If you earn in foreign currencies, then it is always wise to get a domiciliary account for yourself. With a domiciliary account, you can receive the foreign currencies directly into your account here in Nigeria, and you can withdraw that and exchange in the black market (Bureau De Change). This would help to increase your earnings because the black market exchange rate is always higher than the official CBN exchange rate.
Also, there are some kinds of international transactions that go smoother with a domiciliary account. Whichever reason you want to open a domiciliary account, you have to look out for the best bank that can serve you better.
While it may be easier to open a domiciliary account in some banks, it may not be so easy in some; because of their requirements and protocols.
Aside from the issue of opening the account, the ease of operating the accounts also varies across banks. There are some banks that when using their domiciliary account to receive international payments, it will take many days to arrive at your bank; while there are some banks in which the money will arrive almost instantly.
In terms of withdrawal, there are some banks that don’t always have enough foreign currency for withdrawals; this is always very frustrating, as it becomes difficult to access your money. In fact, there are many factors you need to consider before choosing a bank for your domiciliary account.
What is a Domiciliary Account?
A domiciliary account is any bank account that only receives Foreign Currencies like: Dollar, Euro, Pounds, etc. A domiciliary account can be a Dollar account, Euro account, Pounds account, etc. This means that a domiciliary account is unique to only a particular currency. For example: A Dollar account can be used to receive only Dollar currency, and cannot be used to receive any other type of currency. The same thing with a Euro account, and others.
Best Bank to Open a Domiciliary Account in Nigeria
There are numerous commercial banks that you can open a domiciliary account in Nigeria, in fact, almost all the commercial banks offer domiciliary accounts. However, each of them has the way they operate.
1. United Bank for Africa (UBA) Domiciliary Account
UBA is one of the best banks to open a domiciliary account in Nigeria. It is one of the best banks to consider whenever you want to carry out foreign transactions like sending money abroad. With a UBA domiciliary account, you can receive payment in different foreign currencies.
Types of UBA Domiciliary Accounts in Nigeria
- Dom Advantage Plus
- Dom Advantage
- U-Care Plus domiciliary accounts.
- Freedom Dom
Features of UBA Domiciliary Account
- Online banking is allowed.
- Available currencies are Euros, US dollar, Ponds etc.
- There is an SMS notification, you can also get a bank statement when demanded.
- Funds deposits and withdrawal are free, no fees.
Requirements for UBA Domiciliary Account
- Opening balance may depend on the account type; sometimes $100 or even less, for a dollar account.
- Depending on the account type you want to open, you may need to provide 2 referees with other normal account opening documents.
2. GTBank Domiciliary Account
Another foreign currency (ies) account you can operate from Nigeria is by opening a GTBank domiciliary account. It offers many possibilities when it comes to foreign transactions. It accepts different currencies like Euros, UD dollars, and Pounds as payment options. With a GTBank domiciliary account, you can carry out foreign transactions with ease.
Features of GTBank Domiciliary Account
- Seamless withdrawal.
- It supports foreign currency transactions.
- All day banking services.
Requirements for Opening GTBank Domiciliary Account
- A recent passport photograph.
- Valid means of identification such as National ID, international passport, voter’s card etc.
- Public utility receipt.
- 2 referees that operate a Current account.
3. First Bank Domiciliary Account
First Bank offers different kinds of possibilities as it concerns foreign transactions. The First bank domiciliary account accepts deposits of foreign currencies, cash, traveler’s check etc.
Types of First Bank Domiciliary Account
- First bank domiciliary account.
- The FirstDom Plus
The FirstDom Plus is for the First bank already existing customers who have a domiciliary account with at least $5,000 in the account balance. It offers a high-interest rate, and there are no bank fees attached. While The First bank domiciliary account can only retain three different kinds of foreign currencies which are Euros, US dollars, and Pounds. The minimum operating balance that customers can have is £50, $100, $100.
Features
- Online banking is supported.
- There are high-interest rates with FirstDom Plus for already existing customers.
- Two types of domiciliary accounts are available.
- For the regular domiciliary account, the minimum operating balance is £50, $100, €100.
Requirements for Opening First Bank Domiciliary Account
- Valid means of identification like international passport, National ID, voter’s card.
- Recent passport photograph.
- Receipt for public utilities.
- Referees may be required.
4. Zenith Bank Domiciliary Account
When it comes to opening a domiciliary account, Zenith is one of the commercial banks in Nigeria where you can open a domiciliary account without money. The Zenith domiciliary account can be used to carry out different kinds of international transactions.
Types of Zenith Domiciliary Account
- Conventional/regular domiciliary account
- Cash domiciliary account.
The Zenith conventional domiciliary account allows you to carry out different kinds of transactions like fund transfer, deposit or withdrawal. And guess what? Online banking is supported so you can carry out most transactions from the comfort of your home. While The Zenith cash domiciliary account only supports cash in & out. Hence there is no provision for fund transfer with a cash domiciliary account.
Features
- Online banking is supported.
- You can open an ordinary domiciliary account with zero balance.
- Different foreign currencies are supported.
Requirements for Opening Zenith Bank Domiciliary Account
- Valid means of identification like National ID, international passport, voter’s card.
- Utility bill receipt.
- Referees may be required.
