How to Open a Domiciliary Account in Various Banks in Nigeria
A Domiciliary Account a type of account operated in foreign currency. You can open a domiciliary account in any foreign currency but the major ones are dollar domiciliary account, Pounds domiciliary account, and euro domiciliary account. The benefits of owning a domiciliary account far outweigh its demerits.
A domiciliary account enables one to perform international transactions without hitches. You can send or receive funds in international currencies from anywhere in the world using the domiciliary accounts operated in various banks across Nigeria.
Everyone can own a domiciliary account and of the benefits is that it can be operated from anywhere in the world with the use of MasterCard or internet banking.
Domiciliary account has two major categories: the current and servings domiciliary accounts.
The Current domiciliary account is operated like the regular current account where you can make cash deposits and withdrawals in foreign currencies on the Counter. You can also issue cooperate Cheque to third parties in foreign currencies. The category of domiciliary account is best opened and maintained by international businesspersons
On the other hand, you can open a services domiciliary account that operates just like the local servings account. You can only make deposits and withdrawals in international currencies but cannot issue Cheque.
How to operate a domiciliary account
To operate a foreign currency account, you have to open one in any of the local banks in Nigeria. GTBank Plc, Zenith Bank, UBA, Access Bank, Ecobank, First Bank Nigeria, Wema Bank, Sterling Bank, FCMB, Fidelity, Stanbic IBTC, etc all good and easy and friendly domiciliary account policies.
You send and receive international currencies on the same currency in which the domiciliary account was opened. For instance, you can only send and receive dollars in dollar domiciliary account, Pounds in pounds domiciliary account and euro in euro domiciliary account, etc.
Foreign transaction via wire transfer takes a minimum of three working days before it drops. Funds withdrawals can also be done using the domiciliary account card issued to you at various ATMs the dispense foreign currencies in Nigeria.
Advantages of operating a domiciliary account
Domiciliary accounts besides giving you the ease of doing international transactions, it can serve as an account where international currencies can be saved. For instance, you can fund your dollar domiciliary account for the sole purpose of saving your dollars for future use. Some of these foreign currencies, for instance, the dollar, have a stable international exchange and conversion rates. Monies saved in these domiciliary accounts retain their values or even appreciate in value over a long period of time.
To open a domiciliary account in Nigeria, you need a guarantor or a referee to owns and maintain a domiciliary account which some time could be very difficult to get.
Also, some of the local banks attach high charges to transactions performed using these domiciliary accounts.
But for CBN intervention with the new monitory policies, the cost of opening a domiciliary account for personal use has been between $50 and $100. On the other hand, the cost of opening a cooperate domiciliary account ranges from $100 to $500 in many banks.
The cost of maintaining and renewing a domiciliary account as reviewed by the CBN in the new monitory policies is $10.
How to Open Domiciliary Account in Various banks in Nigeria
Domiciliary Account – First Bank of Nigeria Ltd
First Bank of Nigeria Ltd has two classes of domiciliary account: the FirstDom Plus and the Domiciliary Account proper.
The FirstDom Plus is a domiciliary account designed for maximum benefits. It offers attractive interest rates and highly reduced transfer charges.
Primary Domiciliary Account allows you save in US Dollars, Pounds Sterling or Euro. Your money will be valued at the prevailing exchange rate.
Domiciliary Account – Zenith Bank Plc
Just like FirstBank, Zenith Bank also has two classes of Domiciliary accounts: Ordinary Domiciliary Account and Cash Domiciliary Account.
The two accounts give you the opportunity to conveniently carry out foreign transactions wherever you may be
Domiciliary Account – FCMB
First City Monument Bank (FCMB) has a domiciliary account known as “Domiciliary Saving Account”. It is a foreign currency account with lower operating limits, for people who want to start saving in FX.
The Domiciliary account is designed to help develop savings habits in foreign currency for those who regularly receive or need to make payments in British Pound Sterling (GBP), the United States Dollar (USD) and European Euro.
Domiciliary Account – UBA Nigeria
United Bank for Africa (UBA) has three classes of domiciliary account: Freedom Dom Account, Dom Advantage Account and U-Care Plus Domiciliary Account.
Freedom Domiciliary Account is a USD foreign currency account with lower operating limits, for those who want to start saving in dollars. While Dom Advantage 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.
On the other hand, the U-Care Plus Domiciliary Account is a variant of U-care plus savings account, it is an FCY account denominated in USD, GBP, & EURO meant for parents who want to save for children’s secondary/tertiary education abroad
GTBank: Domiciliary Account and International Money Transfer – 2020
Domiciliary Account at GTBank Makes foreign currency transactions convenient for people. You can carry out these transactions from the comfort of your home, office or anywhere in the world. Domiciliary accounts at GTBank are available in US Dollars (USD), Pounds (GBP) or Euro (EUR). You can fund your account via cash inflows and deposits. Also, you can make withdrawals from any GTBank branch closest to you nationwide.
The Benefits of Domiciliary account with GTBank
- 24/7 Banking services via our various e-channels.
- Cash withdrawals in foreign currency from any GTBank branch.
- Transfer funds in foreign currency to other bank’s domiciliary accounts in Nigeria and abroad.