Step by step guide on how to open domiciliary account in Nigeria
Domiciliary account in Nigeria is not a difficult task to accomplish if you have the prerequisite requirements readily available, in this guide you will get to learn every step you need to take to achieve a successful domiciliary account creation in Nigeria.
Domiciliary account in Nigeria is an account that let you receive or send money in hard currencies other than the Naira. You can pay into this account through traveler’s cheques, cash deposit as well foreign currency deposit.
As the practice has been in Nigeria, domiciliary account is usually on high demand by people who intend to receive money transfer in dollars or pounds as well business individuals who wish to pay merchants abroad in hard currency for settlement of goods and services. Domiciliary account principally enhance movement of currencies other than the Nigerian naira, simple.
DOMICILIARY ACCOUNT IN NIGERIA: ADVANTAGES OF DOMICILIARY ACCOUNT
You will agree with me that saving money in global currency is the best way to safe guard and checkmate against currency depreciation. Over the years, the value of Naira has continued to depreciate on a free fall and it’s not adding any value to our economy.
Thus one of the best ways to save money in bank without seeing it lose value is by saving in a reliable and stable global currency which Dollars and Pounds are leading the trend.
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Depreciation of naira will not bother you once you save your available funds in global currencies with the bank.
Have you cared to ask why the Central Bank of Nigeria (CBN) hold our foreign reserve in dollars? That’s because the USD is far stable and safe. Opening a domiciliary account in Nigeria will keep you on a safe lane considering economic harsh reality.
You do not bother yourself with rate issues as your withdrawals will be at prevalent rate if you’d saved your money in USD.
HOW TO OPEN A DOMICILIARY ACCOUNT IN NIGERIA
The process is very easy depending on the bank, however there are uniform and general measures that apply across all banks to meet the industry world best practices.
- Valid ID card in any of these category: International passport, permanent voter’s card, Driver’s license and BVN print out from the issuing bank data base.
- Passport photographs.
- Utility bill not older than 90 days or three months (NEPA, WATER BILL etc)
- Two references in place. References are usually provided by current or corporate account holders from any deposit, commercial bank. It is usually advisable to get reference from customers of the issuing bank for easy and rapid account opening, because it takes a bit of time to verify your references from other banks which in turn delay your domiciliary account opening.
- You will be required to complete a domiciliary account opening package, follow every instruction keenly without error and sign where appropriate.
- Initial account opening balance of $100 is required from you, this is the least you can get as some banks demand for as much as $500.
Upon completion of documentation your account number should be ready within 24hrs and 48hrs in event of unsuccessful verification. With this you’re going live with your domiciliary account in Nigeria. Congratulations finally.
HOW TO FUND DOMICILIARY ACCOUNT IN NIGERIA
Your domiciliary account is finally set for operations, funding should not be a challenge of any kind. To do this, some banks in Nigeria will prefer you buy the USD or whatever global currency yourself then pay into your domiciliary account in Nigeria.
You may likewise pay in using traveler’s cheques. This has solved the problem of how to send money to a domiciliary account.
HOW TO FUND GTBANK DOMICILIARY ACCOUNT IN NIGERIA
You can fund the GTBANK domiciliary account using deposit or transfer in the following categories:
- Deposit– you may pay in across the counter just like explained above, but the currency should be in USD.
- Direct transfer– For the benefit of folks into internet business, domiciliary account can be used in receiving payment.
DOMICILIARY ACCOUNT IN NIGERIA: HOW TO FUND GTBANK DOLLAR MASTER CARD
If you choose to request for a dollar card, then GTBANK will make provision for that, now to fund the GTBANK dollar card follow the steps below:
- On your mobile banking app/internet banking platform kindly log in then go to transfers and withdrawals.
- Click own accounts
- Click on current account then choose either of master card or Visa debit card.
- Enter the total funds you intend to move then click the OK icon.
- You have successfully fund your GTBANK MaserCard.
DOMICILIARY ACCOUNT IN NIGERIA: GTBANK DOMICILIARY ACCOUNT CHARGES
The following charges apply as it concerns GTBANK on domiciliary accounts in Nigeria.
