Stanbic IBTC, one of Nigeria’s leading financial institutions, recently announced the launch of a new feature called the Stanbic IBTC Flex Border. Customers will find it easier to complete cross-border and international payments with this functionality, which is accessible on the bank’s digital platforms.
With the new Flex Border feature, Stanbic IBTC domiciliary account holders can now make direct international fund transfers to other foreign-denominated accounts using the bank’s mobile app. This means that the process of making international transfers is now more convenient and faster than ever before.
Stanbic IBTC Flex Border
This is a remittance solution that provides customers with an easy and secure way to transfer funds across borders in USD from a dedicated domiciliary account via the mobile app to beneficiaries who have accounts in other countries.
Both the donor and the recipient find it simpler to handle their finances because the money is received in the currency of the recipient’s nation.
This new feature is a testament to Stanbic IBTC’s commitment to providing innovative solutions that meet the needs of their customers. With this service, customers can enjoy a seamless and hassle-free experience when it comes to making international payments and cross-border transactions.
Benefits of Stanbic IBTC Flex Border
Here are the benefits of the Stanbic IBTC Flex Border feature.
Ease: Cross-border transactions can be done with ease.
Affordable: This feature reduces the cost of cross-border fund transfers.
Seamless: Paperwork or documentation is not required and funds are received in local currency.
Self-service: Service is within reach 24/7 via the Mobile App
How to Access Stanbic IBTC Flex Border
Flex Border is available on the Bank section of Stanbic App and customers who have at least one active domiciliary account can access this feature. Customers with no domiciliary account can open one nationwide at any Stanbic IBTC Bank branch.
To be eligible for this function, customers with dormant or inactive domiciliary accounts must reactivate their accounts.
What Do You Get with Stanbic IBTC Flex Border
Here is what you get with the Stanbic IBTC Flex Border feature.
- Improved customer experience through quick cross-border fund transfer
- Reduced cost of cross-border fund transfer
- Fast and secure, no paperwork or documentation is needed
- Funds are obtained in the local currency of the recipient
- Service is within reach 24/7 through the Mobile App
- Proximity to fund remittance service online
How to Transfer Using Flex Border on The Stanbic IBTC Mobile App
To transfer, follow the steps below:
- Log into the Bank Module of the Stanbic IBTC Mobile App and select “Transfer”.
- Next, choose Flex Border from the Transfer menu and choose Send Money
- Fill in the following information for the recipient
Destination Country
Recipient’s First Name
Recipient’s Last Name
Address
Nationality of Recipient
Purpose of Payment
IBAN
Amount
- provide narration (you can slide the toggle button to save beneficiary for later if you wish)
- Next, choose the account to debit and review the exchange rate and applicable charges
- Then you provide a mobile banking transaction PIN to authenticate the transaction
The information to be completed depends on the destination region and country of the recipient. The example given above is for the UK.
Frequently Asked Questions
What is Flex Border’s daily transfer limit?
Its daily transfer limit is $10,000 or its equivalent in other foreign currencies.
In what currency will the recipient receive the funds?
The receiver will get the funds in their local currency.
How will the recipient receive funds?
The recipient will receive funds in the account specified by the sender during the transaction.
Is it possible to transfer money to Nigerian domiciliary accounts using Flex Border?
No, you cannot, customers cannot transfer to domiciliary accounts in Nigeria.
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