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New Dom Account Mgt. Process, FAQs.


Sterling Bank offers a wide range of Domiciliary (Dom) accounts to meet your needs. Your Dom accounts are managed based on how funds are received.

What does this really mean?

  • A cash inflow account can only accept cash deposits.
  • An electronic inflow account can only accept electronic transfers.

Existing accounts are categorized based on how funds have been received in the past and a new account will be opened if funds are received in the alternate manner in the future.

This FAQ is to guide you on the management of your Domiciliary Account. Please go through carefully to find answers to frequently asked questions.

To speak to Customer Care, please send us an email at [email protected] or call us on 07008220000 or 01-0822222.




What is the Inflow Domiciliary Account?

It is a domiciliary account that allows you to receive foreign currency inflows through electronic transfers.

What is the Cash Deposit Domiciliary Account?

It is a domiciliary account that allows you to receive foreign currency cash deposits.

Why do I need two different Domiciliary accounts?

The new system of managing Domiciliary accounts based on how funds are received will make transaction processing faster and seamless by enabling us quickly identify the source of funds whilst striking the delicate balance between service excellence and compliance with regulations.

Is my original Dom account still valid?

Yes, it is still valid. As an existing domiciliary account holder, your account will be classified based on how you currently receive funds. In future, if funds are received via the second method, an additional account will be opened.

This means that, for example, if you currently receive funds via inflow, you will continue to be able to receive inflow in the account. If you wish to deposit cash in the future, a cash deposit account will be opened to receive the funds

How can I differentiate between both accounts?

The account type signifying whether it is an inflow or cash deposit will be displayed each time you view the account on our online channels.

Is this a permanent development?

Yes, it is. All ordinary Domiciliary account holders in Sterling will need to have both inflow and cash deposit type accounts IF they will be receiving funds both ways (Inflow and Cash). If you only receive funds via one method then no changes will be made to your account.

Will I be charged extra for the setting up of this new account?

The setting up of this account is free. You will not be charged.

Do I require additional documentation to set up my second account?

Yes. Although an additional account would be created at the point of need, either automatically or by a branch, we would require an instruction (not a fresh account opening package, just an instruction for a sub account) from you to regularize the opening of the new account, immediately or thereafter. This is for risk management purposes and to also ensure regulatory compliance.

Will both accounts reflect on my mobile banking application?

Yes, If you start receiving funds via cash and inflow methods, both accounts will reflect on mobile banking app, however you can only transfer with the Domiciliary Inflow account.

Does payment in one account reflect on the other account?

No, both accounts are independent of each other.

Will I get separate alerts and notifications on both accounts?

Yes, you will.

Can I have debit cards on both accounts?

Yes, Debit cards can be issued on both accounts. Card transactions would be permitted, subject to the applicable card limits.

Would I have different account officers?

No. You will have just one account officer for all your accounts with Sterling. Domiciliary and Naira accounts inclusive.

What types of transactions can I do with the Inflow Domiciliary Account?

  1. You can do both local and international transfers subject to appropriate documentation and CBN dollarization policy.
  2. You can make online purchases (subject to CBN’s dollarization policy)
  3. You can withdraw up to $20,000 monthly (please note that this is subject to internal limits that may be set by the bank)
  4. You can make international ATM withdrawals and POS payments (subject to withdrawal limits set by CBN)
  5. You can sell your currency to the Bank at the current bank rate of the day.

How do I make transfers with my Inflow Dom Account?

You can make transfers at any Sterling Bank branch or you can initiate transfers using OneBank or OnePay mobile app for Individual accounts and SterlingPro for Corporate accounts

What types of transactions can I do with the Cash Deposit Account?

  1. You can make cash deposits into this account at any Sterling Bank branch
  2. You can withdraw cash from any Sterling Bank Branch.
  3. You can sell foreign currency to the bank.

How do I sell my currency to the Bank?

You can initiate this transaction across the counter in any Sterling Bank branch.

Can I make cash deposits into my Inflow Dom account?

This account only accepts transfers; however, you can deposit the cash into your Cash Deposit Domiciliary Account.

Can I transfer from my Inflow Domiciliary Account into my Cash Deposit Domiciliary Account?

You cannot transfer from one account type into the other.

Can I make transfers with my Cash Deposit Domiciliary Account?

This is not possible at the moment with this account type. To transfer, you can make use of your Inflow Domiciliary Account.

Can I receive transfers with my Cash Deposit Domiciliary Account?

This account cannot receive transfers. You can receive transfers using your Inflow Domiciliary Account.

What happens if I give someone my inflow domiciliary account number to make a cash deposit?

The deposit will be routed to your cash deposit account. If you do not have a cash deposit account, one will be opened for you.

What happens if I give someone my Cash Deposit account number to make a transfer?

The system will automatically reroute the inflow into your Inflow domiciliary account. If you do not have an inflow account, one will be opened for you.

How can I differentiate between both accounts to avoid mixing them up?

Both accounts will have different account numbers. Also, if you are profiled on any of our Mobile Banking applications, you will be to view them labelled appropriately.

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