Last Updated on July 1, 2024 by admin
Sterling bank has unveiled Inflow Domiciliary Account and Cash Deposit Domiciliary Account which enable account holders to relieve and send foreign currency from any part of the world.
The sterling bank domiciliary account is available in US Dollar, Pounds or Euro,customers can access the bank debit cards, internet banking, and mobile banking without stress.Your Dom accounts are managed based on how funds are received.
A cash inflow account with sterling bank can only accept cash deposits, while an electronic inflow account can only accept electronic transfers.So when you intend to open a Dom account with the one customer’s bank you should consider either making cash deposit or electronic transfer to avoid future challenges.
Therefore, let’s take a look at what constitutes a sterling bank Inflow Domiciliary Account and Cash Deposit Domiciliary Account?
Sterling bank Inflow Domiciliary Account is a domiciliary account that allows customers to receive foreign currency inflows through electronic transfers.Other hand, Cash Deposit Domiciliary Account is a domiciliary account that allows account holders to receive foreign currency cash deposits.
Customers may need the two different domiciliary accounts based on the explanation above for easy transactions with sterling banks. As an existing domiciliary account holder, your account will be classified based on how you currently receive funds. In future, if funds are received via the second method, an additional account will be opened.
If you start receiving funds via cash and inflow methods, both accounts will reflect on the mobile banking app, however you can only transfer with the Domiciliary Inflow account.
What types of transactions can I do with the Inflow Domiciliary Account?
1. You can do both local and international transfers subject to appropriate documentation and CBN dollarization policy.
2. You can make online purchases (subject to CBN’s dollarization policy)
3. You can withdraw up to $20,000 monthly (please note that this is subject to internal limits that may be set by the bank)
4.You can make international ATM withdrawals and POS payments (subject to withdrawal limits set by CBN)
5.You can sell your currency to the Bank at the current bank rate of the day.
What types of transactions can I do with the Cash Deposit Account?
1.You can make cash deposits into this account at any Sterling Bank branch
2.You can withdraw cash from any Sterling Bank Branch.
3. You can sell foreign currency to the bank.
Requirements to open Sterling bank Dom account
Before you can open sterling bank savings account (Dollar, Euro, Pounds)Whether home or abroad, you can conveniently make withdrawals and receive deposits via transfers or cash deposit in foreign currency.You will need to present the following documents:
• Passport photographs (1 copy per signatory)
• Valid proof of identification (International Passport (bio data page) OR Nigerian Driver’s Licence OR Nigerian Voters Card OR Nigerian National ID OR other Nigerian Government approved means of identification). In case of an expired Nigerian passport, kindly provide an expired passport along with a valid state or resident card.
• Nigeria Contact Details (Name, well detailed Nigerian address and contact person’s phone number)
• BVN (Bank Verification Number): This can be provided after account has been opened
Sterling bank Domiciliary Current account
The Sterling bank Domiciliary Current account allows account holders to maintain current accounts in foreign currencies. Transactions (deposits & withdrawals) are carried out in the same currency in which the account is denominated.
The account has the following features:
• Minimum account opening balance of:
– USD 100
– GBP 100
– EURO 100
• Foreign cheque lodgment allowed
• Allows for offshore remittances
• Internet Banking Facility & SMS Alert
Required documents to open sterling bank Dom current account
. Completed Account Opening Forms
• Valid means of Identification.
• One recent passport sized photograph
• Documentary Evidence of Address in Nigeria
• Two satisfactory references
• CERPAC- Combined Expatriate Residence Permit and Alien Card (West African nationals excluded).
• Board Resolution to open domiciliary a/c if a company.
Sterling bank Domiciliary Savings account
The one customers bank Domiciliary Savings account allows customers conveniently make withdrawals and receive deposits via transfers or cash deposit in foreign currency.
This type of account has the following features:
• Minimum account opening balance
of:
– USD 100
– GBP 100
– EURO 100
• 1 % p.a. interest rate on daily
balances
• Allows for offshore remittances
• Internet Banking Facility & SMS Alert.
Required documents to open sterling bank savings dom account
To open sterling bank domiciliary savings account you should provide the following documents:
• Completed Account Opening Forms
• Valid means of Identification.
