A domiciliary account is can be explained as a type of current account that operates on foreign currency.
Receiving money from overseas into a local account in Nigeria is sometimes a hitch. But with domiciliary accounts, you can receive foreign currencies into your local accounts in Nigeria swiftly.
As much as that is known and it is possible, we are usually posed with the difficulty of making the best choice of the banks in Nigeria with which to open the domiciliary account.
But I strongly believe that all you need is information, which is what we have to try to put together for you in this article. When you have carefully gone through this post, I am certain you will be able to know the 10 best domiciliary banks in Nigeria.
WHAT IS A DOMICILIARY ACCOUNT?
By the way, I hope you know what a domiciliary account is? If it is your first time, getting to know the meaning is imperative in understanding the list we have below.
Therefore, a domiciliary account is one in which you can keep foreign currencies. It allows you to perform transactions, like transferring and receiving of money, in foreign currencies. In Nigeria, you can open a domiciliary account and operate it from anywhere you are in the world.
How to open a Domiciliary account today in NIgeria
I know that a lot of Nigerians are familiar with what a domiciliary account is, but for the sake of newbies and for those who are looking up for what opening a domiciliary account entails, this article is just what you need to get started.
With a domiciliary account, you transfer funds and also receive foreign currency from another country.
It is an account designed specifically for business transactions.
Opening a domiciliary account in any foreign currency is permitted depending on what currency you are transacting with, but the major ones include a dollar domiciliary account, pound domiciliary account, and euros domiciliary account.
The only currency you are permitted to transact with on a dollar domiciliary account is dollars, pounds for a pound domiciliary account and euros for a Euro domiciliary account.
Why do I need a domiciliary account?
After you must have read the introduction to what a dom account is, you might just want to discard the rest of the article, because you feel you don’t need a dom account, but now or later in the future, you would wish you had open a dom account.
What if your sons, daughters, husband, wife, travel abroad and they want to send you money, or what if your company gain international recognition, how do you want to carry out your business transaction, I am sure you understand it now when I said you need a domiciliary account.
Having explained what a domiciliary account is, I will like to share with you the advantages and disadvantages of opening a domiciliary account.
Opening a domiciliary account has more advantages than disadvantages.
Domiciliary Account advantage
- You are opportune to save your money in foreign currency with a domiciliary account without the money depreciating irrespective of how unstable the currency is.
You can carry out international transactions with your MasterCard on a domiciliary account.
You can also receive money in foreign currency.
Disadvantages of domiciliary account
You are only permitted to operate one type of foreign currency in a domiciliary account.
The expense of carrying out charges and transactions is very high.
you need two referees when trying to open an account, which is very difficult to find.
Let’s move to the requirement needed to open an account
Requirements needed to open a domiciliary account:
- Two referees with an active current account of up to 6 months old
- Opening balance of $100
- Bank verification number
- A valid means of identification is needed (it could be an international passport or national ID card, or driver’s license).
- Two passport photograph
- A recent utility receipt (not older than 3 months).
With the criteria settled, let’s move into how to open a domiciliary account in Nigeria.
To open a domiciliary account in Nigeria today, you have to visit any of the banks I will be listing below.
Note: This is not the only banks you can open a domiciliary account with, I just named a few
- Zenith Bank
- First Bank
- GT Bank
- Access Bank
There are several other banks in Nigeria where you can open a domiciliary account has listed below:
Best Banks to Open a Domiciliary Account in Nigeria
But which bank is the best to open a domiciliary account with? Let us find out.
ZENITH BANK DOMICILIARY ACCOUNT
Zenith Bank is a leading commercial bank in Nigeria that operates two types of domiciliary accounts: the Ordinary domiciliary Account and the Cash domiciliary account.
On the Ordinary Domiciliary account, you can make transfers, while on the Cash Domiciliary account, you cannot but you will be allowed access to EazyMoney channel.
These accounts can be opened with zero balance and you will be issued debit card for USD only. The available currencies on the Zenith Bank’s domiciliary accounts are USD, EUR, and GBP.
GT BANK DOMICILIARY ACCOUNT
Another on the list as the best bank to open a domiciliary account with, in Nigeria is Guaranty Trust Bank. GTBank domiciliary account is also available on the most internationally popular currencies: US Dollar, Great Britain Pounds and the Euros.
While operating this account, you will be allowed 24/7 access to the available e-channels and you can transfer funds to other domiciliary accounts within Nigeria. Withdrawal is also not a problem, as you can withdraw from any GTBank branch across the country.
FIDELITY BANK DOMICILIARY ACCOUNT
With the Fidelity bank domiciliary account, you can also perform international transactions without hitches in currency differences. Also available on the list of domiciliary account in Fidelity bank are USD, GBP, and the Euro.
To open a domiciliary account with the Fidelity Bank Nigeria, you need minimum amounts of $50, €50, or £50 across the operating currencies. You will also need to maintain a minimum operating balance of $30, £20 and €30.
On the Fidelity Bank domiciliary account, you will be allowed access to alerts, internet banking, statements of accounts and other services.
UBA DOMICILIARY ACCOUNT
UBA is a pan-African bank that allows their customers enjoy many international banking benefits. Therefore, it is one of the best banks in Nigeria that you can open a domiciliary account.
