Domiciliary account is one that helps you hold foreign currency. There are many reasons why you would want to be a Dom account holder. For me, I opened a domiciliary account to receive Google AdSense payment in Nigeria. The aim was to boost my Google Adsense earning as a blogger.
If you often receive money from outside the country, you may want to open a dom account. Withdraw your money in dollars and change it in black markets higher than the amount banks would change it for you.
In my quest to open a domiciliary account, I tried so many banks to see which will be more convenient for me to open a dom account. I am not writing this article to tell you the best bank to open a domiciliary account in Nigeria. Here, I want to explain how to open a dom account in Nigeria.
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How To Open A Domiciliary Account With Nigerian Banks
I will explain how to open a domiciliary account with the following banks in Particular and Nigerian banks in general.
- Guaranty Trust Bank (GTB)
- Zenith Bank
- Access Bank
- United Bank For Africa (UBA).
How To Open A Domiciliary Account With Zenith Bank
The following are step by step procedures required to open a domiciliary account with Zenith Bank Nigeria:
A. You need to first possess a normal, current account with them. The current account should be up to 6 months. This is to obtain the following requirements:
a. Account Opening form duly completed & signed.
b. Two (2) specimen signature cards duly completed.
c. Two (2) recent clear passport size photographs with your name and signature written on the reverse side.
d. Residence permit (where applicable).
e. A valid form of I.D. (International Passport, Driver’s License or National I.D.)
f. A copy of a Public Utility Receipt (not older than 3 months)
g. Initial Deposit.
h. Two (02) References.
Types of Dom Accounts In Zenith Bank
- Cash Dom: (USD only)
Basically for Cash Deposits, Cash Withdrawals and Settlement of Credit Card or ATM Transactions. Please note that offshore transfers and Inflows from offshore are not allowed in this Domiciliary Account.
- Ordinary Dom: (Cash Transactions only)
This domiciliary account can be opened in USD, Euro and GBP and like the first type can be used for Cash Deposits, Cash Withdrawals and Offshore transfers. However, like a current account, it can also be used to clear Cheques.
It is important to note that, for this account, any cash deposit in excess of $10,000.00 must be withdrawn as cash while deposits below $10,000.00 can be transferred.
Inflows from offshore cannot be credited to such accounts. Transfers offshore can be done once a week and attract a charge of 1% flat on transferred amount which can be taken from Dom or Current Account.
3, Ordinary Dom:
This type of domiciliary account can also be opened in either USD, Euro or GBP. It allows for Cash Deposits, Withdrawals, Inflows from Offshore, Transfers to Offshore, Cheque Clearing, etc.
Like the previous account, any cash deposit in excess of $10,000.00 cannot be transferred but can only be withdrawn as cash. All transfers are subject to a charge of 1% flat.
If you decide to open the Ordinary Dom you can receive a telegraphic transfer from any part of the world provided there is a bank there which is able to effect such a transfer.
If you open a domiciliary account in dollars you can withdraw the money in the same currency. The same goes for the other currencies.
If you do decide to get a credit card it will be tied to the cash domiciliary account as mentioned in option 1 above.
Now, Steps to open a domiciliary account with Zenith bank in Nigeria
After meeting up with all the above requirements, and making a decision on what type of dom account you want with zenith bank, it is now time you proceed to the bank to carry out the necessary steps required for your domiciliary account opening.
- First, walk into any Zenith bank branch close to you and meet with their customer service reps.
- You can either r tell them you want to open a domiciliary account with them or simply request for the person in charge of dom account opening.
- Once given a name, proceed with the aforementioned documents to the person in charge.
- You will be given a Foreign Currency Account Opening Form, specimen signature card, two reference forms for you and your referee to fill.
- If you are with your referees at the bank, you can fill the form immediately and they too will fill theirs. But if otherwise, take all the forms home and fill them properly at your convenient time and give your referees each of the reference form to also fill.
- After proper filling of the form, go back to the bank and submit the forms.
- Just like a normal account opening, they will have to properly go through the form for errors and corrections and then ask you to and await a text message including your dom account number.
- Within 48-72 hours after verification, they will send you an SMS informing you of your new domiciliary account and the account number.
GTBank Domiciliary Account Opening & Requirements
If you run a savings account with gtb, you are required to provide two references before your domiciliary account can be opened.
However, if you do not have any existing account with them, the requirements are;
==>One passport photograph
==>Valid ID card (International passport, Driver’s license or National ID card)
==>Copy of any utility bill issued within the last 3 months
==>2 references from current account holders within GTBank or other banks
==>The minimum opening balance is $100.
Dom Account Opening Steps For GTBank
If you do not have an existing account with them, you can create one by following the simple steps below:
==>1. Visit any GTbank branch close to you.
==>2. Ask for their customer service desk and request that you want to open a domiciliary account with them.
==>3. You can be asked if you already have any account with them before. If you have one. That’s great! If you don’t, they will open one (current or saving) together with the domiciliary account.
==>4. After that, you will be given a foreign currency account opening form, specimen signature card, two reference forms for you and your referee to fill.
==>5. If you have your two referees with you at the bank, they can fill their forms and you fill yours too and submit it. If your referees are not present with you at the moment, you can decide to take all the forms home, fill them properly and give your referees each of the reference form to also fill. Remember, your two referees should be GTbank current account holders; if you want them to open and activate your domiciliary account within 48hours.
==>6. After proper filling of the forms, go back to GTbank and submit it.
==>7. They will go through it and make some necessary corrections then ask you to go home.
==>8. Within 48hours, you will receive an SMS from them informing you that your domiciliary account has been open with your account number.
==>9. Finally, once you receive the SMS; go back again to the bank and deposit $100 into the account to activate your new domiciliary account.
