Looking for the best banks to open domiciliary account in Nigeria, this guide will help.
A domiciliary account is an account that is based on transactions in foreign currencies.
Sometimes, sending or receiving money from other countries might not be easy but with a domiciliary account, you can make quick and easy transactions in dollars, pounds, euros, yen, and other currencies.
Domiciliary accounts are not opened for the purpose of saving money but simply for international transactions.
If you open a domiciliary account in Nigeria, you can easily operate it from anywhere in the world.
A lot of international organizations and businesses are already making use of domiciliary accounts because it ensures smooth transfer and receipt of payment from other countries.
With a domiciliary account, you get other benefits like debit cards, internet banking, and mobile banking. These benefits ensure you carry out transactions without visiting any bank branch.
In this article, I will be showing you the top 5 banks to open domiciliary account in Nigeria.
How Domiciliary Account Works
To have a domiciliary account in Nigeria, you must open one with a local bank. Opening domiciliary accounts in local banks in Nigeria is easy and they have policies that ensure they provide maximum customer satisfaction.
When opening a domiciliary account, you will need to specify what foreign currency your domiciliary account would be based on.
This means if you open a dollar domiciliary account, you can only send or receive dollars during international transactions with that account.
Also, if you open a pounds domiciliary account, you can only send or receive pounds; if you open a euros domiciliary account, you can only send or receive euros.
With a domiciliary account, foreign transactions via wire transfer require a minimum of 3 working days before they are completed.
To withdraw funds from your domiciliary account, you can use the debit card issued by your bank to withdraw from ATMs that dispense foreign currency, or over the counter in the bank.
Note that you can only withdraw dollars from a dollar domiciliary account; this also applies to other foreign currencies.
Requirements To Open A Domiciliary Account In Nigeria
1. To open a domiciliary account, you will need 2 referees with an active domiciliary account. The domiciliary accounts of your referees must have been active for a minimum of 6 months.
2. Some banks require you to open your domiciliary account with a minimum opening balance while others open domiciliary accounts for free.
3. Your Bank Verification Number (BVN) would be required.
4. A valid means of identification is needed to open a domiciliary account. This means of identification could be an international passport, driver’s license or national ID card.
5. A recent utility bill like electricity or water bill is also needed. This utility bill must not be more than 3 months old.
Advantages Of Having A Domiciliary Account
Below are some of the advantages of opening a domiciliary account in Nigeria.
1. With a domiciliary account, you can save your money without having the fear of depreciation.
This means your money is kept in currencies that are more reliable and you have control over unstable currencies.
2. With a domiciliary account, you receive foreign currencies directly into the account. This means there is no need to pay third parties to ensure your money gets to your bank account.
3. Using MasterCard issued to you after opening a domiciliary account, it is easy to pay for international transactions online.
4. You can stand as a referee for other people who are interested in owning a domiciliary account.
Disadvantages Of Domiciliary Accounts
1. With a domiciliary account, you are limited to just one currency per account.
This means that if you make transactions in 3 currencies (for example dollars, pounds and yen), you will have to open 3 separate accounts for each currency.
2. To open a domiciliary account, you need a referee who owns a domiciliary account. In Nigeria, most people use the naira saving or current accounts and it means finding someone who uses a domiciliary account is not easy.
3. Bank charges for domiciliary accounts are quite high. These charges vary in different banks.
5 Best Banks To Open Domiciliary Account In Nigeria
You can open a domiciliary account in virtually all commercial banks in Nigeria but this article gives details on 5 best banks to open domiciliary account in Nigeria.
These banks have been chosen because of the services they offer their customers and make sure they operate their domiciliary accounts easily and without complaints.
In no particular order, below are the 5 best banks to open a domiciliary account in Nigeria.
1. Zenith Bank Plc
Zenith bank is one of the best banks in Nigeria. With so many years in the banking sector, their products, policies, and customer satisfaction speaks for them.
Zenith bank operates two different types of domiciliary accounts; the ordinary domiciliary account and the cash domiciliary account.
With the ordinary domiciliary account, you can only receive and not transfer money. Also, with the cash domiciliary account, you have access to Zenith bank’s eazymoney service.
Features Of Zenith Bank Domiciliary Account
Below are some of the features of Zenith bank domiciliary account.
1. No opening balance is needed to open a Zenith bank domiciliary account.
2. Zenith bank’s domiciliary accounts only operate on the following currencies; the United States Dollars (USD), Great Britain Pounds (GBP), and Euros (EUR).
