Are you or a family member trying to open a domiciliary account in Nigeria to be able to receive USD money transfers? A domiciliary account is a specific kind of bank account that allows you to receive and make payments in foreign currencies.
Holders of a domiciliary account can receive money in US dollars, British Pounds, or European Euros. It works like a typical savings account and can be used in any business transaction to accept foreign currencies.
The benefits of opening a domiciliary account are countless and also depend on the holder of the account. Some of the reasons why you need a domiciliary account include ease of conducting international transactions, control over unstable currencies, and access to online banking.
Domiciliary account document checklist
Most local Nigerian banks allow their customers to open a domiciliary account which allows them to receive and make payments in an international currency. The requirements might differ according to the banks but the following documents are essential in your application.
- Completed account opening form (different per bank)
- Completed specimen signature card
- Two (2) recent passport photographs
- Address verification documents, such as a utility bill
- Valid ID, e.g. international passport, driver’s license, or national ID card
- Resident permit
Once you have checked with your bank and have the proper paperwork, you can apply for a domiciliary account.
Usually, the necessary forms you are required to have are available online to download and fill out. However, many banks require that you apply in person at your nearest branch.
Why should you open a domiciliary account in Nigeria today?
To start with, if you want to send money to Nigeria, this is your only option. You can open a domiciliary account with most banks in Nigeria and can make transactions from in and outside of Nigeria.
The benefits of having a dom account vary from one bank to another but usually include the following:
- International business. It is the best option for those who do business internationally as it enables them to make both domestic and international transactions
- Savings account. You can use the domiciliary account as a savings account, which proves especially useful for parents who want to save money for their children’s education abroad
- Send and receive money internationally. The domiciliary account can be used to transfer funds abroad and also to receive funds in USD, EUR, GBP, etc. from another international account
- Attractive rates. Check with your bank as usually, banks provide attractive interest rates for dom accounts
- Online banking. Gain access to online features such as mobile banking, debit card, online banking, transaction alert via Email, and more
On average, it takes 48-72 hours to activate a domiciliary account. But as soon as your account is active, you can start receiving and withdrawing foreign currencies like the US dollar.
Opening a domiciliary bank account gives you direct access to receive and transfer in another currency. Most commercial banks in Nigeria require a minimum deposit of $50, €50, or ₤50 to open a domiciliary account.
You can pay into your domiciliary accounts through cash deposits, traveler’s cheques, or foreign currency cheque deposits. Contact your bank for specific information about how to open a dollar account in Nigeria with them.
How to Open a domiciliary account (Step-to-step guide)
To open a domiciliary account in Nigeria, follow the procedures below:
- Head to any commercial bank in Nigeria that offers a domiciliary account to customers.
- Proceed to customer care support and request a Domiciliary Account form, or you can download and fill out the form online before heading to the bank.
- You will be asked to provide the necessary paperwork needed for the account
- After proper verification of your paperwork, your Domiciliary Account will be created.
- Most banks will require you to deposit into your Domiciliary account to activate it. The deposit must be done in foreign currency depending on the type of account. (USD, EUR, or GBP).
- After making the deposit, your domiciliary account is ready and active.
Want to know where you can open a domiciliary account in Nigeria? Then check out the list of top Nigerian banks that have domiciliary accounts below:
- United Bank For Africa (UBA)
- Guaranty Trust Bank (GTB)
- Zenith Bank
- First bank of Nigeria
- Access Bank
- Fidelity Bank
- Union Bank
- First City Monument Bank (FCMB)
- Stanbic IBTC Bank
- Polaris Bank, etc.