- Commission on cash withdrawal: You will be charged 0.5 % of the total transaction value + 5% VAT.
- Outward foreign currency transfers: 0.5 % of transaction value subject to a minimum of 10 units of the currency + N4000 Swift Charge + $25 off shore Bank fee.
BEST BANKS FOR DOMICILIARY ACCOUNTS IN NIGERIA
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At this point I will like to outline some banks that could give you the best in domiciliary account in Nigeria.
- Skye Bank: This bank offers one of the best services in domiciliary account in Nigeria with offers that are hardly found in other banks. Tested users can attest to that, you need a hundred dollar deposit for the account opening. Check https://www.skyebankng.com
- GT BANK: Guarantee Trust Bank is one of the kings in town, their service is second to none. The ease of domiciliary account opening is something else. They require a $100 deposit for a start. check https://www.gtbank.com
- First Bank of Nigeria: This bank is the grandfather of banking in Nigeria, credit to its age and existence as well government intervention. They offer a seamless domiciliary account opening process, however requires between $300 to $500 as deposit. Check https://www.firstbanknigeria.com
- Zenith Bank: This is a leading bank in Nigeria with domiciliary account services, few documents are required. Check https://www.zenithbank.com/personal-banking/bank-accounts/domiciliary-account/
- Diamond Bank: This bank is another good option, to think of their magical ways of rendering this service could take your breath away. Domiciliary account in Nigeria is Diamond Bank’s favorite transaction. Check https://www.diamondbank.com
- UBA: They are really representing and throwing up their weights in domiciliary account opening competition in Nigeria, one of the best options. Check https://www.ubagroup.com
- Access Bank: This bank happens to be mild on commission and probably one of the strongest reasons they are competing effectively. Check https://www.accessbankplc.com
- Keystone Bank: These guys have gain some grounds rendering domiciliary account services in Nigeria. Check https://www.keystonebankng.com
- Eco Bank: Their commission is somewhat reasonable for domiciliary account. Check https://www.ecobank.com
TIPS TO DETERMINE WHICH BANK IS BEST FOR YOU TO OPEN A DOMICILIARY BANK ACCOUNT
At this point I will like to detail how you can avail yourself the best of domiciliary account in Nigeria. Subject to banks with their different yardsticks as well to enjoy the best of services in domiciliary account in Nigeria. That now compels me to give you better tips to determine which bank is best for you. I shall not compel you to a particular one as there are bound to be some measures that may not really appeal to your taste, instead decipher one using these below tips:
- Check and compare domiciliary account opening requirements of these banks, some of them could have stiffer and differed measures therefore checking across banks could help you decide what you can make do with alongside opening balance.
- Check and compare their monthly fees, this is very important to consider. Ask questions on what their monthly account maintenance fee will look like to see if you can afford it.
- Transaction limit is very important to understand, how much can they move at a single transaction for you, check other banks and see what they are offering to avoid regrets and fractured relationship thereafter.
- Compare ATM charges, what are they going to charge you per ATM transaction and rates of offering this service, maintenance fee inclusive.
- How stable is their mobile and internet banking, you must go for a bank that has a good track record on these services because you will always need these platforms for your transactions and if they ain’t measuring up it will always end up in regrets.
- You must keep your security on top of priority, do not use a bank that’s volatile in its security apparatus. A bank that always updates you on how to stay safe from internet fraudsters is a good bet, they will always update you with latest trends as these fraudsters device new means to attack in order to swindle your money.
The above recommendations is the key way to go in opening a domiciliary account in Nigeria, there’s no rocket science attached, just walk into the listed bank of your choice. Compare their services relative to what you want and make your decision, but remember the tips I outlined, they will guide you to an effective decision you can afford to make do with.
Raphael Orji is a Digital Marketing Expert, Seasoned and Dynamic Freelancer, with interest in Banking, Personal finance, Entrepreneurial development. A Councillor and Motivational Speaker.
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