Are you searching for the best banks to open domiciliary account in Nigeria with? In this article, we’ve covered five Best bank for domiciliary account in Nigeria. Try any of them.
Different commercial Banks allows individual and corporate bodies to open domiciliary account in Nigeria with them. Some of these commercial banks include Guaranty Trust Bank, First Bank of Nigeria, Zenith Bank Plc, Access Bank Plc, Fidelity Bank, United Bank of Africa, Stanbic IBTCBank, Union Bank and FCMB bank.
Different Domiciliary Account Types
Domiciliary account types you can open with commercial Banks include:
Domiciliary Savings Account: open and operated as a personal account. Domiciliary savings account is used for saving Dollars, Euros or Pounds. The account can be used to receive or transfer foreign currencies internationally.
Domiciliary Current Account: used for receiving payment of salaries in foreign currencies. The account is denominated in Dollars, Euros or Pounds. It can also use to send or receive funds internationally
Corporate Domiciliary account: Foreign currency account that’s open and operates by corporate bodies. This is usually for business purposes.
Best Bank for Domiciliary Account in Nigeria
Guaranty Trust Bank (GTWorld)
When you talk about best bank for domiciliary account in Nigeria, Guaranty Trust Bank is the number one on our list. With GTbank domiciliary account, you can deposit little funds into your domiciliary account (as low as $5) which is impossible with other banks’ domiciliary account. One good thing about Guaranty bank domiciliary account is that you can operate the account on Zero balance. I mean you can withdraw all your money from your domiciliary account. Also, you can sell your foreign currencies to GTBank, this service is not available with other banks in Nigeria.
With Gbank App, you can move fund from your domiciliary account to another account. You can also the Card link to your GTBank domiciliary account to make so many different international transitional.
Requirements for Opening GTBank domiciliary account
If you’re interested in opening GTbank domiciliary account, you’ll require the following;
- Identification Card- means of identification is required; your driver’s license or international passport or national identity card.
- Small amount of money for activating the account – before the domiciliary account will be activated, you need to deposit a minimum of 100 dollars into the account. Don’t worry about so much about this, just go ahead and borrow because after you have successfully opened your account, you can easily withdraw the money back at any time and pay back to the person you borrow from.
- 1 passport photograph – one recently taken passport photographs are need
- 2 Referees – two persons that would serve as referee and fill each of the two reference forms that will be issued to you are required. Both referees need to have a current account each preferably with GTbank to facilitate the fast opening of the account.
Utility bills – photocopy of your utility bill issued in not more than three months ago is required. PHCN bill, telephone bill, sanitary bill or Water bill; any one of them can serve
Firstbank of Nigeria
Firstbank of Nigeria is the second best bank for domiciliary account in Nigeria. Why? The reasons are so many but let me mention but a few. With firstbank debt card, you can link your domiciliary account to PayPal account. With your domiciliary account and your card, you can run international transaction smoothly, pay for school fees abroad and many others
Requirements for Opening Firstbank Domiciliary account
If you’re opening Firstbank Domiciliary Account, you’ll require the following;
- You need to have a minimum opening deposit of $500, €500 or £300
- Do worry about this; you can withdraw some part of the money after, leaving a balance of $100, €100, or £50. However, please note that there is a penalty for, it attracts a 0.5% commission.
- Again, cash withdrawals from a cash inflow or funds transfers will (credits) attract a 1% commission
- Two (2) independent and satisfactory references (For Checking account only)
- Two (2) recent passport photographs are required
- Address verification document of Utility Bill is required – PHCN bill, telephone bill, sanitary bill or Water bill; any of these can serve.
- Valid means of identification e.g. International passport, Driver’s license or National ID card.
- Resident permit (for non-Nigerians). Read more about FirstBank Domiciliary account
Another good bank for domiciliary account in Nigeria is Zenith bank. One good thing about Zenith bank domiciliary account is that it is very easy to open. Their staff can assist you in getting referee if you can’t. And you can operate the account on a zero balance
Requirements for Opening Zenith bank Domiciliary account
If you’re opening Zenith bank domiciliary account in Nigeria, you would need;
- A valid identification card – This can be your National ID Card, Driver’s License, or International Passport.
- 2 passport photos – two recent passport photographs
- Utility bill – A recent utility bill like PHCN bill or Water bill, telephone bill, sanitary bills not older than 3 months.
- 2 current account holder Referees – two referees preferably Zenith bank Current Account holders
- Small deposit – a minimum deposit of $100 may be required for activating the account. This is the opening minimum amount they are collecting as of the time this article is written; the possibility of changing the amount tomorrow is there.
Diamond bank use to be my (number one) best bank for domiciliary account in Nigeria. But since it was rename to Access bank, the quality of their domiciliary account services has reduce. However, they still offer one of the best domiciliary account in Nigeria.
Requirements for Opening Access bank Domiciliary account
If you’re opening Access bank Diaspora Domiciliary account, you would need;
- Duly completed account opening form including signature mandate section.
- 1 Passport Photograph
- Proof of Identity: A notarized/sighted copy of any one (1) of the following Identification:
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- A valid Nigerian passport
- A valid International/foreign passport – supported by proof of Nigerian origin (Birth certificate, expired/valid Nigerian passport or driver’s license, etc.)
- A valid Nigerian driver’s license
- Proof of Residential Address: A notarized/sighted copy of any one (1) of the following:
- Duly filled Banker’s Confirmation
- Copy of utility bill issued within the last three months showing the same address as supplied.
- Bank/Credit statement issued within the last three months showing customer address
- References (Diaspora Naira Current and Domiciliary accounts): Two acceptable references using either of the following options: Option 1
- An independent reference letter obtained from current bankers (foreign) and
- A signed reference form by an Attestor of Nigerian origin who maintains a current account with a Nigerian Bank
OR Option 2
- Two signed reference forms by Attestors of Nigerian origin who maintain a current account with a Nigerian Bank.
- Indemnity: Duly executed indemnity form (for Email, Fax and Scanned Documents)
- For Joint accounts: A notarized copy of marriage certificate is also required along with all other necessary documents as stated above.
- BVN of signatory
- AML risk assessment
- FATCA Form (if the customer is residing in the USA). Read more about Access bank Domiciliary Account
Finally, the last but lest on our list of best bank for domiciliary account in Nigeria is StanbicIBTC bank. StanbicIBTC bank is innovative and pride itself in acquiring new technology. Their domiciliary account service is good and with their mobile app, you can do a lot.
Requirements for Opening StanbicIBTC bank Domiciliary account
If you’re opening StanbicIBTC Bank domiciliary account, you would need;
- You need a minimum account opening balance of $100 for personal and $500 for business accounts.
- You only pay a fee of 1% of the amount of each transaction.
- You need two reference forms
- A valid copy of a form of ID (original must be shown to your account manager)
- Two passport photographs
- A filled-in “Know Your Customer” (KYC) form
- Certification of registration (for business owners)
- Search report and partnership deed agreement (if any)
- Valid residence permit for non-Nigerians.
There, you have it! Best bank for domiciliary account in Nigeria. While I have review some of the best bank for domiciliary account in Nigeria which include:
- Firstbank of Nigeria
- Access bank
- Zenith bank
- StanbicIBTC Bank
I will suggest you also make further inquiry before opening a domiciliary account with any commercial bank in Nigeria.