The United Bank for Africa, UBA has a wide range of options for their customers who need domiciliary accounts to choose from. The bank runs the following domiciliary accounts:
- Dom Advantage Account
- Freedom Dom Account
- Dom Advantage Plus Account
- U-Care Plus Domiciliary Account
The different accounts listed above are designed according to the varying financial capacity of different customers. The operating currencies across these types of domiciliary accounts ran at UBA are: USD, FCY, GBP, Euro and so on.
FIRST BANK DOMICILIARY ACCOUNT
First Bank as one of the leading commercial banks in Nigeria also lists as one of the best banks in Nigeria to open a domiciliary account. With these accounts, you can facilitate international transactions over the internet, with your phone.
First Bank operates two types of domiciliary accounts:
- FirstDom Plus
- Domiciliary Account
Both are designed for different classes of customers. The FirstDom is meant for customers who have a balance of $5000 and above. The Domiciliary account with first bank allows you to keep foreign currencies like USD, GBP and Euro.
STANBIC IBTC DOMICILIARY ACCOUNT
As an individual or a business entity that needs to make international transactions, a domiciliary account with Stanbic IBTC Bank may be all you need. You can receive and transfer money in currencies other than the naira.
To open a domiciliary account with Stanbic IBTC bank, you need a minimum deposit of $100 for an individual and $500 for a business. You can open different accounts for different currencies like USD, GPB and Euro at Stanbic IBTC Bank.
ACCESS BANK DOMICILIARY ACCOUNT
Access Bank Nigeria also offers the best domiciliary accounts in Nigeria. Being one of the most popular and having a great number of customers, Access Banks allows their customers to transfer and receive money in currencies other than the Naira.
The available currencies on Access Bank domiciliary account window are USD, GBP, Yen and Euros. The opening balances required for domiciliary account with Access bank across different currencies are: $100, €100 and £100.
You will be given access to the Internet and Mobile banking. You will also receive different variants of debit card, depending on the preference of the customer.
UNION BANK DOMICILIARY ACCOUNT
Union Bank offers you a variation of domiciliary accounts, depending on the needs of customers. The different types of domiciliary accounts available at Union Bank Nigeria are:
- Domiciliary Savings
- Domiciliary Current
- Travel Card USD Domiciliary account
These accounts designed to fit the needs of customers, places Union Bank domiciliary account as one of the bests in Nigeria. The available currencies on the Union Bank domiciliary accounts are USD, GBP and Euro.
To open a domiciliary account with Union Bank, you need a minimum of $100 across these account types.
POLARIS BANK DOMICILIARY ACCOUNT
The Polaris Bank’s domiciliary account allows you the luxury of saving and transferring money in different currencies, like the USD, GBP and EUR. It allows you to pay bills, school fees and perform other foreign exchange transactions from the comfort of your home.
The initial opening balance of domiciliary account with Polaris Bank Nigeria is $100, £50 and €50. You will also be issued the required debit card for your transactions. This type of account can be used collateral for Naira loan.
FCMB DOMICILIARY ACCOUNT
The First City Monument Bank is another bank in Nigeria with which to open the best domiciliary account. Like every other domiciliary account, the FCMB domiciliary account allows customers to maintain accounts with foreign currencies.
The currencies available on the FCMB domiciliary accounts are USD, GBP, and EUR. The minimum opening balances for a domiciliary account in FCMB are $100, €70 and £60.
Nonetheless, there is no minimum operating balance and customers are allowed access to internet banking; there is no limit to monthly withdrawal also.
THE REQUIREMENTS YOU NEED TO OPEN A DOMICILIARY ACCOUNT IN NIGERIA
The requirements you need to open a domiciliary account in Nigeria may differ with banks, but they do slightly. So the primary requirements needed of you are:
- Bank Verification Number (BVN)
- Passport photographs
- Valid means of identity like Driver’s license, voter’s card or NIN.
- A current utility bill of your residence
- Collective Investment Undertaking (CIU) form.
- Foreign currency Indemnity form
ADVANTAGES OF DOMICILIARY ACCOUNTS
- Domiciliary account allows you to trade in foreign currencies.
- You can receive money from anywhere in the world on permitted currencies.
- It gives you the access to make money from any part of the world and get it delivered to you into a local account (the domiciliary account).
- It gives you the opportunity to serve as a referee to someone.
DISADVANTAGES OF DOMICILIARY ACCOUNTS
- Only a single currency is allowed on one domiciliary account. This means if you have a dollar account, you cannot receive euros or pounds.
- To open a domiciliary account in Nigeria today, you need a referee and it is not usually easy to get one in Nigeria.
- The charges banks place on domiciliary accounts are usually high, relatively.
Well, since you now know the top 10 banks to open a domiciliary account in Nigeria, what are you waiting for?
With the details given on this page about what a domiciliary account is and how to open one-requirements and steps to open the account, I wish you best of luck.
You can get your business from here to there with this knowledge and I want to believe you will complete the action. Perhaps we omitted a bank which you believe has a good domiciliary account package, why not pen it (them) down in the comment section.
Do not fail to ask your questions if you have any and we will appreciate your suggestions and input.
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