Opening a domiciliary account in Nigeria (Dollar, Euro, Pound etc.) is mandatory if you’re an individual or a business entity who gets paid from foreign clients in countries like the US, UK, Europe, China, Canada etc. It’s a safe way to receive money outside Nigeria from any of the aforementioned countries.
Let’s say you’re looking forward to making money online in Nigeria, or you’re a freelancer who earns money with your digital skills online, then you’ll need a domiciliary account if you want to receive your money and if you want to get the exact value you might have calculated before getting paid.
In today’s article on NaijaKnowHow, you’ll be learning more about what a bank domiciliary account is, how to open a domiciliary account in Nigeria, why you should open one and also the documents needed before you can have a domiciliary account in Nigeria.
What is a Domiciliary Account?
A domiciliary account (also known as Dom Account in Nigeria) is a type of bank account that enables an individual to get payments in foreign currencies. This type of account can either be saving or current and it can accept currencies like USD, Euro, CAD, GBP and other currencies.
This account can only receive foreign currencies and you can also send out foreign currencies from your domiciliary account. And one of the helpful benefits of having a domiciliary account in Nigeria is that, you can with the foreign currency you have from your domiciliary account and you can change it at bank rates or higher rates outside the bank.
Benefits of Having a Domiciliary Account
Just like when you have a normal bank account in Nigeria, you know the benefits it does for you, how you get to keep money, to receive and send money faster. The same applies to having a domiciliary account but it’s even better than a normal bank account, you can check out some of the benefits below.
- You’ll get paid in any of these currencies (USD, EUR, GBP), depending on the type you selected when opening your domiciliary account.
- You can send funds easily to anyone abroad
- Makes both local and international business transactions easy.
- You’ll be able to make foreign payments online without the fear of $100 monthly spend limits on normal accounts that resulted in people making payments via Virtual Dollar Cards.
How Much Does It Cost To Open a Domiciliary Account in Nigeria?
Typically, opening a domiciliary account in Nigeria doesn’t require pre-payment, and neither does it have any hidden costs or charges. In most Nigerian banks, the process of opening a domiciliary account is pretty straightforward and mostly free. However, some banks require that you have a minimum opening balance before you can open a domiciliary account in Nigeria.
Find out all the banks’ minimum opening balances mandated below:
Minimum opening balance
|Access Bank||$100, €100 or £100|
|FCMB||$10, €10 or £10|
|Fidelity Bank||$30, €30 or £20|
|First Bank||$500, €500 or £300|
|Heritage bank||$100, £100|
|Keystone Bank||$100, €100 or £100|
|Polaris Bank||$100, £50, €50 (Corporate & Savings)|
|Stanbic IBTC Bank||$100|
|Sterling Bank||$100, €100 or £100 (Current & Savings)|
|UBA||$50, €50 or ₤50|
|Union Bank||$50 (Savings) / $100 (Current) or equivalent in Pounds and Euros|
|Unity Bank||$100, €100 or £100|
|WEMA Bank/ALAT||$100, €100 or £100 (Individual) / $150, €150 and £150 (Business)|
|Zenith Bank||$0, €0 or £0|
|Cash withdrawal charge of 0.05% of transaction value but not more than $10 per transaction applies.|
Needed Requirements Open A Domiciliary Account in Nigeria
Before you can open a domiciliary account in Nigeria, you must possess certain documents that will clear you to be fit and capable of becoming a domiciliary account holder in Nigeria. These documents are details you’re familiar with, so it shouldn’t be much of a problem for you.
But you need to know that all banks in Nigeria use different but slightly the same requirements before you can open a domiciliary account with them. But the requirements I’ve written below should be noted because they’re common in most banks in Nigeria.
- Bank Identification Number (BVN).
- A utility bill within the last 3 to 1 month.
- 1 or 2 passport photographs.
- Valid means of identification (either your international passport, permanent voters’ card, National ID card or NIN Slip or a driver’s license.
- Reference: Someone with a current account (with or without the same bank). Note: in some banks like United Bank of Africa (UBA) Refree’s aren’t really that mandatory if the domiciliary account you want to open isn’t expected to receive funds under $6,000. But if you’re expected to receive more than that, then a referee is needed.
Steps To Open A Domiciliary Account in Nigeria
- Gather up all the needed documents like your BVN, Passport, Means of Identification and maybe your Reference.
- Walk up to any of the banks you want to have your domiciliary account created. You can check out our article on top banks that delivers the best domiciliary account in Nigeria.
- Walk up to the customer support and tell them you want to open a domiciliary account, you’ll be attended to and given an account opening form.
- Fill in your details and thick the type of currency you want on the account (it is located at the top right corner of the slip)
- Submit your form and your domiciliary account will be created and ready to use in less than 24 hours.
That’s all you need to know about opening a domiciliary account in Nigeria (Dollar, Pound, Euro etc.), it’s very easy when you meet all the necessary requirements. If you have any questions to ask, kindly leave them in the comment box and you’ll be given a response as soon as possible.