If you’re currently among those set of people searching the internet for information relating to the best ways to open a dollar bank account online in Nigeria. This post will explain everything you need to know about opening a dollar bank account online in Nigeria.
We will also explain the meaning of a dollar account and answer any questions online about opening a dollar account online in Nigeria. See some of these questions below.
- How can I open a USD bank account in Nigeria?
- What bank can I open a dollar account in Nigeria?
- Where can I open an online domiciliary account in Nigeria?
- What is the best way to fund my domiciliary bank account?
- What are the advantages of a domiciliary account Information Guide Nigeria
What is a Dollar account?
Officially known as a “Domiciliary Account”, a dollar account can be opened in Nigeria and allows you to receive and draw foreign currencies. This account is not in Nigerian naira but can be operated in foreign currencies. Domiciliary accounts allow you to open a bank account in any one of the three global currencies. You can receive money in Euros, British Pounds or US dollars with a domiciliary bank account.
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Types of Domiciliary accounts You Can easily open in Nigeria
There are two main types of domiciliary accounts. They are:
- Domiciliary Savings Account, and
- Domiciliary Current account.
Is it possible to open a USD bank account in Nigeria?
A USD account can be opened in Nigeria. It is one of the most popular bank accounts.
What bank can I open a dollar account in Nigeria?
A dollar account can be opened in any licensed deposit money bank, also known as a commercial bank in Nigeria. You can open a dollar account at any bank. You can open a domiciliary account with any of these commercial banks: First Bank, Union Bank and Zenith Bank; Fidelity Bank, United Bank of Africa (UBA), Ecobank and First City Monument Bank(FCMB).
To open an online dollar account in Nigeria, you will need to have the following requirements
You will need to meet the same requirements to open an online dollar account in Nigeria as if you were to walk into any bank to open one.
These are the steps to open an online dollar account in Nigeria.
- Government-approved means of identification: driver’s licence, national identity card, voter’s or international passport.
- 2 recent passport photographs/
- Bank Verification Number (BVN)
- CIU Form
- Current Utility Bill Top
HOW TO OPEN A DOMICILIARY ACCOUNT IN NIGERIA
As a matter of fact, nothing should stop you from holding a domiciliary account especially if you’re a Nigerian looking to receive foreign currencies into a bank account that keeps the value of the foreign currencies around the equivalent naira value, based on the current exchange rate.
In simple terms, a domiciliary account is an account type that lets you hold funds in foreign currencies. Broadly, the account makes it convenient for you to make payments in foreign currencies as well as receive funds in foreign currencies.
Top Nigerian Banks That Let You Open a Domiciliary Account
You can open a domiciliary account with many, if not most, of the banks in Nigeria. While considering opening a domiciliary account, one of the important steps to take is ascertaining that your bank offers the domiciliary account option.
Some of the top Nigerian banks that let you open a domiciliary account are as follows: First Bank, United Bank for Africa, Access Bank, Zenith Bank, and Guaranty Trust Bank.
The list we just provided is far from exhaustive. If your Nigerian bank isn’t among the listed banks, you can still check with the bank to know if it offers the domiciliary account option.
Opening a Domiciliary Account in Nigeria
One of the crucial considerations in opening a domiciliary account is the mode of registration for the account creation. While a majority of the Nigerian banks with the domiciliary account option require you to visit one of their closest branches, few others might allow you to attempt the entire registration online.
To open a domiciliary account with your Nigerian bank, you might find the required registration forms online. You might also want to simply download the forms and fill the necessary information into them, but in most cases, it’s advisable that you visit the closest bank branch and physically apply for the domiciliary account.
What Are the Required Documents for Opening a Domiciliary Account in Nigeria?
Each Nigerian bank has its specified document requirements for opening a domiciliary account. It’s best that you find out the list of documents that your bank requires for the account opening. Generally, the documents needed for opening a domiciliary account in Nigeria are as follows:
- A valid means of identity such as a driving licence, national ID, or international passport
- A utility bill or any other specified document that may help verify residential address
- A completed specimen signature card
- A residence permit
- Two copies of recent passport photographs
- An account opening form that has been filled
Is There Any Benefit in Using a Domiciliary Account?
There can be several benefits associated with using a domiciliary account, but the most significant benefit is the ability to receive funds in US dollars, British pounds and various other foreign currencies.
Without doubt, a domiciliary account lets you conveniently access your bank-held funds that are in form of foreign currencies.
FAQs on Opening a Domiciliary Account in Nigeria
Can a Domiciliary Account Be Opened for Business Purpose?
Yes, of course.
All the Nigerian banks with the domiciliary account option permit customers to open domiciliary accounts that are meant for business transactions. Whether it’s for individual uses or for business transactions, a domiciliary account can be created with any of the Nigerian banks mentioned earlier in this post.
How Much Does It Cost to Open a Domiciliary Account in Nigeria?
Most of the Nigerian banks with the domiciliary account option do not charge you any fee for opening a domiciliary account. In a situation where your bank particularly charges a fee, we can’t tell how much it should cost you to open a domiciliary account with the bank.
How Long Does It Take to Activate a Domiciliary Account?
Activation is necessary for your newly opened domiciliary account to begin receiving funds in foreign currencies. After providing all that your bank requires of you for the account creation, you can expect the newly created domiciliary account to get activated between 48 and 72 hours.
While we seem to have discussed how to open a domiciliary account in Nigeria, it’s noteworthy that our discussion –particularly about the required documents for opening a domiciliary account –isn’t restricted to what a particular Nigerian bank requires you to tender for the account creation.
If you need specific information about how to open a domiciliary account with one of the top Nigerian banks, we advise that you specifically research about the requirements for creating a domiciliary account with that bank.