Wema Bank Domiciliary Account Requirements And How To Open

Wema Bank is a leading financial institution in Nigeria that provides its customers with a broad range of banking services. One of the services offered by the bank is the domiciliary account, which allows customers to conduct overseas transactions in foreign currencies. In this article, we will walk you through the prerequisites for opening a Wema Bank domiciliary account.Wema Bank Domiciliary Account Requirements And How To Open

Domiciliary Account Requirements

Before opening a domiciliary account with Wema Bank, you need to meet the following requirements:

1. Proof of Identification: You will need to provide a valid means of identification, such as a National Identity Card, International Passport, Driver’s License or Voter’s Card.NYSC Portal
2. Two recent passport photographs: You will need to provide two recent passport photographs for your account opening process.
3. Proof of Address: You will need to provide a recent utility bill or bank statement that shows your current address. The utility bill or bank statement must not be older than three months.
4. Minimum Opening Balance: The minimum opening balance for a domiciliary account with Wema Bank is $500, €500, or £500.
5. Completed Account Opening Form: You will need to fill out an account opening form, which will be provided to you at any Wema Bank branch.Information guide Nigeria

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How to Open a Wema Bank Domiciliary Account

Now that you know the requirements for opening a domiciliary account with Wema Bank, the next step is to follow these steps to open your account:Romantic love message

1. Visit any Wema Bank Branch: Visit any Wema Bank branch nearest to you and request to open a domiciliary account.
2. Provide Required Documents: You will need to provide all the required documents listed above, including a valid means of identification, proof of address, two recent passport photographs, and the minimum opening balance.
3. Fill the Account Opening Form: Once you have provided all the necessary documents, you will be given an account opening form to fill. Ensure you fill out all the required fields correctly and sign the form where necessary.
4. Wait for Account Activation: After submitting the account opening form, your account will be processed within a few days, and you will receive a notification when your account is activated.JAMB portal

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How much does it cost to open a Domiciliary Account with WEMA Bank

One of their offerings is the domiciliary account, which allows customers to receive and make payments in foreign currency.

A domiciliary account is an account that is denominated in a foreign currency, such as US Dollars, British Pounds, or Euros. It is an ideal account for individuals who engage in international transactions, such as foreign exchange trading, international trade, or receiving payments from abroad.Check JAMB result

If you are interested in opening a domiciliary account with WEMA Bank, you may be wondering about the cost involved. In this article, we will discuss how much it costs to open a domiciliary account with WEMA Bank.

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Opening a domiciliary account with WEMA Bank is straightforward and can be done in a few simple steps. The first step is to visit any WEMA Bank branch or contact the bank’s customer care center to request for the account opening form. You can also download the form from the bank’s website and fill it out.Good morning My Love Message

Once you have completed the form, you will need to provide the following documents:

1. A valid means of identification, such as a National Identity Card, International Passport, or Driver’s License.
2. A utility bill as proof of address.
3. Two passport photographs.
4. A minimum deposit of $100, €100 or £100 depending on the currency you choose.
5. A reference letter from your current bank or any other reputable financial institution.

After submitting your documents, the bank will verify your information and conduct a Know-Your-Customer (KYC) check to ensure that you are eligible to open a domiciliary account.

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In terms of cost, opening a domiciliary account with WEMA Bank is free. However, there are some charges associated with maintaining the account. These charges include:

1. Account Maintenance Fee: WEMA Bank charges an annual maintenance fee of $20, €16, or £12 depending on the currency of your account.
2. Commission on Turnover (COT): WEMA Bank charges a commission on turnover of 0.125% on all withdrawals from the account.
3. Swift Transfer Charges: If you need to transfer funds from your domiciliary account to another bank account abroad, WEMA Bank charges a swift transfer fee of $50, €40, or £30 depending on the currency.
4. Dormant Account Reactivation Fee: If your account has been dormant for more than six months, WEMA Bank charges a reactivation fee of $10, €8, or £6 depending on the currency.

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Conclusion

Opening a domiciliary account with Wema Bank is a straightforward process that requires you to provide a few necessary documents, meet the minimum opening balance requirement, and fill out the account opening form correctly. With a domiciliary account, you can make international transactions in foreign currencies, which is useful if you frequently do business with clients or customers outside Nigeria. If you have any questions or require further assistance, feel free to visit any Wema Bank branch nearest to you or contact their customer care team for more information.

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