If you’re an individual or a business entity who receives payments from foreign clients in countries such as the United States, the United Kingdom, Europe, China, or Canada, you must have a domiciliary account in Nigeria. It’s a secure method to receive money from any of the aforementioned nations outside of Nigeria.
If you wish to make money online in Nigeria, or if you’re a freelancer who makes money online by using your digital skills, you’ll need a domiciliary account to get your money and to obtain the exact amount you calculated before being paid. LEARN MORE
In today’s post, you’ll learn more about what a bank domiciliary account is, how to create one in Nigeria, why you should open one, and the documentation you’ll need to start one.
What is a Domiciliary Account and how does it work?
In Nigeria, a domiciliary account (also known as a “Dom Account”) is a kind of bank account that allows a person to receive payments in foreign currencies. This sort of account may be either a savings or a current account, and it accepts currencies such as the US dollar, the euro, the Canadian dollar, the British pound, and others.
You can only receive foreign currencies into this account, and you can only send foreign currencies out of your domiciliary account. One of the advantageous aspects of having a domiciliary account in Nigeria is that you may use the foreign currency in your account to convert it at bank rates or at greater rates outside the bank.
Benefits Of Domiciliary Account In Nigeria
To begin with, this is your sole choice for sending money to Nigeria. You may establish a domiciliary account with most Nigerian banks and transact both inside and outside the country.
The advantages of having a dom account vary according to on the bank, however, they typically include the following:
International trade. It is the greatest solution for international business people since it allows them to conduct both local and foreign activities.
A savings account is a kind of savings account. The domiciliary account may be used as a savings account, which is particularly beneficial for parents who wish to save money for their children’s international education.
Send and receive money from all around the world. The domiciliary account may be used to send and receive money in USD, EUR, GBP, and other currencies from another international account.
Rates that are appealing. Check with your bank; most banks provide competitive interest rates on dom accounts.
Banking over the internet. Get online banking services including mobile banking, debit cards, internet banking, transaction alerts through email, and more.
Best Domiciliary Account In Nigeria
Most banks in Nigeria, including the following, enable you to create a domiciliary account:
Guaranty Trust Bank is a financial institution based in the United States (GTB)
Zenith Bank is a financial institution based in the United Kingdom
Access Bank is a subsidiary of Firstbank.
Africa’s United Bank (UBA)
There’s a lot more!
Make sure to verify with your bank if yours isn’t mentioned here. You may still be able to establish an account with them.
In Nigeria, you may now send and receive USD.
A domiciliary account takes 48-72 hours to activate on average. However, you may begin receiving and withdrawing foreign currencies such as the US dollar as soon as your account is activated.
If you are a Nigerian residing in the United States and need to send money home, MAJORITY offers fee-free USD money transfers! We provide a competitive 1 USD=$1 conversion rate.
And, no matter where you are in the globe, you can always forward this information to friends and family so they may register a domiciliary account in Nigeria and begin receiving USD money transfers as well.
What if you don’t live in Nigeria?
You may still open a GTBank domiciliary account. You’ll need the following items to do so:
Fill out a form to open a Non-Resident Account.
a single passport picture
A notarized copy of a foreign international passport or international drivers’ license, such as a Nigerian passport, voter’s card, or drivers’ license.
Address proof is required (stamped reference letter or a stamped bank confirmation that shows your address)
Please provide one of the following references:
A stamped reference letter from your bank overseas or a stamped banker’s confirmation
Two (2) current Nigerian bank account holders’ reference papers
Provide a copy of your marriage certificate if you want to create a joint account.
The Advantages of a Domiciliary Account
When you have a regular bank account in Nigeria, you are aware of the advantages it provides, such as the ability to save money, receive and transfer money more quickly. The same is true for owning a domiciliary account, but it’s much better than a regular bank account, as you can see below.
Depending on the sort of domiciliary account you open, you’ll be paid in one of these currencies (USD, EUR, or GBP).
You may quickly transfer money to someone in another country.
It simplifies both domestic and international commercial transactions.
You’ll be able to make international payments online without having to worry about $100 monthly spending limitations on regular accounts, which forced customers to use Virtual Dollar Cards.
Requirements To Open A Domiciliary Account in Nigeria
You must have specific papers before you may establish a domiciliary account in Nigeria. These documents must prove that you are fit and capable of holding a domiciliary account in Nigeria. This is information you’re already acquainted with, so it shouldn’t be too difficult for you.
However, you should be aware that all banks in Nigeria have somewhat different but similar rules for opening a domiciliary account. However, the standards listed below should be noted since they are prevalent in most Nigerian banks.
- Completed account opening form (different per bank)
- Completed specimen signature card
- Two (2) recent passport photographs
- Address verification document, such as a utility bill
- Valid ID, e.g. international passport, driver’s license, or national ID card
- Your foreign passport, permanent voters’ card, National ID card or NIN Slip, or driver’s license are all acceptable forms of identification.
- Resident permit
Someone who has a current account as a reference (with or without the same bank). Referees aren’t required at certain institutions, such as United Bank of Africa (UBA) if the domiciliary account you intend to establish isn’t expected to receive money under $6,000.
However, if you intend to get more than that, you’ll need a referee. Domiciliary account with Zenith Bank in Nigeria
How to Open a Nigerian Domiciliary Account
Collect all the necessary papers, including your BVN, passport, means of identification, and maybe a reference.
Go to any of the banks where you wish to open a domiciliary account.
When you approach customer service and inform them that you want to create a domiciliary account, they will assist you and provide you with an account opening form.
Fill in your personal information and the currency you choose on your account (it is located at the top right corner of the slip)
In less than 24 hours after submitting your form, your domiciliary account will be established and ready to use.
That’s all there is to it when it comes to creating a domiciliary account in Nigeria; it’s simple as long as you satisfy all of the conditions. If you have any questions or suggestions, kindly let us know in the comments section and I will respond as soon as possible.