Domiciliary Account

How to Open a Domiciliary Account with Access Bank

Moneyloan / February 2, 2024

An Access Bank Domiciliary Account is a foreign currency-denominated account offered by Access Bank Plc to individuals, freelancers, and businesses. […]

FINANCE

How to Open a Domiciliary Account with First Bank

Moneyloan / February 2, 2024

Are you eager to manage and transact in foreign currencies with ease? Opening a domiciliary account with First Bank is

Are you in Nigeria and want to venture into bank transactions that involve foreign currencies? Opening a domiciliary account might just be the key to unlocking this possibility. In this article, we will show you the list of top best banks to open domiciliary account in Nigeria. There is no doubt that having a domiciliary account provides a versatile platform for managing foreign currencies. With the exchange rate's unpredictable nature, converting your Naira savings to dollars becomes a strategic move. Whether you are a freelancer earning in foreign currencies or a business engaged in global transactions, this guide will walk help you make an informed choice. Best Banks to Open Domiciliary Accounts in Nigeria Here is a list of best banks to open domiciliary accounts in Nigeria: 1. Guaranty Trust Bank (GTB) GTB offers domiciliary accounts in US dollars, British pounds, and euros. The account allows for low initial deposits, cash withdrawals in foreign currency, and international transactions. To get started check how to open domiciliary account with GTBank. 2. Zenith Bank Zenith Bank provides ordinary and cash domiciliary accounts. While the cash domiciliary account limits transfers, both account types offer various features for managing foreign currencies. 3. First Bank First Bank's domiciliary account supports US dollars, British pounds, euros, and CFA. The minimum opening balances vary for each currency, making it versatile for international transactions. 4. United Bank for Africa (UBA) UBA offers three types of domiciliary accounts, including Freedom Dom, Dom Advantage, and UBA Kiddies Domiciliary Account. Each account has different requirements, providing options for various customer needs. 5. Fidelity Bank Fidelity Bank allows customers to open domiciliary accounts in US dollars, British pounds, and euros. The bank offers online services, making it convenient for managing foreign transactions. 6. Access Bank Access Bank's domiciliary accounts support pounds, dollars, euros, and yen. With both domiciliary current and savings account options, customers have flexibility in managing their foreign currency holdings. 7. Stanbic IBTC Bank Stanbic IBTC Bank offers domiciliary accounts in pounds, US dollars, euros, and Australian dollars. It provides easy access to foreign currencies, making international transactions seamless. 8. Polaris Bank Polaris Bank allows customers to transact in US dollars, British pounds, and euros. As one of the newer banks, it has established itself as a reliable option for domiciliary accounts. 9. First City Monument Bank (FCMB) FCMB offers both domiciliary savings and current accounts in dollars, pounds, and euros. There is no minimum operating balance, providing accessibility to a wide range of customers. 10. Union Bank Union Bank provides three types of domiciliary accounts – domiciliary savings, domiciliary current, and UnionAce. The UnionAce account offers a unique advantage by allowing customers to earn interest on their dollar deposits. Domiciliary Account Types in Nigeria There are three main types of domiciliary accounts available in Nigeria: 1. Personal Domiciliary Account Ideal for personal use, popular among freelancers and online buyers. Can be in the form of domiciliary current or savings account. 2. Business Domiciliary Account Tailored for businesses involved in foreign transactions. Requires Corporate Affairs Commission certificate (CAC) and other business-related documents. 3. Forex Trading Account Suited for licensed Bureau de Change operators or forex traders. Some banks offer forex exchange services at competitive rates. Requirements for Opening a Domiciliary Account in Nigeria Opening a domiciliary account involves standard requirements across banks. These include: Completed account opening form. Valid means of identification (passport, voter’s card, driver’s license, or national ID) Account opening balance (varies by bank and currency) Passport photographs Two reference forms from current account holders Bank Verification Number (BVN) How to Open a Domiciliary Account in Nigeria 1. Fill out a domiciliary account opening form at a bank branch or online. 2. Provide the required documents. 3. Optionally choose a joint nominee signatory. 4. Referees' information will be verified, and the account becomes operational. Considerations Before Opening a Domiciliary Account in Nigeria Consider the bank's accessibility and efficiency in dealing with foreign currencies. Be aware of foreign transaction charges that may vary among banks. Ensure the bank's internet banking app is reliable for both local and international transactions. Assess the responsiveness of the bank's customer service, especially for international transactions. Choose the account type based on the currencies offered, the account's purpose, and the currency you'll be dealing with. Understand the protocols for account opening, including reference confirmation. Limitations on the Use of Domiciliary Accounts in Nigeria The Central Bank of Nigeria restricts cash deposits to not more than $10,000 per day. Domiciliary Account Alternatives in Nigeria: For those unwilling to go through the traditional account opening process, cross-border payment fintechs like Geegpay and Grey.co offer alternatives. Domiciliary Account Charges: Charges on domiciliary accounts vary among banks, with the Central Bank of Nigeria setting a benchmark of $10 or 0.05%, whichever is lower, for withdrawals. Opening a domiciliary account with a reputable bank in Nigeria is a wise step for individuals and businesses engaged in international transactions. Consider the factors mentioned before making your choice, and take advantage of the numerous benefits a domiciliary account provides.

FINANCE

Top 10 Best Banks to Open Domiciliary Accounts in Nigeria

Moneyloan / February 1, 2024

Are you in Nigeria and want to venture into bank transactions that involve foreign currencies? Opening a domiciliary account might

FINANCE

Domiciliary Accounts in Nigeria: All you need to know

Moneyloan / February 1, 2024

In Nigeria, we have bank accounts where we deposit, receive, make payments, withdraw, and perform other transactions in (₦) Naira.

FINANCE

How to Open Domiciliary Account With GTBank

Moneyloan / January 31, 2024

Whether you’re a frequent international traveler or engaged in foreign transactions, opening a GTBank domiciliary account offers you the convenience