciliary account and receive Foreign Currency FX Inward Transfers directly into your Accounts
How to receive money to your wema bank Domiciliary account
To enable your friends, relatives as well as business associates send you money to your wema bank domiciliary account which is also known as transfer kindly send them the following information below:
Beneficiary’s Name: ***
Beneficiary’s Acct Number: ***
Beneficiary Bank’s Name:
WEMA BANK PLC, LAGOS, NIGERIA
Intermediary Bank’s Name:
Standard Chartered Bank, New York
1095, Avenue of The Americas
New York, NY10036
WEMA BANK SWIFT CODE: WEMANGLA
FED WIRE NO:026 002 561
Intermediary Bank SWIFT: SCBLUS33
Wema Bank’s Account Number with Intermediary:3582-026198-003
OR
FOR USD TRANSACTION (UBA NEW YORK)
Beneficiary’s Name: ***
Beneficiary’s Acct Number: ***
Beneficiary Bank’s Name:
WEMA BANK PLC, LAGOS, NIGERIA
Intermediary Bank’s Name:
United Bank for Africa Plc
ONE ROCKEFELLER PLAZA,
FLOOR 8 Floor, New York,
NY 10020
GL: 212‑308‑7222
Ext: 378
WEMA BANK SWIFT CODE: WEMANGLA
ROUTING NO: 026000110
Intermediary Bank SWIFT: UNAFUS33
Wema Bank’s Account Number with Intermediary: 50017150004480
