NBA:

@Etin,
I actually have no dealings with the New York office. The account reps I deal with are all in Lagos. My personal preference for dealing with Naija is through email, I like the convenience, paper trail, and the use of the emails for reference.

By the way, check to be sure they will do a transfer from the Savings to the Stockbroking account. It was posted somewhere here that a current account was required, I avoid using the current as much as I can. I will ask them about it too.

Thanks, you are right there I called them on friday and was told that I would need a current account to et the stockbroking service. I'll just wait for them to get the post I sent then I plan to scan another copy with current account checked on the forms. Diamond Bank would have been fantastic but the stock brokerage service, I dont seem to get the quick response i get with the Diamond Reach team. I plan to have that as well then i can always use the best depending on the deal.

naijaking1:

Yes, I mean the PO certificates. I'm still trying to open some form of account here in NYC- UBA.

I don't have a broker, a recommendation?

The UBA stock brokers any good? Is it too much risk to tie everything down to UBA?

I use Vetiva and I recommend them.
http://www.vetiva.com/

I am in the process of opening an account with UBA stockbrokers so can't comment yet but some like the idea of having everything under one shop. There has been discussions about this on previous posts.

Etin:

Thanks, you are right there I called them on friday and was told that I would need a current account to et the stockbroking service. I'll just wait for them to get the post I sent then I plan to scan another copy with current account checked on the forms. Diamond Bank would have been fantastic but the stock brokerage service, I don't seem to get the quick response i get with the Diamond Reach team. I plan to have that as well then i can always use the best depending on the deal.

Though I have the current account I avoid using it as much as possible. I will have to find out if one can deal directly with the stockbrokers i.e. fund the stockbroking account directly without the NRN current account and also communicate directly. Otherwise it may be a deal breaker for me.

bigjay01:

@

Na waaaa ohh, I am being charged N5 for every N1000 leaving my UBA NRN current account, in addition to a monthly maintainenance fee of N105.

From now on, all transfers to be made from my savings account

The problem is that the saving account (openend ages ago when I was in Nja) is not part of my NRN suite of accounts and I don't know how to add it to my NRN suite.

Any suggestions?

No be joke but I hear all Nigerian banks have these sort of charges, others with accounts with other banks please confirm.

Per your savings account, check with your relationship manager, I suspect they can work something out.

eagleu:

Do you know what type of charges they impose on UBA NRN Savings? How about if you close the current account into the savings, and operate the thing periodically.

Bye the way does anyone know if UBA in New York is violating any US banking laws by all these mean spirited deductions?

I am charged N100 for login on my NRN Savings, monthly or quarterly, I have to check.

Quote from: windywendy on January 04, 2008, 06:32 PM
OK thanks. I have other questions though. I'm wondering if I should just send you an email or post it here. Perhaps I should post here so that the forum can benefit:

1. When you issue your mandates by email, do you send it to just your account officer or do you cc other folks (I do this with FSDH just so that in the event that my a/c officer is unable to trade that day, someone else could execute).
2. If you do cc other folks, then can you PLEASE really really please send me their names by email: windywendy121 at hotmail dot com. Thanks.
3. Do you use them for all of your transactions (for instance with FSDH, I use their address for all transactions including Private placements, so they get all of my certificates, dividend warrants, etc and handle from there)
thanks in anticipation of your response.


1. I send an email only to my Relationship Officer. He sends a one liner to confirm receipt. He is an Associate and has others working for him in his team. He has a blackberry so an email is as good as a phone call. He will now forward my request to any of these folks in his team who now take care of my orders. Otherwise, I have no other dealings with them directly but I remembered them all directly during Xmas and New Year after the fact.   My own way of showing appreciation for the good work so far (American style).

2. Not Applicable. At times, if the main guy is not around he will tell me to contact any of these other guys directly. It's the only time I deal directly with them.

3. Yes, I use them for all my transactions. Best option but I think you have to request it so ensure it is set up for you.

This is a conversation form the thread Stockmarket tips for Nigerians. Take note of the sentences highlighted in bold.

If you are comfortable with such a setup, I think it works great. I have the same setup with Vetiva.

@NBA
You have been so helpful

So UBA savings will not do for a stockbroker account? So, I'm going to be forced to open an expensive current account.

I wish they could pay it into my Wachovia account!

Folks,

Been pushing UBA on the Stockbroking thing. I will go forward as it seems you can cut out the middleman (the very effective NRN team).