FirstBank Domiciliary Account Opening & Requirements
Below are the account terms and requirements for opening a domiciliary account with firstbank Nigeria.
==>Minimum opening balance for a non-export domiciliary account”“ $100; â‚¬100;£100
==>Minimum operating balance ”“ $50; â‚¬50;£50
==>2 Passport photographs.==>Valid Proof of Identification (Please see below list of valid means of ID)
Nigerian International Passport
Nigeria Driver’s license
Nigeria Voter’s ID
==>Proof of Address :Current utility bill not exceeding 3 months
==>2 Nigerian bank references (current and domiciliary accounts only).
First Bank Domiciliary Account Opening
If you have all the above items in place then proceed to open the domiciliary account with Firstbank
”¢ Visit any Firstbank of Nigeria branch close to you
”¢ Head straight to their customer service desk and request that you want to open a domiciliary account with them.
”¢ You might be asked if you already have current or saving account with them before. If you don’t, they will open one (current or saving) alongside with the domiciliary account.
”¢ After that, you will be given a foreign currency account opening form, and specimen signature card to complete and sign.
”¢ You can decide to take all the forms home , fill them properly and return back with them to submit
”¢ After they must have gone through the forms and make necessary corrections, you will be asked to go home.
”¢ Within 48-72hours, you will receive an SMS indicating that your domiciliary account has been open with your account.
”¢ Go back to the bank and pay in the minimum deposit to activate the account.
Once done, your account is ready! Domiciliary account can be an alternative for PayPal account.
If you dont already have a savings account with firstbank, since you will be asked to oepn one alonside the dom account, you can initiate opening of the domiciliary account right now by first getting the individual account opening form.
Download the Individual Account Opening Form online here. Complete the Account Opening Form and specimen signature card and submit at the nearest FirstBank branch. This will save you a lot of stress and time.
Access Bank Domiciliary Account Opening & Requirements
Based on the information deduced from their website, they have it that their “Domiciliary Account is designed to help you conveniently carry out foreign currency transactions from the comfort of your office or abroad.”
The Features Include;
No minimum balance required
Internet, Mobile & Telephone Banking
Allows direct debit instructions
Access to overdraft and loan facilities for qualified customers at very competitive rates.
Monitoring of account activities from the comfort of the office via internet, telephone and mobile banking.
Requirements For Opening A Domiciliary Account With Access Bank
==>1. One valid means of identification
National ID card,
Driver’s License, or
==>2. Utility bill (e.g. PHCN bill).
==>3. Two references.
==>4. Opening Balance of $100
How To Open A Dom Account with Access Bank
==>1. First, walk into any Access bank branch close to you and meet with their customer service reps.
==>2. You can either tell them you want to open a domiciliary account with them or simply request for the person in charge of dom account opening.
==>3. Once given a name, proceed with the aforementioned documents to the person in charge.
==>4. You will be given a Foreign Currency Account Opening Form, specimen signature card, two reference forms for you and your referee to fill.
==>5. If you are with your referees at the bank, you can fill the form immediately and they too will fill theirs. But if otherwise, take all the forms home and fill them properly at your convenient time and give your referees each of the reference form to also fill.
==>6. After proper filling of the form, go back to the bank and submit the forms.
==>7. Just like a normal account opening, they will have to properly go through the form for errors and corrections and then ask you to and await a text message including your dom account number.
==>8. Within 48-72 hours after verification, they will send you an SMS informing you of your new domiciliary account and the account number.
UBA Domiciliary Account Opening & Requirements
According to UBA, a Dom account is a current or savings domiciliary account denominated in foreign currency ”“ US Dollar, Pound Sterling, EURO etc, but operated by in Nigeria as Domiciliary Account. It is a necessary account for business, when travelling or sending money to relatives abroad and also enables customer to be paid in any foreign currency.
Benefits Of UBA Dom A/C
Minimum opening balance of $ 100, â‚¬ 80 or â‚¤ 70 or its equivalent in other currencies.
Account is operated in any of the major currencies- US Dollar, GBP, and Euro etc.
Foreign Cheques/Instruments can be credited to the account Can be used as a channel for Investments in securities and real Estate in home & abroad. Account can be used to settle payment for eligible transactions in foreign currencies. (Home remittances, school fee payments etc)
Interest payable on account credit balance subject to a minimum balance of $ 1,000, â‚¬ 800 or â‚¤ 700 or its equivalent.
DOM account balances can be used as collateral for Naira loans
Interest Rates of 0.1% payable on account balance of 1000 USD or equivalents & above
Valid Identification (International Passport, Driver’s License, National ID card, Voter’s card)
Two Passport photographs
Any Utility bill within the last three consecutive months
Two satisfactory references from current account holders for Current Dom Advantage Acct.
Other KYC documentation required for each target market
Any of the aforementioned steps above would work for UBA. Just walk int the bank with the required documents, meet a customer care rep and follow their lead.
Opening A Dom Account With Other Banks
Opening a dom account in other Nigerian banks (Diamond bank, fidelity bank, standard chartered bank and the rest) Require similar procedures. You need two references and they must be current account holders, National Id card or Driver’s License or International Passport, Recent electricity bill and existing account with them. Finally, you will be given forms to fill.
Issues You May Encounter Opening A Domiciliary Account
The following are situations that may disqualify you from opening a domiciliary account in Nigeria:
- If you don’t have an official Id card.
- No current account holders to stand for you.
- Your date of birth in the existing account doesn’t match with the one in your Id card.
- Your names are different.
- The electricity bill wit you is more than three months.
- Your address doesn’t match.
The Issues can be corrected anyway. But it will cause a delay. Make sure you have everything in place before going ahead.
This article does not claim 100% Originality. I did research on the topic plus my personal experience. The major input was from Naijatechguy.
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