Nigeria
Flex Border
A remittance solution that allows cross-border USD transfer from a dedicated domiciliary account via the Mobile App to beneficiaries holding accounts in other countries and funds are received in the recipient’s country’s currency.
Some of the Benefits
Ease
Cross Border Transaction can be done easily
Affordable
Reduced cost of cross border fund transfer.
Seamless
No paperwork or documentation is required and funds are received in local currency
Self-service
Service is within reach 24/7 through the Mobile App
How to get it
Any customer of the bank that has an active domiciliary account with the bank can use this feature via the bank’s mobile app.
What you get
- Improved customer experience through quick cross border fund transfer
- Reduced cost of cross border fund transfer
- Fast and secure, no paperwork or documentation is required
- Funds are received in the local currency of the recipient
- Service is within reach 24/7 through the Mobile App
- Proximity to fund remittance service online
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How to get it
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What you get
Any customer of the bank that has an active domiciliary account with the bank can use this feature via the bank’s mobile app.
- Improved customer experience through quick cross border fund transfer
- Reduced cost of cross border fund transfer
- Fast and secure, no paperwork or documentation is required
- Funds are received in the local currency of the recipient
- Service is within reach 24/7 through the Mobile App
- Proximity to fund remittance service online
Frequently Asked Questions(FAQs)
Can I transfer funds from any of my existing regular domiciliary accounts using the Flex Broder feature?
No, you can only transfer funds from an Inflow-only domiciliary account.
How can I open an inflow-only domiciliary account?
An Inflow-only domiciliary account will be opened for any customer who has an active domiciliary account with the bank, at the point when the Flex Border feature is first being used to make foreign transfers or payments.
How can I use Stanbic IBTC Flex Border solution?
- This feature is available on the Stanbic IBTC mobile app; Customers who have an active domiciliary account with the Bank and have access to the Bank’s mobile app can use it.
- Customers of the bank who do not have a domiciliary account can open one at any Stanbic IBTC branch to have access to the Flex Border feature.
- Customers using theFlex Border feature for the first time will be prompted to permit the bank to open an inflow-only domiciliary account for them when they log on the mobile app to use the feature.
How do I enter a USA Corridor recipient account number to avoid it being flagged for invalid account number?
USA Corridor Recipient Account Number and Address
- The correct account format must be followed as per the TEG.
- ban and bic must be in Small letters. The ban values must be numeric while bic values are alphanumeric. The Alpha values must be in CAPS. This should be the case for all other corridors where ban and bic values are required.
- Address details must not be dumped under one filed, address line 1 should only contain street address details.
Invalid Account Number for other corridors
- IBAN must be in small letters. The alpha characters should be in caps and there should be no spacing between that and numeric characters
What are expected delivery time for recipients to receive fund when I use Flex Border solution to make cross-border transfers or payments?
| Country | Delivery time | Cut off time for delivery |
| India | Instant - <INR 500,000 | 24/7 |
| Near Real Time- > INR 500,000 | 6:00 pm IST | |
| United Kingdom | Near Real-Time | 24/7 |
| Europe | T | 12:45 pm CET |
| UAE | T | 1:15 pm local time |
| USA | T+1 | "3:15 pm EST Mon-Thu |
| Delivery Time | ||
| Near Real Time | Within 15 Minutes | |
| T | Same business day (if transaction received within cut-off) | |
| T + 1 | Next business day | |
| T + 2 | After 2 business days |
What currency would the recipient receive funds?
Funds would be received in the local currency of the recipient
What is an inflow-only domiciliary account?
- An inflow-only domiciliary account is the dedicated domiciliary that a customer can debit to make cross-border transfers or payments using the Flex Border solution.
- An Inflow-only domiciliary account can only be funded by transfer inflows. That is, cash deposits are not permitted into this type of account.
What is the maximum amount I can transfer using Flex Border feature?
There is a monthly transfer limit of $20,000 or its equivalent in Pounds, Euro or Yen
Will the recipient be charged any fee?
- The recipient isn’t charged any fee for receiving the money
- Payer will bear all related charges