• One recent passport sized photograph
• Documentary Evidence of Address in Nigeria
• Two satisfactory references
• CERPAC- Combined Expatriate Residence Permit and Alien Card (West African nationals excluded).
• Board Resolution to open domiciliary a/c if a company.
Sterling Diaspora account
Sterling Diaspora account is an account that enables Nigerians who reside and work outside the shore of Nigeria to maintain and perform domestic and foreign transfers through their accounts.
The sterling bank Diaspora accounts can be opened online by downloading the Switch by Sterling app from your AppStore or Google Play Store or via the web: https://www.switch-ng.com/
The Switch is a free, easy to use financial services application that gives you access to banking services, currency exchange and insurance products at better rates.
Customers can open a tier 3 savings account in Naira, USD, GBP and EUR. A tier 3 account is one that has a valid ID and BVN attached to it, allows card transactions and operates with a Zero minimum balance.
Diaspora accounts can be funded through various International Money Transfer Operators (IMTO) available in your location or cash deposit across the counter at any Sterling Bank branch in Nigeria. You can also fund your Switch account with any Bank card
Documents required to open a Sterling Diaspora account
1. Duly completed account opening form.
2.Passport photograph (1 copy per signatory)
3. Valid proof of identification (International Passport (bio-data page) OR Nigerian Driver’s Licence OR Nigeria Voter’s Card OR Nigerian National ID (NIMC) OR other Nigerian Government approved means of identification). In case of an expired Nigerian passport, kindly provide an expired passport along with a valid state or resident card.
4. Nigeria Contact Details (Name, well detailed Nigerian address and contact person’s phone number)
5.BVN (Bank Verification Number): This can be provided after the account has been opened.
How to deposit/transfer money into my Nigeria foreign currency (domiciliary) account
Sterling bank Customers can deposit cash across the counter at any Sterling Bank branch in Nigeria.
You can deposit funds to your Sterling domiciliary account through correspondent bank “Citibank” using below international wire transfer information;
FOR POUNDS INTERNATIONAL WIRE TRANSFER
BENEFICIARY BANK NAME: STERLING BANK PLC GBP DOM. A/C BENEFICIARY BANK SWIFT CODE: NAMENGLA
BENEFICIARY BANK ACCOUNT NO: 05529859
BENEFICIARY IBAN No: GB45CITI18500805529859
CORRESPONDING BANK SORT CODE: 18 50 08
CORRESPONDING BANK NAME: CITIBANK LONDON
BENEFICIARY CUSTOMER NAME:
BENEFICIARY CUSTOMER ACCOUNT NUMBER:
FOR USD INTERNATIONAL WIRE TRANSFERS
ACCOUNT NAME: STERLING BANK PLC
STERLING SWIFT CODE: NAMENGLA
ACCOUNT NO: “Insert Sterling domiciliary Account Number”
BANK NAME: CITIBANK N.A., NEW YORK
ADDRESS: CITIBANK NEW YORK (HEAD OFFICE), 399 PARK AVENUE, NEW YORK, NY 10043, U.S.A
Beneficiary Account Name:
Beneficiary Account Number:
Note: All dollar transfers must be done as International wire transfers through your foreign Bank.
FOR EURO INTERNATIONAL WIRE TRANSFER
BENEFICIARY BANK NAME: Sterling Bank Plc.
BENEFICIARY BANK IBAN NUMBER: GB53CITI 1850 0808663106
CORRESPONDENT BANK NAME: Citibank London
CORRESPONDENT BANK SORT CODE: 18 50 08
STERLING SWIFT CODE: NAMENGLA
BENEFICIARY CUSTOMER NAME:
BENEFICIARY CUSTOMER ACCOUNT NUMBER:
What investment options are available to Diaspora customers?
There are several investment options available to sterling bank diaspora account holders such as Treasury Bills, Discounted Certificate of Deposits, Fixed Deposit, Double by Sterling, I-invest, etc.
How to enrolled for BVN Abroad
For BVN enrolment in the UK, Kindly contact of the underlisted agent:
Thomas Ladipo – +447961978160
For BVN enrolment in Canada, Kindly contact any of the underlisted agents:
Opeyemi Adesina – +16135011140
Bola Odusi – +16138693536
John Adeyefa – +16136970860
For BVN enrolment in the USA, Kindly contact any of the underlisted agents:
Francesca Kehinde – +18177109466 or +13472387507
