Domiciliary Account in Nigeria: How to Open and All You Need to Know


As you start to grow in the business industry you will likely come across the need for domiciliary account most especially if you have any thing to do with foreign account that can be operated here in Nigeria. For example, if you are someone who buy in dollar or receiving payment in dollar or pounds you will definitely need a domiciliary account as this is the only means to run a successful foreign currency transaction.

how to open domiciliary account in Nigeria

Almost all Nigerian banks offer this account and it very easy to withdraw with just a visit to your bank. Opening domiciliary account in Nigeria has become a bit easy than how it was before now, below we will look at some importance of domiciliary account.

Domiciliary Account in Nigeria: How to Open and All You Need to Know

According to stanbic bank, they acknowledge that there are times when as an individual or business, you need to make and receive payments in a foreign currency. A Domiciliary Account lets you have accounts in currencies other than the Naira. You can pay into these accounts through cash deposits, traveler’s cheques or foreign currency cheque deposits.

UBA Nigeria has 4 major domiciliary account which work for different purposes, you can have a look at the four type of domiciliary account UBA offer in Nigeria.



Domiciliary Accounts

According to brief explanation by the bank, they stated that 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. It is a necessary account for business, when travelling or sending money to relatives abroad and also enables customer to be paid in any foreign currency.

Benefits

  • Minimum opening balance of $ 100, € 80 or ₤ 70 or its equivalent in other currencies
  • Account is operated in any of the major currencies US Dollar, GBP, Euro etc
  • Foreign Cheques/Instruments can be credited to the account
  • Can be used as a channel for Investments in securities and real Estate in home & abroad
  • Can be used as a channel for Investments in securities and real Estate in home & abroad
  • Interest payable on account credit balance subject to a minimum balance of $ 1,000, € 800 or ₤ 700 or its equivalent
  • DOM account balances can be used as collateral for Naira loans
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While the Dom Advantage Plus Account is a foreign currency (USD, GBP, and EURO) denominated account variant that is operated in Nigeria as a domiciliary account targeted at individual and organisations who desire Zero withdrawal and transfer charges while earning higher interest rates.

Individual

Eligibility

  • High Net-worth Individuals
  • Medium Net-worth Individuals
  • Self employed professionals

Features

  • Minimum Opening/Operating Balance: $1,000, or €700 or ₤600
  • Withdrawal Charge : Zero charge once account balance is up to minimum operating balance
  • Transfer charge: Zero charge once account balance is up to minimum operating balance
  • Telex transfer charge (Swift communication charge): Compulsory swift communication charge of $25, €20 or ₤15 on all foreign transfers
  • Penalty on default in operating balance due to withdrawals : 0.5% + VAT charge apply on amount withdrawn
  • Penalty on default in operating balance due to transfers: 0.5% +VAT on amount transferred or US$10 + VAT (or its equivalent) whichever one is higher

Benefits

  • Attractive Interest rate payable on account balance: Yes
  • Zero transfer charge : Yes
  • Zero withdrawal charge : Yes
  • Unlimited number of withdrawals : Yes
  • Non clearing cheque available for withdrawal: Yes
  • Access to Master Card or VISA DCDC card or single currency Master card : Yes

Required Documentation to Open domiciliary Account in Nigeria

  • Duly completed account opening form
  • Valid Identification Document
    • International Passport
    • Drivers’ license
    • National ID
    • Voters card
  • Two Current Account references
  • Utility bill within the last 3 months

Organization

Eligibility

  • Sole Proprietors
  • Partnerships and Enterprises
  • Religious organization
  • Schools
  • Clubs
  • Societies
  • Associations
  • Private Limited Companies

Features

  • Minimum Opening/Operating Balance: $5,000 or €4000 or ₤3500
  • Withdrawal Charge : Zero charge once account balance is up to minimum
  • Transfer charge: Zero charge once account balance is up to minimum operating balance
  • Telex transfer charge (Swift communication charge) : Compulsory swift communication charge of $25, €20 or ₤15 on all foreign transfers
  • Penalty on default in operating balance due to withdrawals : 0.5% + VAT charge apply on amount withdrawn
  • Penalty on default in operating balance due to transfers : 0.5% +VAT on amount transferred or US$10 + VAT (or its equivalent) whichever one is higher

Benefits

  • Attractive Interest rate payable on account balance: Yes
  • Zero transfer charge : Yes
  • Zero withdrawal charge : Yes
  • Unlimited number of withdrawals : Yes
  • Non clearing cheque available for withdrawal: Yes
  • Access to Master Card or VISA DCDC card or single currency Master card : Yes
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For more info you can visit any of the bank for their own dom account facility and how it can be operated.

