How To Open A Dollar Account With Wema Bank
Are you looking to open a dollar account with Wema Bank? Looking to know the processes involved?
Wema Bank and a lot of other banks in Nigeria are known to offer an account known as a “domiciliary account,” which allows you to receive foreign currencies like dollar, the Great British pound (GBP), and Euro. Domiciliary account is popularly known as a dollar account.
With this account, you can receive foreign currencies, make online international payments, and convert naira to dollars as well as other to foreign currencies such as pounds and euros. Aside from receiving payments, you can also save your money in dollars with a domiciliary account.
In this post, we did discuss types of wema bank domiciliary accounts and procedures involved in opening a wema bank domiciliary account.
Types Of Wema Bank Domiciliary Accounts
Wema Dom lite account:
This is a type of Wema Bank domiciliary account that allows a zero minimum opening balance. You can open this account through the Wema Alat app or in any Wema Bank branch. To open a Dominion Dollar account, you need to deposit a minimum of $10 into your account. Also, to request for a dom lite ATM card is $3. You can only receive international payments with a Dom Lite account.
Documents required to open a wema domlite account
- A valid ID (passport, NIN or national ID)
- Bank verification number
- Passport photo
- A filled-out Dom lite account request form.
Wema Dom Plus account:
Wema Dom Plus is a type of Wema Bank domiciliary account that offers interest and incentives. You need a minimum deposit of $100 for your personal account and $150 for organization. You can receive and send international payments with the account.
Document required to open a Wema Dom Plus account
- Valid ID (passport, NI, or national ID)
- Bank verification number(BVN)
- Passport photo
- Utility bill
- A filled dom plus account request form
- Two references.
Wema Bank Domiciliary Account (Standard):
This is the highest domiciliary account, and it comes with lots of benefits. It is a non-export domiciliary account and needs a minimum deposit of $150 for the organization and $100 for the personal account.
Document required to open a WEMA domiciliary account (Standard)
- Bank verification number
- Utility bill, issued less than three months ago
- International passport
- A confirmed residential address
- Two references.
Opening A Wema Domiciliary Account At A Wema Bank Branch
To open a Wema Bank domiciliary account at any Wema Bank branch, walk into any Wema Bank branch near you.
Go straight to the customer care unit and tell the representative that you want to open a domiciliary account.
They did give you a form to fill out where you have to fill in your information.
Submit the form together with the requested documents.
Leave and wait for your details to be reviewed, which usually takes 2 to 3 working days.
If your application is approved, you did get your domiciliary account number sent to your phone number or email.
Next is activating your account; to do that, you need to pay a minimum deposit depending on the type of domiciliary account you requested to open. Dom Lite is the cheapest, costing only $10.
Hence, you can proceed to request a dollar card.
Opening A Dollar Account Through The Alat App
If you open a Wema Bank Alat account, you can easily request a dollar account without visiting a Wema Bank branch.
Install ALAT by Wema Bank via Play Store or App Store and sign up with the required details.
Once you have finished signing up, click to request a domiciliary account.
Fill in the required details.
Wait for account review—usually 2 to 3 working days.
Once your account has been approved, you must deposit a minimum of $10 to activate it.
Bottom Line
To own a dollar account requires that you open a domiciliary account. Opening a domiciliary account is free; the only payment you did make is the minimum opening deposit, which will be deposited into your new account. You can receive foreign currencies like dollars, pounds, and euros through the account.