How to Open Wema Bank Domiciliary Account in 2023

Wema Bank is one of the leading financial institutions in Nigeria that offers various banking services to its customers, including domiciliary accounts.

If you are looking to open a domiciliary account with Wema Bank, this guide will provide you with everything you need to know.

A domiciliary account is a foreign currency account that allows you to hold and transact in foreign currencies such as US Dollars, Pounds Sterling, and Euro.

This type of account is ideal for individuals or businesses that have dealings in foreign currencies, receive international remittances, or want to hedge against currency fluctuations.

What are the benefits of having a Wema Bank Domiciliary Account?

What are benefits of having a Wema Bank Domiciliary account?

1. Ease of transaction: With the account, you can easily receive and send foreign currencies without hassle.
2. Access to foreign currency debit card: This allows you to make online payments and withdraw cash from ATMs.
3. Competitive interest rate: The account offers a competitive interest rate on your foreign currency deposits.
4. Secure and safe: The account is safe and secure, and you don’t have to worry about the safety of your funds.
5. Access to online banking: You can access your account online from anywhere in the world, allowing you to manage your funds conveniently.

Types of Wema Bank Domiciliary Account

Wema Bank offers three types of domiciliary accounts, each with different benefits and requirements:

1. Wema Dom Lite
2. Wema Dom Plus
3. Wema Domiciliary Account

1. Wema Dom Lite

Wema Dom Lite is a type of domiciliary account that requires zero minimum opening and operating amounts.

It is suitable for individuals who regularly receive international remittances or need to make payments in US Dollars.

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

To fund your Wema Dom Lite account, you can receive international funds transfer, foreign currency transfer, or international wire transfer from a foreign bank account.

The maximum cash withdrawal limit on Wema Dom Lite account is $2,000, and no cash deposits are allowed. However, the account can be upgraded to Wema Dom Plus with full KYC documents.

Required Documents to Open Wema Dom Lite Account

To open a Wema Dom Lite account, you need to provide the following documents:

1. Filled account opening form
2. Your Bank Verification Number
3. Valid Government issued ID Card (International Passport, Driver’s License, National Identity Card, Voter’s Card)
4. Your Passport Photograph

2. Wema Dom Plus

Wema Dom Plus is a type of domiciliary account that offers interest incentives, internet banking flexibility, and access to cards and other value-added capabilities.

The minimum account opening and operating balance is $100 for individuals and $150 for non-individuals, and it has interest payment of up to 0.5% p.a. applicable to accounts with balances of $10,000 and above.

The Wema Dom Plus domiciliary account has a maximum of four withdrawals per month to qualify for interest payment, and no third-party withdrawal is allowed.

Customers can also request the issuance of a foreign currency (USD) debit card on their account.

Benefits to Customers

1. Competitive interest rate.
2. Enables customers to save in foreign currency with secure and easy access to funds.
3. Supports the use of Wema USD Debit Cards for ATM, POS, Mobile, and Internet transactions.
4. Transaction alerts through SMS and/or email.
5. Enables customers to save without fear of inflation.
6. Free SWIFT transfer inward charges

Required Documents to Open Wema Dom Plus Account

To open a Wema Dom Plus account, you need to provide the following documents:

1. Filled account opening form
2. Bank Verification Number
3. Valid International Passport
4. 2 Passport Photographs
5. Recent Utility Bill
6. Two references

3. Wema Domiciliary Account

Wema Domiciliary Account is a standard non-export domiciliary account for individuals and corporations.

The account has a minimum account opening balance of $100 for individuals and $150 for non-individuals, and customers can request the issuance of a foreign currency (USD) debit card.

Required Documents to Open Wema Domiciliary Account

To open a Wema Domiciliary Account, you need to provide the following documents:

1. Completely filed account opening form
2. 2 passport photographs
3. Your Bank Verification Number
4. Your International passport
5. Recent utility bill
6. Your Address Verification
7. 2 References

Steps to open Domiciliary account with Wema Bank

To open a Wema Bank domiciliary account, follow the steps outlined below:

1. Choose the Type of Domiciliary Account to Open

As discussed above, Wema Bank offers different types of domiciliary accounts, including Wema Dom Lite, Wema Dom Plus, and Wema Domiciliary Account. Choose the type that suits your needs.

2. Visit the Nearest Wema Bank Branch

Once you have decided on the type of domiciliary account to open, visit the nearest Wema Bank branch to start the account opening process.

3. Provide the Required Documents

As outlined above, different types of domiciliary accounts require different documents. Ensure you have all the necessary documents with you to avoid delays in the account opening process.

4. Fill the Account Opening Form

Fill the account opening form provided by the bank. Ensure you fill in all the required fields correctly and provide accurate information.

5. Submit the Form and Required Documents

Once you have filled the account opening form, submit it along with the required documents to the bank staff. They will verify your information and process your account opening.

6. Wait for Confirmation

After submitting the form and required documents, you will need to wait for the bank to confirm your account opening. This may take a few days, depending on the type of domiciliary account you have applied for.

Frequently Asked Questions (FAQ)

What are the pay charges for withdrawing from my Wema Dom Lite account?

The pay charges for withdrawing from a Wema Dom Lite account is 0.05% of the withdrawal amount applied.

Can I make a cash deposit to my Wema Dom Lite account?

No, cash deposits are not allowed. However, you may upgrade to a Wema Dom Plus account by providing two verifiable references and a utility bill so that you can make cash deposits

Can I request a debit card for my Wema Dom Lite account?

Yes, you can request a Mastercard Dollar-denominated debit card. The card enables online transactions and withdrawals at foreign ATMs. The card request fee is $3, and the annual maintenance fee is $10.

Conclusion

Opening a Wema Bank domiciliary account is a straightforward process that requires minimal documentation.

With the different types of domiciliary accounts offered by Wema Bank, you can choose the one that best suits your needs.

Ensure you have all the required documents with you before visiting the bank to avoid delays in the account opening process.

Once your account is opened, you can enjoy the benefits of having a foreign currency account, including international remittance and online payment with foreign currency debit cards.