How to open a domiciliary account in Nigeria

To open domiciliary account in Nigeria, all you need to do is walk into your choice bank and request for domiciliary account form, fill the form and provide the required documents. Note that Nigerian domiciliary account opening requirements are vary depending on the bank, below i will try to list some of the required documents to open domiciliary account from different banks.

Documentation required to Open domiciliary Account in United Bank for Africa (UBA)

  • Duly completed account opening form
  • Valid Identification Document of each signatory to the account
    • International Passport
    • Drivers’ license
    • National ID
    • Voters card
  • Two Current Account references on organization
  • Utility bill on address of business, company or organization within the last 3months
  • Other relevant KYC documentation require for each class of customer

This is the requirement of opening domiciliary account in UBA bank, as mentioned above, all banks have it own procedure and required document of opening this account with them.

Lets move on to the requirements to open domiciliary account in firstbank Nigeria

Required Documents And How To Open domiciliary Account In Firstbank Nigeria

According to firstbank, this is an account that allows you save in US Dollars, Pounds Sterling or Euro; with your money valued at the prevailing exchange rate. It facilitates your international business transactions.

Features

  • No limit to number of withdrawals in a month
  • Cash withdrawals from an initially deposited cash will attract a 0.5% commission
  • Cash withdrawals from a cash inflow or funds transfers (credits) attracts a 1% commission
  • Inter sol transactions (account owner only) are allowed.

Benefits

  • Guaranteed FCY deposit
  • Attractive pool for interest on bank fund
  • No restrictions on number of withdrawals
  • Inter sol withdrawal (account holder only) allowed

Accompanying Documents

  • Duly completed Account Opening Form
  • Duly completed specimen signature card
  • Two (2) recent passport photographs
  • Address verification document: Utility Bill
  • Valid means of identification e.g. International passport, Driver’s license or National ID card
  • Resident permit

How to Open Domociliary Account in Firstbank

To open an Individual Domiciliary account,

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How Open Zenith Bank domiciliary Account And It Requirement

Zenith didn’t make a note of required or means of opening domiciliary account online. All information were packed on the application form, to get application form click here to download Zenith bank Application form.

How To Open domiciliary Account in GTBank And It requirements

The Guaranty Trust Bank Domiciliary Account allows customers to maintain accounts in foreign currencies. These accounts can be funded through travellers cheques, lodgement of foreign currency cheques, cash inflows and cash deposits. Customers can withdraw cash or make transfers or payments to suppliers offshore.

Below are requirements to open domiciliary account with GTBank

The information we need:
To open a GT SME Banking account, you will need to provide GTBank with the following information listed below.  For Limited Companies and partnerships, we will need to identify at least two principles to the account.

1.    Proof of identity
We need to see ONE of the following:

  • Valid international passport
  • Drivers license
  • National identity card

2.    Proof of address
We need to see ONE of the following:

  • Utility bill (electricity, phone bill, waste bill, water) from the last 3 months

3.    Personal details of signatory/directors

  • Name address and contact telephone number

4.    General Business details
Business name, address and contact numbers, principal trading activity and date the business commenced.
For Limited Companies and limited liability partnerships, we will need to see proof of business registration as listed below :

  • Memo and Article of Association
  • Copy of Certification of Incorporation
  • Copy of form C07
  • Printed copy of Tax Identification Number (TIN)
  • Company seal
  • 1 passport photo of each signatory to the account
  • Board resolution (signed by 2 directors/1 director and Company Secretary)

How To Open Domiciliary Account In Diamond Bank

To me in all my research for this post, diamond bank domiciliary account look very much complicated to me, how ever i will only provide link to their domiciliary account info page so you can have a look at their requires yourself.

How to Open A Diamond Bank Account Online in Nigeria

This is the complete process how you can open domiciliary account in Nigeria.





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