A dollar account is a bank account that allows you to deposit, withdraw, and hold money in US dollars. Dollar accounts are popular in Nigeria because they offer a number of benefits. If you are looking to open a dollar account with Wema Bank, you have come to the right place. In this article, we will walk you through the steps involved in opening a dollar account with Wema Bank, as well as the requirements and benefits of doing so.

Benefits of Opening a Dollar Account with Wema Bank

Wema Bank’s dollar account offers a number of benefits to individuals and businesses alike. These benefits include:

1. Store your money in a stable currency: The US dollar is one of the most stable currencies in the world, making it a good choice for storing your savings and investments.
2. Make international payments and transfers easily: With a Wema Bank dollar account, you can easily send and receive money from anywhere in the world. This can be especially useful for businesses that operate internationally, or for individuals who have family or friends living abroad.
3. Receive foreign currency payments directly into your account: If you are expecting to receive foreign currency payments, you can have them deposited directly into your Wema Bank dollar account. This saves you the hassle of having to convert your currency, and it also helps you to avoid exchange rate fluctuations.
4. Enjoy competitive exchange rates: Wema Bank offers competitive exchange rates on both buying and selling foreign currency. This means that you will get more for your money when you convert your naira to dollars, and you will also get a better exchange rate when you convert your dollars back to naira.
5. Access a wide range of dollar-denominated investment products and services: Wema Bank offers a wide range of dollar-denominated investment products and services, such as fixed deposits, mutual funds, and investment bonds. This allows you to invest your money in a variety of different assets, and to earn a return on your investment.

In addition to these benefits, Wema Bank’s dollar account is also easy to open and manage. You can open an account online or at any Wema Bank branch. Once your account is open, you can access it through the Wema Bank mobile app or online banking platform.

If you are looking for a convenient and affordable way to store and manage your money in foreign currency, then a Wema Bank dollar account is a great option.

Types of dollar account wema bank offers

Anyone can open a dollar account with Wema Bank, including individuals, businesses, and non-residents. There are three types of domiciliary accounts available:

• WEMA Domiciliary Lite Account: This is a basic domiciliary account with minimal documentation requirements. It can be opened in USD, EUR, or GBP.
• WEMA Domiciliary Plus Account: This account offers more features than the Domiciliary Lite Account, such as a foreign currency debit card and interest payments on balances over $10,000. It can be opened in USD, EUR, or GBP.
• WEMA Non-Export Domiciliary Account: This account is designed for businesses that do not export goods or services. It can be opened in USD, EUR, or GBP.

Why Open a Dollar Account with Wema Bank?

Wema Bank is one of the leading commercial banks in Nigeria, offering a wide range of banking products and services, including dollar accounts. There are many benefits to opening a dollar account with Wema Bank.

Wema Bank offers competitive exchange rates for dollars and other foreign currencies. This means that you can save money on your foreign currency transactions when you bank with Wema.

Your dollar account with Wema Bank is insured by the Nigeria Deposit Insurance Corporation (NDIC), so you can be confident that your funds are safe. You can also easily access your funds from anywhere in the world using your Wema USD debit card or through Wema’s online banking platform.

You can use your dollar account to make payments in dollars anywhere in the world, both online and offline. You can also use your Wema USD debit card to withdraw dollars from ATMs abroad.

Wema Bank also offers a variety of investment opportunities in dollars, such as fixed deposits and USD Goals on ALAT. This allows you to grow your savings while also benefiting from the stability of the dollar.

Requirements for Opening a Dollar Account with Wema Bank

To open a dollar account with Wema Bank, you will need to provide the following documentation and meet the following eligibility criteria:

• Valid means of identification: You will need to provide a valid means of identification, such as an international passport, driver’s license, national ID card, or voter’s card.
• Bank verification number (BVN): You must have a valid BVN to open a dollar account with Wema Bank.
• Two verifiable references: You will need to provide two verifiable references, such as friends, family members, or colleagues.
• Utility bill within the last 3 months: You will need to provide a copy of a utility bill (water, electricity, waste, or telephone) issued within the last 3 months to verify your address.
• Minimum opening balance: You will need to deposit a minimum of $100 for individuals and $150 for non-individuals to open a dollar account with Wema Bank.

