How To Open Domiciliary Account With Any Bank In Nigeria
A Domiciliary (Dom) account is one that helps you hold foreign currency (Dollars, Pounds, Euro, etc). There are many reasons you should create a dom account. For me, I opened a domiciliary account to receive Google AdSense payment in Nigeria. You can receive AdSense payment even with your naira account but the bank exchange rate is lower than the black market rate.
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.
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Steps To Open Dom Account With Any Bank In Nigeria
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
- Firstbank
- Access Bank
- United Bank For Africa (UBA).
- And other banks
- 1. Steps To Open Dom Account With Any Bank In Nigeria
- 2. Zenith Bank Domiciliary Account Opening
- 3. GTBank Domiciliary Account Opening
- 4. First Bank Domiciliary Account Opening
- 5. Access Bank Domiciliary Account Opening
- 6. UBA Domiciliary Account Opening
- 7. Opening A Domiciliary Account With Other Nigerian Banks
- 8. Issues You May Encounter Opening A Domiciliary Account
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Zenith Bank Domiciliary Account Opening
With Zenith dom account, you enjoy Internet banking, Mobile banking and dollar MasterCard. You don’t need an initial deposit to open a domiciliary account with Zenith Bank. The following are requirements to open a domiciliary account in Zenith.
Requirements
- Obtain a Domiciliary account opening form at the bank
- You need two persons with current account to sign a form for you
- One passport photograph of authorized signatories (Those signing).
- Driver’s License or International Passport or National Id Card or Voter’s Identity Card (One of them).
- Electricity bill Utility Receipt dated within the last three months
Note that you don’t need Id card or utility bill to open Zenith bank dom account if you already used them to create account with them.
How to Open Zenith Dom Account
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.
Zenith Bank Website: www.zenithbank.com
GTBank Domiciliary Account Opening
If you run a savings account with GTB, you are required to just fill a form and provide two references before your domiciliary account can be opened. You will also need a valid Id card if you were running a student account. However, if you do not have any existing account with them, the requirements are;
Requirements
- 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
- You don’t need $100 dollars to open Gtbank dom account
Steps to Open Dom Account With 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 will be asked if you already have any account with Gtbank. If you have one. That’s great! If you don’t, they will open one (current or saving) together with the domiciliary account. You can also choose to create many foreign currency accounts at once.
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.
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.
Guaranty Trust Bank Webiste: www.gtbank.com
First Bank Domiciliary Account Opening
Requirements
- Minimum of $500, €500 or £300 to open the account
- Minimum of $100, €100, or £50 must be in the account
- Cash withdrawal is at 0.5% flat per transaction
- A recent utility bill and two recent passports
- Valid ID card (International passport, Driver’s license or National ID card)
If you have all the above items in place then proceed to open the domiciliary account with Firstbank
How to Create First Bank Domiciliary Account
1. Visit any Firstbank of Nigeria branch close to you
2. Head straight to their customer service desk and request that you want to open a domiciliary account with them.
3. 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.
4. After that, you will be given a foreign currency account opening form, and specimen signature card to complete and sign.
5. You can decide to take all the forms home , fill them properly and return back with them to submit
6. Within 48-72hours, you will receive an SMS indicating that your domiciliary account has been open with your account.
7. Go back to the bank and pay in the minimum deposit to activate the account.
8. Done.
First Bank Nigeria Website: www.firstbanknigeria.com
Access Bank Domiciliary Account Opening
Access bank Domiciliary Account is designed to help you conveniently carry out foreign currency transactions from the comfort of your office or abroad. No minimum operating balance required but you need $100 to open the account. Internet, Mobile & Telephone Banking included.
Requirements
1. One of the following means of identification
- International passport,
- National ID card,
- Driver’s License, or
- Voter card.
2. Utility bill (e.g. PHCN bill).
3. Two references (People with Current account to sign for you).
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.
Access Bank Website: www.accessbankplc.com
UBA Domiciliary Account Opening
According to United Bank for Africa (UBA), Dom account is a current or savings domiciliary account denominated in foreign currency, e.g 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 customers to be paid in any foreign currency.
Requirements
- Minimum opening balance of $ 100, 80 or 70 or its equivalent in other currencies.
- 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.
How to Open UBA Dom Account
1. Visit any UBA 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.
6. Within 48-72 hours after verification, they will send you an SMS informing you of your new domiciliary account and the account number.
7. Pay in the minimum opening balance.
UBA Website for Nigeria: www.ubagroup.com/nigeria/
Opening A Domiciliary Account With Other Nigerian 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.
These Issues can be corrected anyway. But it will cause a delay. Make sure you have everything in place before going ahead.
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Please I’d like to open a Uba Dom account but I have no referees, please can you help?