How To Open A Wema Domiciliary Account

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The Domiciliary account is designed to help develop savings habits in foreign currency for those customers who regularly receive or need to make payments in British Pound Sterling (GBP), the United States Dollar (USD) and European Euro.

You can visit a Wema Bank office to open a Wema Domiciliary Account, or the Alat App by Wema can be used to complete the process.

You can receive, retain, and transfer funds in foreign currencies using a domiciliary account, a form of foreign currency account. People who frequently travel overseas, conduct business internationally, or are paid in foreign currencies may find this useful.

Wema Domiciliary account opening instructions in detail, including the prerequisites and procedures, are provided in this article.

Requirements to Open Wema Domiciliary Account

Benefit of Wema DOM Lite Account

  • A convenient channel for receiving international remittances on a regular basis.
  • A safe and simple way to store and save money in foreign currency.
  • There are no limits on the amount of money that can be transferred inward.

Opening an account through a Wema Bank Branch

To open a Wema Domiciliary account by visiting a Wema Bank branch, you will need to follow these steps:

  1. Gather the required documents: Collect all of the necessary documents, including your government-issued ID, proof of residence, and minimum deposit.
  2. Visit a Wema Bank branch: Go to your nearest Wema Bank branch and speak to a customer service representative about opening a Domiciliary account.
  3. Complete the application form: The customer service representative will provide you with an application form to fill out. Make sure to fill it out accurately and completely.
  4. Submit the application form and required documents: Once you have completed the application form, submit it along with the required documents to the customer service representative. They will review your application and make sure that all of the necessary documents are included.
  5. Wait for account activation: After your application has been reviewed and accepted, you will need to wait for your account to be activated. This process can take up to 2-3 business days.
  6. Receive account details: Once your account has been activated, you will receive your account number and other account details.
  7. Make an initial deposit: To activate your account you will be required to make an initial deposit of $50 or its equivalent in the desired foreign currency.

Opening an account through the Alat App by Wema

To open a Wema Domiciliary account using the Alat App by Wema, you will need to follow these steps:

  1. Download the Alat App by Wema: Go to the Google Play Store or Apple App Store and download the Alat App by Wema.
  2. Create an account: Once you have downloaded the app, create an account by providing your personal and contact details.
  3. Select the “Domiciliary account” option: Once you have created an account, select the “Domiciliary account” option from the menu.
  4. Fill out the application form: Fill out the application form with your personal and business details, including your name, email address, phone number, and business name.
  5. Submit the form: Once you have filled in the form, submit it by clicking on the “Apply” button.
  6. Wait for account activation: After your application has been reviewed and accepted, you will need to wait for your account to be activated. This process can take up to 2-3 business days.
  7. Receive account details: Once your account has been activated, you will receive your account number and other account details.
  8. Make an initial deposit: To activate your account you will be required to make an initial deposit of $50 or its equivalent in the desired foreign currency through the app.

Frequently Asked Question – FAQ

How much do I need to open a Domiciliary Lite Account?

Dom Lite requires zero minimum opening and operating amount.

How can I open a Domiciliary Lite Account?

Account can be opened in a branch or via the ALAT App.

What documents do I need to provide?

BVN, Passport photograph, and valid means of ID. These documents must also have been uploaded to your Alat account to open in-App.

What’s the maximum amount I can withdraw daily?

Maximum cash withdrawal limit is $2,000

Can I make cash deposit to my Dom Lite account?

No, cash deposits are not allowed. You may however, upgrade to a Dom Plus account by providing 2 verifiable references and utility bill so you can make cash deposits.

What channels are available for funding my Dom Lite account?

You can fund your account through any of these means:

  • Receipt of international funds transfer e.g. Western Union, Ria, etc. directly into the account by providing your Dom Lite account number at the pay outlet.
  • Receipt of local foreign currency transfer.
  • Receipt of international wire transfer from a foreign bank account.

Do I pay charges for withdrawing from my Domiciliary Lite account?

A: Yes, a minimum cash withdrawal charge of 0.05% of the withdrawal amount applies.

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