Zenith Bank Domiciliary Account Transfer Charges

Zenith Bank is one of the largest and most reputable banks in Nigeria, and it provides a range of financial services to its customers, including domiciliary accounts. A domiciliary account is a type of account that allows individuals and businesses to hold and transact in foreign currencies. This type of account is particularly useful for people who conduct business transactions with customers or suppliers in foreign countries.

One of the key features of a domiciliary account is the ability to transfer funds to other domiciliary accounts or foreign bank accounts. However, like most banks, Zenith Bank charges a fee for this service. In this article, we will take a closer look at the Zenith Bank domiciliary account transfer charges and what you need to know before initiating a transfer. Zenith Bank Domiciliary Account Transfer Charges

Read Also: How To Create Zenith Bank Transfer Code

Types of Zenith Bank Domiciliary Account Transfer Charges

Zenith Bank charges two types of fees for domiciliary account transfers: outward and inward transfer charges. Outward transfer charges refer to fees for transferring funds from a domiciliary account to a foreign bank account, while inward transfer charges refer to fees for receiving funds into a domiciliary account from a foreign bank account. Romantic love message

Outward Transfer Charges

Zenith Bank charges an outward transfer fee for every transfer made from a domiciliary account to a foreign bank account. The fee is a percentage of the amount being transferred and is subject to a minimum charge. The minimum charge for an outward transfer is $25, and the maximum charge is $200. The fee is calculated as follows:

• For transfers up to $5,000, the fee is 1% of the transfer amount. JAMB portal
• For transfers above $5,000, the fee is 0.5% of the transfer amount.

For example, if you want to transfer $10,000 from your Zenith Bank domiciliary account to a foreign bank account, the outward transfer fee would be calculated as follows:

• For the first $5,000: $5,000 x 1% = $50 Good morning my love messages
• For the remaining $5,000: $5,000 x 0.5% = $25
• Total fee: $50 + $25 = $75

Read Also: How to transfer Money from First bank to Opay Account

Inward Transfer Charges

Zenith Bank also charges an inward transfer fee for every transfer made into a domiciliary account from a foreign bank account. The fee is a flat rate of $10 per transaction. This fee is deducted from the incoming transfer amount before it is credited to the domiciliary account. NYSC portal

For example, if you receive a transfer of $1,000 into your Zenith Bank domiciliary account from a foreign bank account, the inward transfer fee of $10 will be deducted, and the remaining $990 will be credited to your account.

Factors Affecting Zenith Bank Domiciliary Account Transfer Charges

The Zenith Bank domiciliary account transfer charges are affected by various factors, including:

• The amount of money being transferred: As mentioned earlier, the outward transfer fee is a percentage of the transfer amount, which means that the higher the amount being transferred, the higher the transfer fee.

• The currency being transferred: Zenith Bank charges different fees for transfers made in different currencies. For example, the outward transfer fee for transfers made in GBP is different from the fee for transfers made in USD.

Read Also: Zenith Bank Transfer App Download; How to download Zenith Bank transfer application

• The recipient bank: The transfer fees may vary depending on the recipient bank and the country in which it is located. Zenith Bank has correspondent relationships with several foreign banks, and the fees may be lower for transfers made to these banks. 14 Best Hisense Refrigerators in Nigeria and their Prices

• The mode of transfer: Zenith Bank offers different modes of transfer, including SWIFT, Telegraphic Transfer (TT), and online transfer. The fees may vary depending on the mode of transfer selected.

How to Avoid High Zenith Bank Domiciliary Account Transfer Charges

While the Zenith Bank domiciliary account transfer charges may seem high, there are ways to minimize the fees and reduce the cost of transferring funds. Here are some tips to help you avoid high transfer charges:

Read Also: How To Transfer Using Zenith Bank Mobile App

📢 We are hiring writers!