An Access Bank Domiciliary Account is a foreign currency-denominated account offered by Access Bank Plc to individuals, freelancers, and businesses. This account enables customers to manage and transact in foreign currencies such as dollars, pounds, and euros.
It provides features like a minimum opening balance, access to cash through POS and ATMs, online account management, direct debit instructions, international visa cards, and zero cash withdrawal charges.
Access Bank offers two main types of domiciliary accounts: Current Domiciliary Account, suitable for business transactions, and Savings Domiciliary Account, designed for saving in foreign currency with interest earning benefits.
Having a domiciliary account with Access Bank becomes essential for efficient management of international transactions. Access Bank, like other financial institutions in Nigeria, provides domiciliary accounts for freelancers, business owners, and individuals seeking a seamless way to handle foreign currencies.
This guide outlines the features, benefits, and step-by-step process to open a domiciliary account with Access Bank.
Features and Benefits of Access Bank Domiciliary Account
1. Minimum Opening Balance: $100, £100, and €100 for both current and savings domiciliary accounts.
2. Access to Cash: Withdraw cash in your account through POS and ATMs.
3. Online Account Management: View account information and transactions online from anywhere.
4. Direct Debit Instructions: Allows direct debit instructions for seamless financial management.
5. International Visa Cards: Access to international visa cards upon request.
6. Zero Cash Withdrawal Charges: No cash withdrawal charges for enhanced financial freedom.
Requirements to Open a Current Domiciliary Account with Access Bank
Business owners looking to open a Current Domiciliary Account will need:
- Two Passport photographs.
- Two references (must bank with Access Bank and own a domiciliary account).
- Valid ID of each signatory.
- Passport photographs of signatories.
- Means of address verification.
- Certificate of Incorporation/Business Registration.
- Search report showing the business history.
- Board resolution and other relevant documents for companies.
Requirements to Open a Savings Domiciliary Account with Access Bank
Freelancers and individuals opting for a Savings Domiciliary Account require:
1. Filled out application to open an account.
2. A passport photo.
3. Legitimate forms of identification (national ID card or driver’s license).
4. Utility bill or evidence of residency.
5. Minimal balance of $100, £100, or €100.
How to Open Access Bank Domiciliary Account
1. Visit any Access Bank Branch and request a domiciliary account form.
2. Fill out the provided application form in the bank.
3. Ensure all required documents are complete and submitted.
4. Deposit $100, £100, or €100 to your new domiciliary account.
5. Your account will be ready for use within approximately 48 to 72 hours.
FAQs
1. How Many Domiciliary Account Options Does Access Bank Offer?
Access Bank provides two domiciliary account options: Current Domiciliary Account and Savings Domiciliary Account.
2. Who is Suitable to Open an Access Bank Domiciliary Account?
Freelancers, business owners, and individuals of different classes can open a domiciliary account with Access Bank.
3. How Long Does It Take to Activate a Domiciliary Account with Access Bank?
Activation takes approximately 48 to 72 hours, and you can start transacting once the account is active.
4. What is the Minimum Opening Balance for an Access Bank Domiciliary Account?
The minimum opening balance is $100, £100, and Euro 100.
5. Can I Receive Dollars in My Access Bank Naira Account?
While possible, it comes with charges; opening a domiciliary account is advisable for receiving dollars.
6. What is the Minimum Balance for an Access Bank Domiciliary Account?
There is a minimum opening balance of $100, £100, with a zero minimum daily balance.
7. Is There a Monthly Maintenance Fee Charged on the Domiciliary Account?
Yes, there is a 0.5% cash handling charge on withdrawals.
8. Can Domiciliary Customers Transfer Money to Beneficiaries in Nigeria?
Yes, using Access Bank’s electronic banking platform, money can be transferred to beneficiaries with Access Bank accounts or accounts in other banks.
9. Can Cash in US Dollars Be Picked Up at Access Bank Branches?
Yes, cash in US dollars or other currencies can be picked up at any Access Bank branch, requiring means of identification.
Conclusion
Whether you are a business owner or a freelancer, Access Bank’s domiciliary accounts cater to your diverse financial needs. Ensure you have the necessary documentation, follow the steps outlined in this guide, and unlock the advantages of a seamless domiciliary banking experience.