3. You can use Zenith bank’s internet banking services.
4. You can also access their mobile banking services.
5. Zenith bank issues debit cards for every domiciliary account. You can use the debit card to make unlimited online payments without any monthly limit.
6. You will receive SMS and email alerts for every transaction.
Requirements For Opening A Zenith Bank Domiciliary Account
To open a domiciliary account with Zenith bank, you will need the following:
1. An account opening form.
2. A passport photograph of the authorized signatories/referees.
3. Valid means of identification (driver’s license, international passport, or national ID card).
4. Public utility receipt of not more than 3 months old (electricity, water or telephone bill).
5. Visitation report of your residence.
2. Guaranteed Trust Bank (GTBank) Plc
GTBank is one of the most popular banks among Nigerians. With GTBank, you can be sure of the best service bank can offer a domiciliary account owner in Nigeria.
Features Of GTBank Domiciliary Account
1. GTBank domiciliary account only operates on US dollars (USD), Great Britain Pounds (GBP), and Euros (EUR).
2. GTBank offers 24/7 banking services.
3. You can make cash withdrawals in foreign currencies from any GTBank branch.
Requirements To Open A GTBank Domiciliary Account
Below are some of the requirements needed to open a GTbank domiciliary account in Nigeria.
1. A filled account opening form.
2. A valid means of identification.
3. One passport photograph of the account owner.
4. Two completed forms filled by both referees
5. A public utility bill issued less than 3 months before the day of application.
3. Fidelity Bank Plc
Fidelity bank is also one of the best banks to open domiciliary account in Nigeria. This bank is known for providing wonderful services to domiciliary account owners.
Features Of Fidelity Bank Domiciliary Account
1. You can only open domiciliary accounts that operate on US dollars, Great Britain Pounds, and Euros.
2. It requires a minimum account opening balance of USD 50, GBP 50, or EUR 50 depending on the currency your account can use in making transactions.
3. Fidelity bank domiciliary accounts require a minimum account operating balance of USD 30, EUR 30, or GBP 20.
4. You have the option of having a nominee resident joint signatory in Nigeria (this could be your parents or your spouse).
5. You have access to internet banking.
6. You get email alerts for transactions.
Requirements For Opening A Fidelity Bank Domiciliary Account
Below are some of the requirements needed to open a domiciliary account with Fidelity bank.
1. A filled account opening form.
2. A recent passport photograph.
3. Valid means of identification.
4. Proof of address.
5. Utility bill issued within the last 3 months.
6. Bank or credit card statement from your bank, issued within the last 3 months.
4. First Bank of Nigeria Plc
As its name implies, First Bank is the oldest commercial bank, and also one of the best banks to open a domiciliary account in Nigeria.
Features Of First Bank Domiciliary Account
Below are some of the features First bank has to offer to domiciliary account holders.
1. Minimum account opening balance of USD 500, EUR 500, or GBP 300.
2. Minimum operating balance of USD 100, EUR 100, or GBP 50.
3. Unlimited monthly withdrawals.
4. There is no maximum amount you can withdraw.
5. Cash withdrawal is 0.5% flat per withdrawal.
6. Guaranteed foreign currency deposit.
Requirements To Open First Bank Domiciliary Account
Below are the requirements for opening a domiciliary account with First bank.
1. A completed account opening form.
2. Two recent passport photographs.
3. A completed specimen signature card.
4. A recent utility bill (not more than 3 months).
5. A valid means of identification.
5. United Bank of Africa (UBA) Plc
The United Bank of Africa (UBA) Plc is another top bank for opening domiciliary account in Nigeria. The types of UBA domiciliary accounts are Dom advantage account, Dom advantage plus account, Freedom Dom account, and U-Care plus domiciliary account.
Features Of UBA Domiciliary Account
1. It operates on US dollars, Great Britain pounds, Euros, and other currencies.
2. You will have access to UBA’s internet banking.
3. Your interest rate depends on the account balance.
4. Unlimited number of withdrawals.
5. There is no transfer or withdrawal charge.
6. Minimum opening and operating balance of USD 1,000, EUR 700, or GBP 600
7. A compulsory swift communication charge of USD 25, EUR 20, or GBP 15.
Requirements For Opening A UBA Domiciliary Account
Below are the things you need to open a domiciliary account with UBA.
1. A filled account opening form.
2. A valid means of identification.
3. Two recent passport photographs.
That’s all on the top 5 best banks to open domiciliary account in Nigeria.