Zenith Bank Domiciliary Account Withdrawal Charges

Zenith Bank is a leading financial institution in Nigeria that provides a wide range of banking services to its customers. One of the services that Zenith Bank offers is a domiciliary account, which allows customers to hold foreign currency in their accounts. This service is particularly useful for customers who engage in international transactions, such as receiving payments from abroad or making foreign purchases. NYSC Portal

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However, when it comes to withdrawing funds from a Zenith Bank domiciliary account, customers may encounter some charges. In this article, we will explore the various charges that Zenith Bank imposes on domiciliary account withdrawals and how they affect customers. Zenith Bank Domiciliary Account Withdrawal Charges

Firstly, it is important to note that Zenith Bank charges a withdrawal fee of $25 for every transaction made from a domiciliary account. This fee applies to both local and international transactions and is deducted from the account balance at the time of withdrawal. This means that if a customer withdraws $100 from their domiciliary account, they will only receive $75 after deducting the $25 withdrawal fee. Information Guide Nigeria

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In addition to the withdrawal fee, Zenith Bank also imposes a commission fee on domiciliary account withdrawals. This fee is calculated as a percentage of the withdrawal amount and varies depending on the currency being withdrawn. For example, if a customer is withdrawing US dollars, the commission fee is 0.5%, while for British pounds, it is 0.3%. Good Morning Love Message

Furthermore, Zenith Bank also charges a stamp duty fee on domiciliary account withdrawals. The stamp duty fee is a tax imposed by the government on financial transactions and is calculated as 0.005% of the withdrawal amount. For example, if a customer is withdrawing $1,000 from their domiciliary account, the stamp duty fee would be $0.05. JAMB Portal

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It is also important to note that Zenith Bank may impose additional charges on domiciliary account withdrawals, such as correspondent bank charges. Correspondent bank charges are fees that are charged by intermediary banks that process international transactions. These fees can vary widely and are dependent on the banks involved in the transaction. As such, it is important for customers to check with Zenith Bank to determine if there are any correspondent bank charges that may apply to their transactions.

In summary, the following charges may apply to Zenith Bank domiciliary account withdrawals:

• Withdrawal fee: $25 per transaction 20 Best Women Handbags and Wallets in Nigeria
• Commission fee: a percentage of the withdrawal amount (0.5% for US dollars, 0.3% for British pounds, etc.)
• Stamp duty fee: 0.005% of the withdrawal amount Romantic Love Messages
• Correspondent bank charges: fees charged by intermediary banks (if applicable)

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It is important for customers to be aware of these charges when making withdrawals from their Zenith Bank domiciliary account. These charges can add up quickly and significantly reduce the number of funds that a customer receives. As such, customers should carefully consider their withdrawal needs and plan accordingly to minimize the impact of these charges. 12 Best Sumec Outdoor Generators in Nigeria and their price

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In conclusion, while Zenith Bank’s domiciliary accounts offer many benefits to customers, there are also charges associated with withdrawals. These charges include withdrawal fees, commission fees, stamp duty fees, and correspondent bank charges. Customers should be aware of these charges and plan accordingly to minimize their impact on their funds.