A Domiciliary Account is a type of account known to accept foreign currencies and not Naira and while you can have full control of the account in Nigeria, getting funds inside it is always a question most people usually ask.
Well, you can get funds inside your domiciliary account if someone outside the country sends you money, but what if no one is sending you money and you need money in your domiciliary account? Well, there’s a way you can do that and I’ll be showing you how here on NaijaKnowHow.
In this article, you’ll learn how to fund your domiciliary account in Nigeria. Before going too deep with this article, I feel you might be interested in knowing the Best Domiciliary Account in Nigeria, just in case you’ll like to switch banks, and you can also learn How To Open A Domiciliary Account In Nigeria if someone you know doesn’t have one.
The Benefit of Using A Domiciliary Account in Nigeria
One of the benefits of having a domiciliary account in Nigeria is the fact that you won’t be affected by the spending restriction that has been inflicted on normal Naira Debit Accounts. This restriction means that you can no longer use your Naira card to pay for any dollar-billed transactions locally or internationally). Also, having a domiciliary account in Nigeria allows you to earn more and receive international payments from individuals and businesses. Not to mention, it allows you to purchase anywhere online with the card attached to your domiciliary account.
You can have a domiciliary account in commercial banks and in some digital banking apps, which will let you open a virtual domiciliary account and also give you a Virtual Dollar Card to use online. Although, you’ll still have to go through the same process of funding your commercial and digital domiciliary account. That being said, here’s how to get your domiciliary account funded in Nigeria.
Steps to Fund Your Domiciliary Account In Nigeria
Below are the following ways you can fund your domiciliary account in Nigeria. You can either fund your domiciliary account with physical cash or fund your domiciliary account with Western Union etc. The first method is pretty simple and it’ll involve you having physical cash at your disposal.
Funding your domiciliary account with physical cash:
Step 1: Get physical cash
You’ll need to have the total amount of funds you want to send into your domiciliary account ready, you should check your bank dollar exchange rate in order to get the total amount of cash you want in your account.
How you get hold of this physical USD note solely depends on you. The most dependable way at the moment is buying from Bureau De Change (also known as Black Market). This method involves getting a reliable bureau de change vendor who sells dollars for naira. To get started, you should confirm the exchange rate from them or online (a quick Google search would work). After getting an overview of the current rate, proceed to any ‘black market’ vendor of your choice, pay the naira equivalent of the amount you want in dollars.
Aside from this option, you could reach out to a friend whom you are sure gets paid in dollars or other foreign currencies, then tell them to sell the amount you want in your desired currency. Complete the transaction the same way you would have if you had gone with the black market method. That’s it!
Step 2: Deposit cash into your domiciliary account
Now that you have the physical cash at hand, walk into one of the branches of the bank you opened your domiciliary account, then pick up a deposit slip and fill in the details of your domiciliary account and the total amount you want to send in.
Now walk to the counter with your deposit slip and cash, the money will be sent and converted to USD into your domiciliary account.
Funding your domiciliary account with Western Union etc:
This is the method most people use in funding their domiciliary account and this involves Western Union, MoneyGram or WorldRemit. Some details will be required for submission before you can receive money inside your domiciliary account.
Note: To fund your domiciliary account in Nigeria via MoneyGram, Western Union and WorldRemit, you’ll need to have the following details at hand:
- Your Beneficiary Name
- Your Beneficiary Account Number
- Your Beneficiary Bank Name
- Bank Swift Code
Funding your domiciliary account is very easy with the methods we’ve provided above, hopefully, you find it helpful. When funding your DOM account from outside the country always make sure you have all the accurate information about your account and your bank name.
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