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:

Q1: 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

 

Q2: What options are available to a customer who wants to submit domiciliary FCY transfer request to the bank?

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.

 

Q3: What documents are required for domiciliary transfers?

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

 

Q4: Is there a limit to the amount an account holder can transfer from the domiciliary account?

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.

 

Q5: Can a customer transfer funds from their export domiciliary account to their account with another bank?

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

 

Q6: Can a customer sell funds from their ordinary domiciliary account to other customers?

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

 

Q7: A customer has a EUR invoice to settle but only maintains a USD domiciliary account with the bank. Any solution to this request?

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

 

Q8: A customer’s domiciliary FCY transfer request for payment of goods supplied locally by a Nigerian company was declined because of dollarization policy. What is dollarization policy and how does one verify that a transfer request is not inconsistent with the policy?

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:

  • Federal Inland Revenue Service
  • Nigerian Ports Authority
  • Nigerian Maritime Administration and Safety Agency
  • Federal Maritime Agency of Nigeria
  • Nigerian Airspace Management Agency
  • Nigerian Shippers Council
  • Operators in the Oil and Gas including Oil Services Companies
  • Operators in the Maritime and Aviation Industries
  • Licensed Operators in the Export Processing and Free Trade Zone


Q9: Account numbers sometimes come with various codes that are difficult to understand. What are the common codes used for international payments and what do they represent?

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
    • Sort Codes: These are 6-digit branch locators adopted by United Kingdom. It is symbolized as “//SC” Example: //SC123456
    • 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
    • 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.
    • BLZ: These are 8 digits branch locators adopted by Germany. It is symbolized as “/BLZ:” E.g /BLZXXXXXXXX
    • BSB: These are 6 digits branch locators adopted by Australia. It is symbolized as “/BSB:” E.g. /BSBXXXXXX


Q10: 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
10 months 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
10 months 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
9 months 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
10 months ago

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

Sodeke
Sodeke
10 months ago
Reply to  Ernest

hello

customer care
Editor
9 months 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.

MADU HYGINUS
MADU HYGINUS
8 months ago

Dear Sir,
  I have a Domiciliary Bank account with Sterling Bank. I wanted to pay for the WORK PERMIT fee To the Ukraine Immigration Department Through my Sterling Bank Dollar Domiciliary Account but I was not allowed for 2 weeks now .

I asked why I can not transfer Internationally to Ukraine, the Customer Care at sterling bank said the Government of Nigeria had now stopped international transfer in Nigeria . I went to Zenith Bank and First Bank to do the International transfer, They accepted but douto I have no Domiciliary account they said no unless i have a domiciliary account with their Bank.

Please kindly allow me to do the International transfer to Ukraine for my Cleints
           I am waiting to hear from you.
                     Yours Faithfully
                   Madu H yginus

customer care
Editor
8 months ago
Reply to  MADU HYGINUS

Hi Madu, we’re sorry for the misinformation. At the moment, you can only initiate transfers from your domiciliary account to another bank outside Nigeria via the One bank app. Please try downloading the app via your play store or IOS. Click on SIGN UP to register. Should you have any challenge, please feel free to reach out to us via 07008220000

~JK

Nsikak udo
Nsikak udo
8 months ago

why can we not transfer money again from domiciliary account to another country

Sadiq Isah
Sadiq Isah
8 months ago

What is the maximum amount that i can transfer using my domiciary account. If I’m to send money to USA what are the documents that I will ask the receiver?

customer care
Editor
8 months ago
Reply to  Sadiq Isah

Hello Sadiq, thank you for your inquiry. We reached out to you via mail with details on your inquiry and await your feedback.

MA

Meshach Oroke
5 months ago

Hi there,

What is the charges for each international transaction I do using my domiciliary ATM card.

Thanks

customer care
Editor
5 months ago
Reply to  Meshach Oroke

Hi Meshach, you’d be charged $3 for every withdrawal via the ATM.

`JK

Meshach Oroke
5 months ago
Reply to  customer care

I meant online transactions

Samuel
Samuel
3 months ago

Please I want to send my dollar from my dommiciary account to another friend dommiciary account in access bank.I funded the domiciary account directly from counter.please is it possible to send to another friend account from other bank

customer care
Editor
2 months ago
Reply to  Samuel

Hi Samuel, according to the CBN policy, you’d be unable to make transfers from your Dorm account that was credited via cash deposit rather than a transfer. You can only make withdrawals from such account.

~JK

Damilola Lajuwomi
Damilola Lajuwomi
2 months ago

Can a customer transfer funds from his domiciliary USD account to a UK bank account?, and how long does it take for the funds to credited into the UK account?.

customer care
Editor
2 months ago

Hi Damilola, you’d be unable to transfer to a different currency.It has to be the same currency.

~JK

Akahalu Marcel
Akahalu Marcel
21 days ago

How can I get my routing number and sort code number