The NRN team confirms one can deal directly with the Stockbrokers but insists the payment to UBA stockbroking must go through the NRN current account. Deal breaker for me.

I contacted the Stockbroking directly and they say I can pay in the money directly to them and even sent the account number. Works much better for me.

Ahhh thanks NBA for the contacts for the brokers directly. Sometimes I really want to buy and sell quickly, we all know the relationship officers are great but what happens when they get saturated with work. I will shoot the brokers an email so they can receive 1st thing in the morning and see what happens. What email did u contact that gave you the account number, was it this one ordersuba-s at ubagroup dot com
I have some purchases I will like to make first thing in the morning, so would love to know!! Thanks again!!

I got the account number from the contacts listed here. I could post the account number here but wondering if that is proper. If you want I will email it to you.

The email also stated.
Purchase or sale mandate should be forwarded to ordersuba-s at ubagroup dot com.
Request for statements should be forwarded to ubastockbrokers at ubagroup dot com.

So I sent an email to the ordersuba email, and got an email saying received, now I'll just wait for a purchase

Got this email today from UBA Remit:

Subject: UBA REMIT - FUNDS TRANSFER NEVER BEEN MADE SO EASY!

Hello my people,

Sending money home has never been so affordable and convenient.

Introducing UBA Remit, a Do-It-Yourself service which allows corporates and individuals in the UK , USA and Canada to send money from the accounts or cards directly to a beneficiary’s UBA account online while in the convenience of his/her home or office. The entire transaction is completed online and with just a few clicks of a mouse!

Here are 5 easy steps to send money via UBA Remit;

The sender simply goes to the UBA Remit site (www.ubaremit.com) to login or register (if a new user).
Enters transfer details, including amount to be sent.
Enters the name and account details of the person to whom you are sending the money.
Ensures that the account number is right then confirm the transaction.
The sender will receive an e-mail shortly confirming details of his/her transaction and a tracking number which he/she can use to check the status of the transaction online.
Since all recipients accounts are expected to have met all KYC obligations, senders experience such peace of mind when they use UBA Remit. A nominal fee is charged for providing this service which is far less than what comparable services will charge and such services take much longer periods to deliver the money. Applicable fees for transfers can be computed online.

We invite you to experience this unique service. For a trial and more information visit www.ubaremit.com

Best Regards,


Olukemi Rilwan-Modile

Product Manager

UBA REMIT

United Bank for Africa Plc | UBA House (13th Floor)

57 Marina , Lagos , Nigeria

Office: +2341-2644651-700 Ext 18563| DL: +234-12807563

Mobile : +234-802-302-0969

Email: kemi.rilwan-modile@ubagroup.com

Website: www.ubagroup.com

, Africa's global bank

hey NBA I'm thinking about opening a vetiva account like this month to use with my UBA one. Please do you have any contacts there, shey minimum is a N1mil right?
Do they let u use their address?
How easy was it to get it setup and send the money
Someone here mentioned something about needing a reference from an existing customer or your bank, why is that?
would I also be required to open up a diamond acct, I kinda didnt want to since i already have UBA,
Please let me know, thanks!
I was also considering BGL because one of the managers is a close relative, but not sure

@Naijadr,
How you dey? Vetiva is N1 mil. Yes, they set up my account using their address which has worked perfectly for me. They also have a nominee account which means they buy PO's on your behalf without you mailing the forms to them, not sure what else the nominee account features so do ask them about it.

The account setup is pretty straightforward, they emailed the form and I believe I emailed the completed form back. You do not need a Diamond bank account to operate. I wire the money directly to them, it costs $20 from my bank, Bank of America.

I had an account officer but now they use a distribution list sales at vetiva dot com. I don't know why they require the referral thing but I don't think it is such a big deal. A bank can write a note saying you have been a customer for X months or years and that should do it. Otherwise you can email me nse.nba at gmail dot com, but post here so I know to check.

hey NBA thanks so much! I'm going to open an account with them, is there an email address outside of the info at vetiva.com
I should be able to get my NRN relationship rep to draft a quick letter to them, I'm assuming they'll accept a fax or email from him.
I just really want same day execution, and wouldnt want to put all that money in UBA only to lose hundreds of thousands in profits because it'll take them 2-3 days at the very least to buy or sell
Thanks so much for your diligent contribution to this thread!!

@Naijrdr
You are welcome. Let me know how it goes. Use sales at vetiva dot com.

The UBA Stockbroking execution issue is making me have second thoughts about funding the account I just opened though the intention was only to use it for PO's.

