When international transactions matter, then having a swift discussion around Domiciliary accounts matters. Put simply, this type of bank account is widely recommended for people who do lots of trades using foreign currencies such as Pounds, Dollars, Euros, Yen, Dira and many other non-indigenous bucks. If you’re looking for banks to open a DOM account in Nigeria, here on Naijaknowhow, you’ll find a list of banks that offers the best domiciliary account in Nigeria.
What is a Domiciliary Account?
For those oblivious of what the account is, it is a type of bank account that allows users to carry out foreign transactions only in currencies such as Pounds, Dollars, Euros, Yen and Dira from the local country. This type of account can only accept money in foreign currencies (not Nigerian Naira) and varies from other existing types of bank accounts because it is only for transacting business, rather than savings. Consequently, it can also be used to transfer money to another country or receive foreign currency from an abroad account.
With Domiciliary accounts, transactions become easier and as a matter of fact most preferred by international business dealers in the country but over the years there has always been the question of which banks give the best options on this account.
Top 5 Banks To Open a Domiciliary Account in Nigeria
Nearly all commercial banks in Nigeria operates domiciliary account opening. But among them all, there are some of them that stood out in terms of discharging this service. They are ranked high because of the services rendered and the benefits available for users of domiciliary accounts. They are highly recommended.
1. Zenith Bank
Unarguably, this is one of the leading banks in Nigeria with respect to good customer relations and products. With just a penny, i.e zero balance you can get a domiciliary account with Zenith. However, they operate two kinds of domiciliary accounts; Ordinary domiciliary accounts and Cash domiciliary accounts. For an Ordinary domiciliary account, one can make transfers while the reverse order is the case for Cash domiciliary account. Also, a Cash domiciliary account has an edge over the other simply because of access to EasyMoney as a feature on the account.
Features of Zenith Bank Domiciliary Account
- A Zenith Domiciliary Account operates only these foreign currencies: USD, GBP and EUR
- Zero opening balance
- Internet banking and mobile banking services
- Issuance of debit card (USD)
- Email/SMS alerts on transactions
- Customers can do cash withdrawals in foreign currency from any Zenith branch.
Guaranty Trust Bank (GTBank) popularly called GTB is another leading bank option in Nigeria for a domiciliary account. GTBank domiciliary account is limited to US Dollars, British Pounds and Euro currencies. Another point of note is that their domiciliary account can be funded through cash deposits and cash inflows.
Feature of GTBank Domiciliary Account
- Available for transactions in US Dollars, British Pounds and Euros currencies
- 24/7 banking services through the various e-channels
- Funds can be transferred in foreign currency to other bank domiciliary accounts
- Users can do cash withdrawals in foreign currency from any GTBank branch.
3. First Bank
Known to be the first commercial bank in Nigeria, First bank, aside from its wide coverage offer domiciliary accounts to enable their customers to process international transactions. As part of the benefits of running a domiciliary account with this bank, it can be accessed via cash deposits, foreign currency cheque deposits or traveller’s cheques.
Like Zenith Bank, they also have two kinds of domiciliary accounts; FirstDom Plus and Domiciliary account. FirstDom Plus is a foreign currency deposit account that is for users with balances of $5,000 and above. It has an attractive interest rate and reduced bank charges. On the other hand, the First Bank domiciliary account allows users to keep money in US Dollars, Pounds Sterling or Euros. This account is limited only to SMEs and Corporate organizations.
Features of First Bank Domiciliary Account
- $500, €500 or £300 is the minimum opening balance
- Minimum operating balance of $100, €100, or £50
- No maximum amount of withdrawals in a month, and also, the cash withdrawal is at 0.5% flat per transaction
- A Guaranteed FCY deposit
- There are no restrictions on the number of withdrawals
- A pool for interest on bank fund
The United Bank For Africa, UBA is one of the top-rated for opening domiciliary accounts. The bank gives you a wide range of options to select from while doing the registration. As types of domiciliary accounts, they have the UBA has the Dom Advantage Account, Dom Advantage Plus Account, Freedom Dom account and U-Care Plus Domiciliary Account.
Features of UBA Domiciliary Account
- UBA Domilciliary Account operates in major foreign currencies like US Dollar, Pound Sterling, Euro, etc.
- Internet banking
- Email and SMS transaction alerts and bank account statements
- Interest rate which depends on the account balance
- Zero transfer charge, and also has zero withdrawal charge
- UBA Domilciliary Account also has an unlimited number of withdrawals
This bank is one of the few in the country which offers good services for domiciliary account users. Their domiciliary account operates in US Dollars, British Pounds and Euros.
Features of Fidelity Domiciliary Account
- Minimum account opening balance of $50, €50 and £50, and a minimum operating balance of $30, €30 and £20
- Fidelity Bank gives interest rates on call/demand and fixed deposits
- Internet banking, email/SMS transaction alerts and statements
- Standing orders
- Investment facilitation services for shares traded on NSE
- Option to open a domiciliary and a current account concurrently
No doubt, the domiciliary account is the best option if international transactions matter. This type of account makes foreign transactions a lot easier and better than other accounts in every way. In all, this article has been able to help your decision making in terms of banks to consider when looking to open a domiciliary account and we believe that they would be of immense benefit to you in your international bank dealing going forward.