Wema Bank is a bank based in Nigeria that gives its customers a wide range of banking services. The Wema Bank Domiciliary Account is one of its services. It is a type of account that lets people hold and deal in foreign currencies. This account is good for people and companies who do international business, import and export trade, or receive payments in a foreign currency.
A foreign currency account that is known as a domiciliary account is one that can be opened with a minimum amount of documentation. The account is set up to receive and accept deposits in a variety of currencies, including the United States Dollar, the Euro, and the Great British Pound.
US Dollars can be used for either receiving or making payments by account holders who have international wire transfers. Sterling and the EuroYou will also have the ability to have a debit card in a foreign currency, which can be used for internet payments, and you will be able to fund it with foreign currency.
This type of account provides its holders with an interest bonus, the flexibility to conduct financial transactions online, access to cards, and various other value-added capabilities.
The process of opening a Wema Bank Domiciliary Account is simple and can be done in a few steps. We’ll show you how to open a Wema Bank Domiciliary Account in this post.
Step 1: Get the documents you need.
To open a Wema Bank Domiciliary Account, the first thing you need to do is get all of the appropriate documents together. The following papers must be shown:
- A legal form of identification, such as an International Passport, National ID Card, Driver’s License, or Voter’s Card.
- A recent utility bill (such as one for power, water, or trash) or bank statement. (not older than three months)
- Two photos the size of a passport
- A letter of recommendation from a person with a current account at any commercial bank (this is not mandatory but can speed up the account opening process)
- You can get a finished account opening form from any Wema Bank branch or download it from the bank’s website.
Step 2: Visit Nearest Wema Bank.
The next step is to go to any Wema Bank branch near you once you have all the papers you need. You will need to give the bank’s customer service representative the filled-out account opening form and all the necessary papers.
Types of Wema Bank Domicile Account
Wema bank in Nigeria has different kinds of dom accounts, such as the Wema Domiciliary Account, the Wema Dom Plus, and the Wema Dom Lite. There are different benefits and conditions for opening the account. So let’s look closely at each story.
1. Wema Dom Lite
The Wema bank Dom Lite has no minimum amount needed to open it or use it. Few documents were needed to open the foreign money account.It is perfect for people who often get money sent to them from abroad or who need to make payments in US Dollars.
You can open this kind of account in a branch or through the ALAT app. You can add money to your account by giving your Dom Lite account number at a pay outlet and receiving a foreign money transfer, like from Western Union or Ria.
You can also add money to your Weman Bank Dom Lite account by receiving a local foreign currency transfer or an international wire transfer from a foreign bank account.
The most cash you can take out of a Wema bank Dom lite account is $2,000, and you can’t put cash in it. However, you can upgrade it to a Wema Dom Plus account if you provide full KYC papers.
Documents needed to open a Dom Lite account at Wema Bank
To open a Wema bank dom lite account, you will need to give the following papers.
1. Filled out form for starting account
3. A valid ID card, such as an international passport, driver’s license, national ID card, or voter’s card.
4. Photo for the passport
The wema bank plus domiciliary account gives you money and gives you options for online banking. Customers can also get cards and other features that add value.
The minimum balance to open an account and keep it running is $100 for people and $150 for businesses. Interest payments of up to 0.5% per annum are made on accounts with amounts of $10,000 or more.
For the wema bank plu domiciliary account to earn interest, you can only take out up to 4 withdrawals per month, and you can’t take money out for a third party. The account is for customers who want to get a debit card in a foreign money (USD). Available for non-individual accounts with a single signer.
Advantages for Customers
1. Interest rates that are competitive.
2. Lets customers save in foreign cash and get their money easily and safely.
3. Allows Wema USD Debit Cards to be used at ATMs, point-of-sale terminals, mobile devices, and on the Internet.
4. Alerts about transactions through SMS and/or email.
5. Let people save money without worrying about inflation.
6. There are no fees for incoming SWIFT transfers
Documents Needed to Open a Wema Bank and Domicile Account
To start a Wema bank plus domiciliary account, customers should bring the following documents to a branch of the bank.
1. Account starting form filled out. 2. BVN
3. An international passport that’s valid
4. Photo for the passport
5. Utility Bills
6. Two citations
3. Domiciliary Account for Wema
The Wema bank domiciliary account is a standard non-export domiciliary account for both people and corporations. The minimum balance to open the account is $100 for people and $150 for businesses. It also lets customers get USD debit cards in foreign money if they want to. Available for non-individual accounts with a single signer.
What you need to open a Wema Bank account at home
To easily open a Wema bank domiciliary account, you need to bring the following papers to the bank.
1. Account opening form with signature order card properly filled out
2. The account holder’s international passport
3. 1 passport picture
5. A copy of a water, power, trash, or phone bill from the last three months
6. Address Verification
7. 2 References
Can I put cash into my Dom Lite account at Wema Bank?
No, you can’t put cash down. You can upgrade to a Dom Plus account, which lets you make cash deposits, by giving two names who can be checked and a utility bill.
On my Wema bank Dom Lite account, can I ask for a debit card?
Yes, you can ask for a Mastercard bank card that uses dollars. The card lets you buy things online and get money out of ATMs in other countries. The fee to get a card is $3, and the fee to keep it active each year is $10.
How much do I have to pay to take money out of my Dom Lite account?
When I make a withdrawal from my Dom Lite account, I have to pay a fee of 0.05% of the amount of the payment.