I wonder if dealing directly with the Stockbroking unit without going through the NRN RM's solves the issue, anybody know?

Not bad at all if you ask me ---

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@NBA
I suspect dealing with the stockbrokers may make a difference. After haggling with UBA at Rockefeller plaza here in NY for weeks about a stockbroker account, I called:
+234 1 270 4494,+2341280 0088

Email: NRN@ubagroup.com OR NRNbanking@ubagroup.com

My call was very professionally taken by one Ms Beckley, and she sent me the stockbroker opening account package by in e-mail in less than 10 mins.

Hello NBA,

what is vetiva's account number and the name of their bank?.

Peace.

Hello tonyjon,

Diamond Bank, see attached for details.

NBA:

Hello tonyjon,

Diamond Bank, see attached for details.

Thanks for the info,


Peace.

@NBA,

As per Vetiva, the account number you sent to me is (026-152-0003139 ) is different from the one they sent to me
(026-201-0021676). Am a bit skeptical about this, I don't want to pay into the wrong account. Please confirm this.

Peace.

@tonyjon

(026- 201 002 1676) is the account number for the naira account - i.e. if you are paying in locally in Naija. The one I attached is a US Dollar domiciliary account to receive incoming wires from here.

Make sure you confirm Canada will use same.

NBA:

@tonyjon

(026- 201 002 1676) is the account number for the naira account - i.e. if you are paying in locally in Naija. The one I attached is a US Dollar domiciliary account to receive incoming wires from here.

Make sure you confirm Canada will use same.

Thanks. I have confirmed it.

Peace.

Cool.

I'm having second thought about UBA
I sent my application 20th December to their NY branch
got an email from the Lagos branch that my photo wasn't included
got a second email a day later saying they got only one passport photograph
so i sent another one direct to the Lagos branch (imagine sending just two piece of pic)
still crossing my fingers

there are several post about their poor customer service
I just want to know if this is restricted to those going physically to the branch or
customer using the NRN also have similar problems
especially fund transfers- third party transfers

Gtb still cant fix their online transfers

NBA, Etin how would you rate the diamond account so far?

NBA, Etin how would you rate the diamond account so far?

@disguy
I haven't used it much. My transaction pin did not work so they reissued and mailed another which took 2 weeks in all. Afterwards, I moved all my money out for now.

I must say I do like their on-line banking.

@ Etin
Long time, how u dey?

NBA, you can use UBARemit from your Checking Account. This works the same way as MGram And W-Union.

has any body tried sending money out Nigeria through western union or money gramm

Panache:

NBA, you can use UBARemit from your Checking Account. This works the same way as MGram And W-Union.

Yes you can. The last time I checked, moneygram or western union did not allow on-line transfers to Nigeria, has that changed?

@NBA
Thanks for asking after me. I hope you are well and in good health. I went on a course at work so had limited internet access. On Diamond Bank account internet access is fantastic. I have had access everyday. I recently did a transfer which hasnt gone as quickly as the transfer to open the account did. I still havent got my ATM card (was told to expect it 3rd week this month will just have to wait and see) nor naira cheque book.

In the mean time I have opened an Investment Account with Citi Invest. Opening balance 100K got tired off all those too big for their shoes. Communication is good and response same day. They got me a CSCS account in the same week. Will still complete the UBA NRN whenever they recieve the post.

@Dis Guy
What do I think of Diamond Reach Account? It works for me I would recommend it. Opening is very fast but it takes a while to get your cheque book and ATM. If you need an account quickly go for this as you would have your account number immediately your scanned documents are received via email. The exchange rate is better than moneygram, and so far always better than CBN quoted rate. The online banking is very versalite. On every occasion I have called customer services, I have met people who clearly understood the product and system.

@Etin, All

Hi ladies and gentlemen, im back!

If anyone is interested in opening current account with GTB, please know u can do it from abroad - ring corporate headquarters and indicate interest and they will giv u instructions. I opened mine when i went to nigeria but didnt have time to pick up the chequebook + ATM but my relationship manager said I can write a letter instructing the bank to release cheque books a designated person (relative). it may not be given a formal name but its possible.

Etin, I am very interested in knowing more about an Investment Account with Citi Invest. I would be glad if you could help me out with the following queries:

1. Are BUY/SELL instructions executed the same day?
2. Any fully functional online facility or will investor rely on online CSCS monitoring?
3. How did you manage the account opening process from overseas?
4. Would you recommend them?
5. Have they met the SEC recapitalization requirements?