5. Access Bank Domiciliary Account
With Access domiciliary account, you can carry out international transactions with foreign currencies like Euros, Pounds, US dollars, etc.
Types of Access Bank Domiciliary Account
- Domiciliary current savings account.
- Domiciliary savings account.
With the Access bank domiciliary savings account, you can have access to cheque books. Interestingly, the amount of money that you can withdraw from this account is limitless, also there’s no maintenance fee. While The Access domiciliary savings account is designed such that the account creating process is seamless. Not only that, there is no need for a check book to operate this account.
Features
- There is no maintenance fee.
- No withdrawal limit.
- There’s a checkbook for domiciliary current accounts.
- Simplified account opening process.
Requirements for Opening Access Domiciliary Account
- Valid means of identification.
- Recent passport photograph.
- Residential permit is also required.
- There may be additional requirements.
6. Union Bank Domiciliary Account
Another good commercial bank in Nigeria to consider when you want to open a domiciliary account is Union bank. The bank offers varieties of options for those that want to open a domiciliary account.
Types of Union Bank Domiciliary Account
- Domiciliary savings account.
- Dollar current account.
- Domiciliary travel card account in US dollars.
Features
- Seamless foreign transactions.
- Different account types are available to choose from.
- Support different foreign currencies.
Union Bank Domiciliary Account Opening Requirements
- A Collective Investment Undertakings(CIU) form with current BVN pay bill.
- Valid means of identification like international passport and their likes.
7. Fidelity Bank Domiciliary Account
With a Fidelity domiciliary account, you can transact your businesses with different foreign currencies like Euros, Pounds, and US dollars.
Features
- Online banking is fully supported.
- There is interest rate information for the account holders.
- The opening balance is minimum in different foreign currencies.
Requirement for Opening Fidelity Bank Domiciliary Account
- Valid means identification like voter’s card, National ID, international passport etc.
- Utility bill receipts.
- An account opening registration form.
- Recent passport photograph.
- Residential permit.
8. First City Monument Bank (FCMB) Domiciliary Account
FCMB offers numerous opportunities to the account holders. It allows the account holders to carry out different foreign transactions with ease.
Types of First City Monument Bank Domiciliary Account
- Domiciliary current account.
- Domiciliary savings account.
With the FCMB domiciliary current account, you can carry out foreign transactions with ease from anywhere across the globe while the FCMB domiciliary savings account is solely designed to help the account holders to save money.
Features
- Different account options to choose from.
- Zero account opening.
- Seamless foreign transactions.
FCMB Account Opening Requirements
- Recent passport photograph.
- Valid means of identification like National ID, international passport etc.
- Residential permit.
- Account opening registration form is also required.
9. Polaris Bank Domiciliary Account
Another commercial bank in our list is Polaris bank. With a Polaris bank domiciliary account, you can carry out different kinds of international transactions from your comfort zone. Different kinds of financial transactions are possible with this account.
Features
- Zero account opening balance.
- Different account types are available.
- Stress-free foreign transactions.
Requirement for Opening Polaris Bank Domiciliary Account
- Authentic means of identification.
- Your pay stub from your employer will also be required.
- Recent passport photograph.
10. Stanbic IBTC Bank Domiciliary Account
The Stanbic IBTC domiciliary account allows you to carry out different international transactions.
Features
- Simple account opening process.
- Minimum account opening of $100 for an individual, and $500 for a company.
- Different currencies are supported.
Requirements for Opening Stanbic IBTC Bank Domiciliary Account
- Valid identification card.
- Utility bill receipt.
- Minimum deposit.
11. WEMA By Domiciliary Account
ALAT by Wema is one of the online banking apps that is worth considering when you want to open a domiciliary account in Nigeria.One thing I love about them is that their international transactions always arrive almost instantly. They offer convenient online banking that can help you to carry out different kinds of international transactions.
Features
- Online banking is available.
- Easy account opening process.
Pros
- Zero account opening balance.
- Stress-free international transaction experience.
- The account opening process can be completed online.
- Different currencies are supported.
Cons
- The online KYC verification may be difficult for some people.
How to Open a Domiciliary Account in Nigeria?
Opening a domiciliary account is almost the same process as opening a regular Naira account. All you have to do is just to walk into any bank of your choice,meet the marketers or customer care and tell them you want to open a domiciliary account. Then they will give you a form to fill and also tell you the requirements you should provide. Once that is done, you just relax while they open the account for you.
You can even start the account opening process online and complete it at the bank. Most of the banks have online banking services where you can start your application.
Importance of Having a Domiciliary Account in Nigeria
- Opportunity to exchange at the black market, at a higher rate.
- Opportunity to save in foreign currency.
- Seamless international transactions.
- It gives you access to transact your businesses with different currencies.
Charges for Domiciliary Account in Nigeria
The apex bank in Nigeria, Central Bank of Nigeria (CBN) instructs commercial banks to charge 0.05% or $10 whichever that is lower as the withdrawal charges for domiciliary account holders in Nigeria.
How Much Does Banks Charge for Opening a Domiciliary Account in Nigeria?
Most commercial banks don’t charge any fee to open a domiciliary account; opening a domiciliary account is totally free. However, some banks may require a minimum opening balance of $50, $100, and above, while some may not require any opening balance, depending on the account type. In some banks, this opening balance is withdrawable, while in some, it may not be withdrawable; depending on the account type.
