Finance

How To Open A Domiciliary Account In Nigeria

How To Open A Domiciliary Account In Nigeria—This article will walk you through the process of opening a domiciliary account in Nigeria in 2022. A domiciliary account is one that you open and fund in foreign currencies, such as Dollars, Pound Sterling, Euros, or any other major foreign currency that is widely used in global commerce.

One of the benefits of having a domiciliary account in Nigeria is that it enables you to conduct foreign currency transactions conveniently from anywhere in the world, from the comfort of your home, office, or other location, and that you can fund your account with cash inflows from various sources or with cash deposits. This is a positive development in terms of international business dealings.

You should keep in mind that when you are saving your foreign currencies, which may be US Dollars, British Pounds Sterling, Euro, or Yen, depending on your preferred currency, the value of your money when converted to Nigerian Naira is determined by the country’s current exchange rate at the time. You should keep this in mind at all times since exchange rates are not fixed; they fluctuate in response to global market activity.

As with standard Naira savings or current accounts, you will receive debit cards, internet banking, and a mobile banking application upon request for transfers, payments, and standing orders, to name a few. All of these banking transactions can be completed without physically visiting a bank location. Take note that when you apply for your domiciliary account debit card, you will be charged differently by each bank.

Read also: How to Send and Receive Money into a Domiciliary Account in Nigeria

A domiciliary account is similar to a regular Naira savings account, except that you are saving foreign money and occasionally making foreign payments for international transactions. Therefore, if you have always had difficulty sending and receiving foreign currencies as a result of legitimate international business and have been looking for a solution, the best course of action would be for you to open a domiciliary account with any bank in Nigeria in order to conduct business smoothly and without stress.

HOW TO OPEN A DOMICILIARY ACCOUNT IN NIGERIA

The procedures and requirements for creating a domiciliary account with any bank in Nigeria in 2022 are as follow ws:

  • Request a domiciliary account opening form from any Nigerian commercial bank that offers this type of account service.
  • You will be given a form to complete, which requires you to enter your personal information and attach any valid form of identification (such as a national ID card, driver’s license, international passport, voter’s card, or any other document requested by the bank) in order for the bank to verify you appropriately.
  • you must bring a copy of your most recent utility/electricity bill or water company bill. This bill must contain the same address as the one used to open the domiciliary account, as it will be used to verify your address by your bank.
  • your bank will provide you with two reference letters. This is so you can offer it to two current account holders from any bank in the country to fill out and act as your referees in your absence. Two individuals who have domiciliary accounts with the same bank may also serve as referees.
  • You must submit two recent passport photographs of yourself; typically, one is sufficient, but bring two just in case.
  • Take note that if you already have a current account with another bank in the country or with the bank with which you’ve decided to open a domiciliary account, you may be exempt from some of the conditions above. Your bank may ask you to open a savings or current account with them if you do not already have one in order to use it in conjunction with your dom account.
  • After successfully completing your application and passing all requirements for opening a dom account, you will be required to make an initial deposit of one hundred US Dollars, $100. This varies per bank, and after your domiciliary account is activated, you can withdraw the funds.

Read also: How To Get International Money Order In Nigeria

You will receive your domiciliary account details by SMS and email notice within 48-72 hours. Many banks would want you to finance your domiciliary account with their stipulated minimum amounts before the account opening process can be completed; however, with GT Bank, you may open a dom account for free and fund it as soon as you have the funds available.

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