Access Bank Introduces FX Transfer for Domiciliary Account Holders

Access Bank has announced the availability of Foreign Currency Transfer for all domiciliary account holders.

This new feature aims to provide customers with a convenient and hassle-free way to perform foreign currency transfers, the bank said in a note to TechEconomy.

To ensure a seamless experience, Access Bank has shared a straightforward guide for executing these transfers through their mobile banking application, AccessMore.

For Access-to-Access Transfers:

1. Log in to AccessMore, the mobile banking application offered by Access Bank.
2. Select the “Access Transfer” option from the menu.
3. Choose your Foreign Currency (FCY) account from the provided options.
4. Enter the beneficiary’s FCY account number, transfer amount, and add a description of the transfer in the Narration field.

It is important to note that cash deposited cannot be transferred within Access Bank using this feature.

For Access to Other Banks Transfers (Cross Currency, Local & International):

1. Log in to AccessMore using your account credentials.
2. Click on the “Show all” option to access additional services.
3. Under the “Transfers” section, select “Foreign currency.”
4. Proceed by providing the beneficiary’s FCY details in the “Beneficiary Detail” section. You can choose to input either the IBAN details or Account details by tapping the slider accordingly.
5. Enter the transfer amount, choose the bearer of the transfer charge, specify the purpose of the transfer to determine applicable fees, and complete the transaction.

It is important to keep in mind that Cross Currency transfers are only available using the Foreign Currency (FCY) feature. Additionally, transfers to other banks initiated before 4 pm will be processed immediately, while transactions initiated after 4 pm will be processed on the next working day.

Access Bank’s fund transfer team may contact customers via email if additional information or documents are required to successfully complete the transfer. Cash deposits are limited to $10,000 at a time, and the maximum transfer amount is set at $20,000 per month. However, there are no limits for international inflow transfers.

Access Bank strives to provide its customers with enhanced banking solutions and remains committed to facilitating seamless and secure transactions. The introduction of Foreign Currency Transfer on AccessMore is a testament to their dedication to customer satisfaction and innovation in the banking industry.