Just in, Alat By Wema recently introduced a feature to customers who own and run domiciliary accounts in US Dollars, European Euro and GBP Pounds. All of this listed are what is called foreign exchange. Nigerians with any of this foreign currencies are now entitled to easily convert to Naira with few clicks.
The new Alat FX Sales feature on the Alat Bank App will really be an interesting one for those customers banking with Alat by Wema having some foreign currencies in their domiciliary account balance, you won’t just be swapping your currencies to naira at just any rate but at high rate.
Without wasting anymore time, many of you already know how Foreign Exchange works, it’s just the same way Alat FX Sales operates as well. This article will only explain everything you should know about Wema Alat Bank FX Sales and how to easily do currency conversion all by yourself without having to visit the nearest bank branch.
WHAT IS WEMA ALAT FX SALES?
Alat FX Sales is a banking feature on the Alat By Wema Bank software, the FX Sales involves converting your foreign currency on your domiciliary accounts to Naira.
IS ALAT FX SALES SAFE TO USE?
The Alat FX Sales is a banking feature you can trust because it was officially introduced by Wema Bank. Absolutely the Alat FX Sales is safe to use because all operation will be done on the official and secured Wema By Alat App.
HOW DOES FOREIGN XCHANGE (ALAT BANK FX SALES) WORKS
Let’s say you got a domiciliary account with Wema or Alat Online Bank, you can easily be allowed to change your foreign currencies to Naira at a particular market rate. Rate varies at some point, before your foreign currencies are converted, the app will inform you the amount you will be getting for a particular exchange you intend to do.
Not sure what domiciliary accounts mean? Domiciliary Accounts are simple account that allows you to receive, send, and transfer foreign payments from your local country. You can receive any type of foreign payment on this accounts. The short name for Domiciliary accounts is Dom account.
HOW TO CREATE A DOMICILIARY ACCOUNT ON ALAT BANK
If you would like to own your personal foreign currency account, you can easily do that with the Alat App, simply login to your Alat account and create a domiciliary account of either US Dollars, European Euro or GBP Pounds. You can only have separate accounts for each of this foreign currencies, and of which you will be given your account details to top up your account.
HOW TO USE ALAT FX SALES TO CONVERT FOREIGN CURRENCIES TO NAIRA
To simply make use of the Alat FX Sales feature, follow this guide;
1. You must ensure you have the latest version of Alat Bank App installed on your device. (Download Here). Available for both Android and iOS.
2. Login to your Alat account or create an account on the Alat App using referral code “1EW3S9“. You should note that the Alat FX Sales requires you already have a Domiciliary account with some funds in it so it works perfectly.
3. Click on Payments tab just below the Alat app, there you will be open to a lot of options, find and select FX Sales (Convert Foreign Currency to Naira) on that same page.
4. On the next page, you will be directed to select your preferred foreign currency, here’s where you select the currency where you own your Domiciliary account and have some money in it.
5. Lastly, you will see your Dom account balance, proceed to enter the foreign currency amount you intend to convert to Naira. For example, to convert Dollars to Naira just enter the digits like 100 and the amount you will receive will be shown.
#NOTE : Have it in mind that rates can change at anytime because it is been determined by market changes within the day. You can convert foreign currency between (9am to 3pm Mondays to Fridays).
WHAT IS THE CURRENT RATE OF ALAT FX SALES (USD TO NAIRA)
The Alat FX Sales (Foreign Exchange) rate as at today July 29, 2023 is 768 Naira for each 1 USD, 1 Euro is 811 Naira and lastly 1 GBP is 951 Naira. This is no doubt a good rate for those who knows best about foreign exchange.
HOW TO WITHDRAW YOUR CONVERTED FOREIGN CURRENCY IN NAIRA?
Once you follow the above steps accurately, conversion will be successful and deposited to your Naira account balance. Once you have the funds credited to your Alat or Wema Naira account balance, your can then perform your local transfer to any other Nigerian bank or withdraw using an ATM at any bank branch.
In Conclusion, this article talks about the newly introduced Alat FX Sales by Wema Bank which customers having Domiciliary accounts can use to easily convert their foreign currencies to Naira.