We might not need introducing a domiciliary account to majority of Nigerians who hold funds in foreign currencies. Nevertheless, the domiciliary account is an account type worth introducing to those who are clueless about how they can receive funds in foreign currencies while 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.
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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, a 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 identification such as a driving licence, national ID, or international passport
- A utility bill or any other specified document that may help verify the 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 a 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 the requirements for creating a domiciliary account with that bank.