Zenith Bank domiciliary account withdrawal charges

Zenith Bank domiciliary account withdrawal charges

Zenith Bank is one of the leading financial institutions in Nigeria with a wide range of products and services. One of these products is the domiciliary account, which allows account holders to hold foreign currency in their account. This can be particularly useful for individuals or businesses that engage in international transactions.

While having a domiciliary account can be beneficial, it is important to understand the associated fees and charges, particularly when it comes to withdrawals. In this blog post, we will take a closer look at Zenith Bank domiciliary account withdrawal charges.

Zenith Bank domiciliary account withdrawal charges

Firstly, it is important to note that there are two types of withdrawals that can be made from a Zenith Bank domiciliary account: cash withdrawals and wire transfers.

The charges for each of these transactions are as follows:

• Cash Withdrawals:

USD 5 per withdrawal
GBP 5 per withdrawal
EUR 5 per withdrawal

• Wire Transfers:

Outward Transfer: 0.5% of the transaction amount or a minimum of $25 and a maximum of $200

• Inward Transfer:

No charges are applicable for inward transfers

It is worth noting that these charges are subject to change, and it is important to confirm the current charges with the bank before making any transactions.

In addition to these charges, it is also important to consider the exchange rates that will be used for the transaction. Zenith Bank offers competitive exchange rates, but it is always a good idea to compare rates with other banks or financial institutions to ensure that you are getting the best deal possible.

Finally, it is important to note that there may be additional charges that are levied by intermediary banks or other third-party service providers. These charges are outside of Zenith Bank’s control, and it is important to factor them in when making international transactions.

In conclusion, Zenith Bank offers a competitive fee structure for domiciliary account withdrawals, with reasonable charges for both cash withdrawals and wire transfers. However, it is important to confirm the current charges with the bank and consider other factors such as exchange rates and third-party fees before making any transactions. By being informed and taking these factors into account, individuals and businesses can make the most of their Zenith Bank domiciliary accounts.