While we’re on the subject of foreign currency withdrawals in line with the CBN mandate, it won’t hurt to answer a few questions that might be burning in your hearts as per this issue.

Here goes:

  1. Q: Can a customer transfer funds from his domiciliary account with Sterling Bank to his domiciliary account with another bank?

A: Yes; provided the source of funds is foreign currency (FCY) inflow and not cash deposit

A: Domiciliary transfer requests can be submitted through our digital platforms (Sterling OnePay, OneBank or SterlingPro). Hard copy requests may also be submitted through any of our branches nationwide.

A: Customer’s simple instructions in addition to other documents like registered form M in case payment is for purchase of goods or supporting invoice(s) where payment is for services

A: Limits may only apply where the source of fund is cash otherwise customers may transfer up to the available amounts in their account subject to appropriate documentation. In case of cash based transfers, limits are as per CBN regulation and the bank’s internal policies from time to time.

A: No. Funds in the export domiciliary account may only be used by customers to either finance their own eligible trade transactions subject to appropriate documentation or sold to the bank

A: No. Customers can however sell funds to the bank who will in turn sell to customers for eligible trade transactions.

A: Yes; the EUR transfer will be effected and customer debited with the USD equivalent based on Treasury advised rate.

A: The CBN policy on Currency Substitution and Dollarization of the Nigerian Economy states that pricing of goods and services in Nigeria shall continue to be in Naira only. Implication is that payment for goods supplied locally and services rendered locally in Nigeria shall be in Naira only.

However, operators in the following industries are exempted from the dollarization policy:

A: Some international payment codes and their meanings are provided below:

  1. Routing Numbers: These are 9-digit branch locators adopted by USA. It’s also called FEDWIRE (FW). It is symbolized as “//FW” Example: //FW123456789
    1. Sort Codes: These are 6-digit branch locators adopted by United Kingdom. It is symbolized as “//SC” Example: //SC123456
    1. IFSC Codes: IFSC means Indian Financial System Code. These are 11 digits branch locators adopted by India. It is symbolized as “/IFSC:” E.g /IFSC:ABCDXXXXXXXXXXX  Where ABCD represents the Bank Code
    1. IBAN: International Bank Account Number. As NUBAN is to Nigeria, IBAN is to other countries in Europe, UAE, Turkey, etc. It is mandatory for transfers to UAE, and better for other countries. Where customers state account number and IBAN for the same beneficiary, adopt the IBAN.
    1. BLZ: These are 8 digits branch locators adopted by Germany. It is symbolized as “/BLZ:” E.g /BLZXXXXXXXX
    1. BSB: These are 6 digits branch locators adopted by Australia. It is symbolized as “/BSB:” E.g. /BSBXXXXXX

Q: Funds transferred on behalf of a customer was returned by the beneficiary bank a couple of days after with explanation that the beneficiary bank could not apply the funds but the full amount was not credited to the customer’s account. Any reason for this?

A: The shortfall is a result of bank charges. The charges deducted by local and offshore charges at transaction processing are not refundable even where funds are returned by the beneficiary bank.

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Solomon Enahoro
Solomon Enahoro
1 month ago

I need a debit card for my domiciliary account. I have filled and sent the card request form online, but no reply. Please help

Austine
Austine
29 days ago

Haven read all of these, I want to be cleared on transaction from Korea. I gave the sender my USD domiciliary account number, sort code and swift code, He has made deposit and I’m yet to receive it. Please are the above mentioned details okay for a deposit of USD from Korea?

customer care
Editor
21 days ago
Reply to  Austine

Hello Austine, we’re sorry to hear this and would like to look into it. Kindly provide your account number and the telex copy of the transaction via customercare@sterling.ng to enable us to assist further.

Ernest
Ernest
28 days ago

How do I add or deposit to my domiciliary account… Can I send naira to my domiciliary account via the app

Sodeke
23 days ago
Reply to  Ernest

hello

customer care
Editor
21 days ago
Reply to  Ernest

Hello Ernest, we’re sorry for just reaching out. You can either make a cash deposit or funds transfer into your Domiciliary account.
Also, you may be unable to transfer from your Naira account to your Domiciliary account.