Wema Bank Domiciliary Account Charges
WEMA Bank is one of the most important banks in Nigeria. It offers a wide range of financial services and products to both people and businesses. The domiciliary account is one of the things they offer. It lets customers receive and send money in foreign currency.Information Guide Nigeria
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.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaWhile opening a domiciliary account with WEMA Bank is free, there are charges associated with maintaining the account. This article will discuss the charges that apply to WEMA Bank domiciliary accounts.Wema Bank Domiciliary Account Charges
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Wema Bank Domiciliary Account Charges
- Account Maintenance Fee: WEMA Bank charges an annual maintenance fee of $20, €16, or £12, depending on the currency of your account. This fee covers maintaining the account and ensuring it remains active.
- Commission on Turnover (COT): WEMA Bank charges a commission on turnover of 0.125% on all withdrawals from the account. The bank calculates the charge on the amount you withdraw from the account and deducts it at the withdrawal point.World Bank: Nigeria, US, Mexico Top List of Leaders
- 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. This fee covers the cost of processing the transfer and completing it successfully.Barcelona asks for Tebas’ resignation after newspaper report
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- 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. This fee covers the cost of reactivating the account and ensuring that it remains active.Dollar to Naira
- ATM Withdrawal Charges: If you use your WEMA Bank domiciliary account to withdraw cash from an ATM abroad, you will be charged a fee of $3.50, €3, or £2.50 depending on the currency. This fee is charged to cover the cost of using the ATM network of other banks.JAMB Result
- Account Closure Fee: If you decide to close your WEMA Bank domiciliary account, you will be charged a fee of $20, €16, or £12, depending on the currency. This fee is charged to cover the cost of processing the closure of the account and ensuring that it is done correctly.NYSC Portal
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Are there charges on the domiciliary account?
Conclusion
WEMA Bank domiciliary accounts are subject to various charges, including maintenance fees, commission on turnover, swift transfer fees, dormant account reactivation fees, ATM withdrawal charges, and account closure fees. It is advisable to compare the costs and benefits of domiciliary accounts across different banks before deciding. Additionally, it is essential to note that these charges are subject to change, so it is advisable to confirm with WEMA Bank before opening an account or engaging in any transactions.JAMB Portal
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