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Naijaknowhow > Banking & Finance > How to Fund Your Domiciliary Account in Nigeria (Best Methods) in 2023
Banking & FinanceTech Tutor

How to Fund Your Domiciliary Account in Nigeria (Best Methods) in 2023

Shadrach Oladimeji
Last updated: 2023/05/14 at 2:00 PM
Shadrach Oladimeji
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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.

Contents
The Benefit of Using A Domiciliary Account in NigeriaSteps to Fund Your Domiciliary Account In NigeriaFunding your domiciliary account with physical cash:Step 1: Get physical cashStep 2: Deposit cash into your domiciliary accountFunding your domiciliary account with Western Union etc:Conclusion:More On Mobile Banking:

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.

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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.

Apps to Send Money From USA to Nigeria

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!

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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:

Western Union

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

Conclusion:

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.

More On Mobile Banking:

  • How to Block or Deactivate Bank USSD Code in Nigeria
  • List of All Bank USSD Codes in Nigeria (Mobile Banking)
  • How to Check Bank Account Balance in Nigeria (Codes)

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TAGGED: Dollar Account, Domiciliary Account, Fund Domiciliary Account, FX Market
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By Shadrach Oladimeji
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A Computer Software & Hardware Engineer | Content Writer | Blogger | Web Designer | Web Developer. I'm Available for Content Writing Gigs, Website and Blog Creation Jobs As Well. Want to advertise on Naijaknowhow Media? Please CLICK HERE to send a message.
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14 Comments 14 Comments
  • Femi says:
    May 14, 2023 at 1:56 pm

    i was told that you can only pay into your Dom account only with you buying usd in black market and deposit it in bank

    Reply
    • Viklin says:
      May 14, 2023 at 2:37 pm

      Yes. 💯

      Reply
  • Hammed Muritala says:
    May 14, 2023 at 10:12 am

    i was told that you can only deposit into your Dom account only with you buying usd in black market and deposit it in bank. I heard it from my bank officer.

    Reply
    • Viklin says:
      May 14, 2023 at 2:01 pm

      How you get hold of this physical USD note solely depends on you. The most reliable way at the moment is buying from Bureau De Change (AKA Black Market). This method involves getting a reliable bureau de change vendor who sells dollar 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 friend whom you are sure gets paid in dollars or other foreign currencies, 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!

      Reply
  • Stanley says:
    April 27, 2023 at 4:11 am

    Please sir, will I behable to use naira card to found my Domiciliary account through western union??

    Reply
    • Avatar photo Oladimeji Shadrach says:
      April 27, 2023 at 7:08 am

      NO

      Reply
  • Sunny Goodman says:
    April 9, 2023 at 10:39 am

    Please I need more clarification on depositing naira currency into my domiciliary account and it will be converted to foreign currency. Is it really possible? If yes, what rate will they use, the normal bank dollar-naira rate or black market rate?

    Reply
    • Avatar photo Oladimeji Shadrach says:
      April 9, 2023 at 3:59 pm

      bank uses normal CBN rate.

      Reply
  • Stephen says:
    December 16, 2022 at 1:21 am

    If I’m using western union or MoneyGram to fund my domiciliary account how much will I spend all together please sir answer this question.

    Reply
  • Alan says:
    October 24, 2022 at 2:43 pm

    Good day sir. Do you mean I can fund my Nigerian Domiciliary account with Naira (in cash) and then, it will be converted and deposited into my Domiciliary account?

    Reply
    • Avatar photo Oladimeji Shadrach says:
      October 29, 2022 at 1:22 am

      yes

      Reply
      • pojam says:
        November 2, 2022 at 10:49 am

        i was told that you can only pay into your Dom account only with you buying usd in black market and deposit it in bank

        Reply
        • David Etuk Udofia says:
          November 22, 2022 at 11:09 pm

          Please sir can I find my Domiciliary account online with naira,than going to bank?

          Reply
          • Viklin says:
            November 23, 2022 at 12:02 am

            No, you can’t.

Hey fam, don't go without a reply!Cancel reply

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