How to Create Alat by Wema Domiciliary Account
Managing finances across different countries has become increasingly important for numerous individuals. Whether you’re engaged in international business, working overseas, or simply looking to navigate foreign currencies, a domiciliary account can offer invaluable assistance.
ALAT by Wema Bank stands out as a cutting-edge digital banking solution that streamlines the process of establishing and overseeing a domiciliary account. Through this platform, you can effortlessly manage funds from across the globe, all from the convenience of your computer or smartphone.
Essentially, a domiciliary account functions as a specialized foreign currency account that empowers you to accept, retain, and execute transactions in various foreign currencies. This proves especially advantageous for frequent travellers, those involved in global trade, or individuals receiving payments in foreign monetary units.
In this guide, we will walk you through the uncomplicated steps to create your very own domiciliary account on ALAT. Whether you’re new to the realm of online banking or seeking a seamless pathway to initiate a domiciliary account, this guide will provide the clarity you need.
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Requirements for opening Wema Domiciliary account
Before opening a Wema Domiciliary account, you will need to meet certain requirements. These include:
Similar to all other banking platforms, you’ll need to share some personal details to set up a DOM account. To open a Wema DOM Lite Account, the necessary requirements include:
- Bank Verification Number (BVN)
- Completed account opening form (accessible online via the mobile application)
- Valid ID card (options include Driver’s License, International Passport, National Identity Card, or Voter’s Card)
- A smartphone (required to install the Alat by Wema App)
- Selfie and a short video of yourself for verification purposes.
If you are looking for a virtual card, we have a comprehensive article on the Best Virtual Dollar Cards in Nigeria for International Payment.
Steps to Open Domiciliary Account through the Alat App by Wema
For those who are new to ALAT, getting started with a Domiciliary account is a breeze. Follow these straightforward steps to make the process smooth and hassle-free:
- Get the ALAT App: First things first, download the ALAT app if you haven’t already.
- Set Up Your Account: Follow the on-screen instructions to create a new account. Once you’ve completed this step, you’re ready to move on to opening a domiciliary account.
- Log into the ALAT App: Sign in to your ALAT app using your credentials.
- Access Your Profile: Head over to your profile section to manage your account settings.
- Open a Domiciliary Account: In the “My Accounts” section, you’ll find an option to “Create Account.” Choose the “Domiciliary” option from the dropdown menu.
- Follow the Prompts: Follow the prompts provided to guide you through the rest of the process. It’s straightforward and user-friendly.
Congratulations, you’ve successfully opened your domiciliary account! Now you can easily save and conduct transactions in foreign currencies without a hitch.
Experience the convenience of managing your ALAT Domiciliary account in just a few steps. Download the app, create your account, and start enjoying the benefits today. If you’re looking for a similar article, read our comprehensive article on How to Add a USD Domiciliary Account to Your Paystack Account.
The Advantages of the 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.
Features of the Wema DOM Lite Account
The Wema DOM Lite Account boasts an array of enticing features that set it apart from the offerings of other banks. Within this framework, the Alat By Wema app, a cutting-edge digital banking platform, takes centre stage, embracing a plethora of functionalities. Among its notable capabilities is the empowerment for users to make daily withdrawals of up to $2000 or its equivalent.
Available in a US Dollar account, Pounds account or Euro account in Nigeria, you can fund your account via cash inflows and deposits at any WEMA bank branch closest to you.
Delving into the characteristics of the DOM account, the following facets take precedence:
Zero Minimum Requirements: The threshold of a minimum opening or operational balance is non-existent, offering a seamless entry into the realm of this account.
Withdrawal Potential: A noteworthy highlight is the capability to withdraw a maximum of $2,000. To account for this privilege, a withdrawal fee of 0.05 per cent of the transaction value is applicable, capped at $10 per transaction.
Cash Deposits Exclusion: It’s important to note that cash deposits are not accommodated within the framework of this account, aligning with its distinct design.
Global Reach via USD Mastercard Debit Card: Seamlessly extending its influence across borders, the account provides access to a USD Mastercard Debit Card. This card facilitates not only online dollar payments and subscriptions but also permits withdrawals from ATMs spanning the globe.
Upgrade Prospects: The journey doesn’t halt here; an upgrade pathway beckons. The Wema Domiciliary Plus account stands as a viable next step, attainable through the submission of comprehensive KYC documentation.
Foreign Currency Ventures: The account transcends conventional boundaries, offering avenues for foreign currency investments. Through fixed deposits or USD Goals on the ALAT by Wema app, the platform becomes a gateway for diversifying financial portfolios.
Versatile Accessibility: Regardless of geographical location, the account ensures access to foreign currency cash withdrawals and transfers. This universal reach underscores its commitment to user convenience.
Elevated Capabilities through Upgrades: The trajectory of the account’s evolution is far-reaching. The Non-export Domiciliary or Domiciliary Plus account emerges on the horizon, enabling foreign currency cash deposits. This transition hinges on the presentation of two pertinent references and a utility bill. If you’re looking for a similar article, read our comprehensive article on How To Create A Grey Foreign Virtual Bank Account In Nigeria.
Frequently Asked Questions
Dom Lite requires zero minimum opening and operating amount.
The account can be opened in a branch or via the ALAT App.
BVN, Passport photograph, and valid means of ID. These documents must also have been uploaded to your Alat account to open in-App.
The maximum cash withdrawal limit is $2,000
No, cash deposits are not allowed. You may, however, upgrade to a Dom Plus account by providing 2 verifiable references and a utility bill so you can make cash deposits.
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.
international wire transfer from a foreign bank account receipt.
Yes, a minimum cash withdrawal charge of 0.05% of the withdrawal amount applies.