How to Open a Dollar Account with Wema Bank Online

To open a dollar account with Wema Bank online, follow these simple steps:

1. Visit the Wema Bank website and click on “Open an Account.”
2. Select the “Dom Plus Account” option.
3. Fill in the account opening form and provide the required documents, including:
   1. Your Bank Verification Number (BVN)
   1. A valid means of identification, such as an international passport or driver’s license
   1. A passport photograph
   1. A copy of a utility bill (water, electricity, waste, or telephone) issued within the last 3 months
   1. Two verifiable references
4. Review and submit the form.
5. Once your account is approved, you can deposit funds online or at a Wema Bank branch.

How to Open a Dollar Account with Wema Bank at a Branch

Opening a dollar account with Wema Bank is a straightforward process that can be completed in a few steps:

1. Visit a Wema Bank branch and request to open a dollar account.
2. A customer service representative will assist you with the account opening process.
3. Fill in the account opening form and provide the required documents, which include:
   1. A valid means of identification, such as an international passport or driver’s license
   1. A recent passport photograph
   1. Your Bank Verification Number (BVN)
   1. Proof of address, such as a utility bill issued within the last 3 months
4. Deposit the minimum opening balance into your account. The minimum opening balance for a dollar account with Wema Bank is $100 for individuals and $150 for non-individuals.
5. Once your account is opened, you will receive a debit card and account number.

You can now start using your dollar account to receive and send foreign currency, make online payments, and withdraw cash in foreign currency from any Wema Bank ATM.

Fees and charges

There is no account opening fee for Wema Bank’s Domiciliary Lite account. However, there is a $100 account opening fee for the Domiciliary Plus account.

There is a monthly maintenance fee of $3 for the Domiciliary Plus account. However, this fee is waived if you maintain a minimum balance of $1,000 in your account. Wema Bank charges a foreign exchange fee of 3% on all foreign currency transactions.

There is a withdrawal fee of 0.05% of the transaction value, but not more than $10 per transaction, for the Domiciliary Plus account. You are also allowed 4 free withdrawals per month. There is a $10 annual fee for the Wema MasterCard Dollar Debit Card.

Withdrawal limits for a dollar account with Wema Bank

Wema Bank offers two types of dollar accounts: the Domiciliary Plus Account and the Domiciliary Lite Account. Each account has different withdrawal limits.

• Domiciliary Lite Account: $2,000 per day
• Domiciliary Plus Account: $10,000 per day

If you need to withdraw more than the daily limit, you can contact Wema Bank customer service to request an increase. However, please note that Wema Bank may require you to provide documentation to support your request, such as a letter from your employer or a copy of your passport.

Can I transfer money from my dollar account with Wema Bank to other banks?

Yes, you can transfer money from your dollar account with Wema Bank to other banks in Nigeria and abroad. There are two ways to do this:

1. Online banking: You can log in to your Wema Bank online banking account and initiate a wire transfer to another bank account. You will need to provide the following information:
   1. The beneficiary’s account name and number
   1. The beneficiary’s bank SWIFT code
   1. The amount you want to transfer
   1. The purpose of the transfer
2. Bank branch: You can also visit a Wema Bank branch and initiate a wire transfer in person. You will need to provide the same information as you would for an online transfer.

Please note that there is a fee for wire transfers. The fee will vary depending on the amount you are transferring and the destination country. You can find more information about Wema Bank’s wire transfer fees on their website.

Conclusion

Opening a dollar account with Wema Bank is a straightforward process that can be completed in a few simple steps. With a dollar account, you can enjoy a variety of benefits, including the ability to receive and send foreign currency, make international payments, and invest in foreign markets.