May 18, 2022

Wema bank domiciliary account: How to open account and receive/transfer money

A domiciliary account is a foreign currency account that can be opened with very little paperwork. The account is set up to accept and receive deposits in British Pounds, US Dollars, and Euros.
Account holders who receive foreign remittances and make payments in US Dollar, Pounds and Euros, can also have a foreign currency debit card for online payments and fund it with foreign currencies with this account.
With the Wema bank domiciliary account, customers can enjoy a lot of features and benefits which include interest rate, card access, and many more.

Types 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. These account comes with different benefits and account opening requirements which we would be talking about in full details.

Wema Domiciliary Account
Individuals and organizations can open a Wema bank domiciliary account, which is a typical non-export domiciliary account. Individual customers must have a minimum account opening balance of $100, while non-individual customers such as businesses and organizations must have a minimum account opening balance of $150. It also provides foreign currency (USD) debit cards to customers who request them. Non-individual accounts with a single signature are eligible.

Documents required to open a wema bank domiciliary account

To open a Wema bank domiciliary account, you will need to bring the following documents with you to the bank.
1.Fully filled-out account opening form with signature mandate card
2. The account holder’s international passport
3. One recent passport photo
4. BVN
5. A copy of a recent utility bill (water, electricity, waste, or telephone) is required.
5. Verification of the Address
7. Two references

Wema plus account

Customers can access cards and other value-added capabilities with the Wema Bank Plus domiciliary account, which offers an interest incentive, internet banking flexibility, and access to cards.
Just like the wema bank domiciliary account, Individuals must have a minimum account opening and operating amount of $100, while non-individuals such as businesses and organizations, must have a minimum account opening and operating amount of $150. Interest of up to 0.5 percent per year is paid on accounts with balances of $10,000 or more.
There are a maximum of four withdrawals per month for the Wema Bank plus domiciliary account to qualify for interest payment, and no third-party withdrawals are permitted. On the customer’s request, the account issues a foreign currency (USD) debit card. Non-individual accounts with a single signature are eligible.

Documents required to open a wema bank Dom plus account

To open a Wema bank plus domiciliary account, interested customers should bring the documentation listed below to the bank location.
1. Completely filled account opening form.
2. BVN
3. A valid passport for international travel
4. Recent passport photographs
5. Copy of recent Utility Bill
6. Two references

Wema dom lite
There is no minimum opening or operational amount for the Wema bank Dom Lite account. This account is great for people who receive overseas remittances on a regular basis or who need to make payments in US dollars as it can be opened in any branch or online through the ALAT App. The wema Dom lite account can also be funded by presenting your account number at the pay outlet and receiving foreign cash transfers, such as Western Union, Ria, and others, directly into the account.
Wema bank’s Dom lite account has a $2,000 maximum cash withdrawal limit and no cash deposits, however it can be upgraded to Wema Dom Plus with the submission of full KYC documentation. Withdrawing money from your Dom Lite account incurs a fee of 0.05 percent of the amount withdrawn. A dollar-denominated Mastercard debit card can be requested. The card allows for online transactions as well as cash withdrawals from overseas ATMs. The charge for requesting a card is $3, and the annual maintenance fee is $10.
Documents required to open a wema Dom lite account.

You will need to supply the required documentation to open a Wema bank dom lite account, as listed below.
1. A completely filled account opening form
2. BVN
3. A valid photo ID (passport, driver’s license, national identity card, or voter’s card)
4. Recent passport photograph.

How to open a wema bank domiciliary account

Opening a Domiciliary Account with wema Bank is quite easy. All you have to do is follow the steps below and you are good to go.
1. To get started, visit any wema bank branch near you or go to the official wema bank website “www.wemabank.com
2. Before registering, double-check that all of the above-mentioned documents are in your possession.
3. Complete the account opening form provided by the bank agent or downloaded from the bank’s website.
4. Get your documents certified and return them to the bank agent once you’re finished.
5. Make any other arrangements necessary with the bank agent to activate your account and begin making transactions with your domiciliary account.

How to receive foreign transactions into your wema bank domiciliary account

Send the following information to your friends, relatives, and business acquaintances to enable them to pay money to your Wema bank domiciliary account:
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:
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

 

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