Learn what Domiciliary Account is, how it works, Open requirement (things needed to open DOM account), how to operate Domiciliary Account (funding/depositing and withdrawing from domiciliary account), benefits and the domiciliary account charges. I’ll not end there; I’ll proceed to show you the bank with best Domiciliary account in Nigeria.

Let’s get started!

What is a domiciliary account and How does it work?

Domiciliary account is a type of current/savings account operated in Nigeria that is denominated in foreign currencies. The account is usually domicile in Nigeria and operated in foreign currencies.  US Dollars, Pounds Sterling, Euros and Yens are saved in the account and the money valued at the current exchange rate. You can send money (foreign currencies) to a domiciliary account in Nigeria from Abroad. You can also transfer money from domiciliary account to naira account, however this can only work if you authorize the sell and it is the same bank.

Banks in Nigeria offer Domiciliary Account?

The names of Bank in Nigeria that offer Domiciliary account are;

• Guaranty Trust Bank
• First Bank of Nigeria
• Zenith Bank Plc
• Access Bank Plc
• Fidelity Bank
• United Bank of Africa
• Stanbic IBTCBank
• Union Bank
• FCMB bank

Must Read : How to open Domiciliary Account with Firstbank, GTBank and Zenith bank 

Benefits/Use Domiciliary Account in Nigeria

The benefits and use of domiciliary account in Nigeria include;

• Use to save foreign currencies such US dollars, Euros, Pounds sterling in a bank account in Nigeria.
• Domiciliary account is used to transfer or send money from Nigeria to a recipient family member, relative or friend abroad. You can easily transfer money from one domiciliary account to bank account abroad either through internet banking or by stand order transaction and these days it can also be done through mobile banking.
• Domiciliary account is used to receive foreign currencies into Nigeria from abroad.
• It facilitates international business transactions.
• Domiciliary account is an alternative to PayPal account.
• Foreign Cheques/Instruments can be credited to the account which can be used as a channel for Investments in securities and real Estate in home & abroad.
• The account can used for trading.

How do I fund/deposit into Domiciliary account?

Domiciliary account is funded in through;

• bank deposits (deposit of foreign currency into the domiciliary account)
• traveler’s cheques
• cash inflows
• lodgment of foreign currency cheques

How Can I withdraw from my domiciliary account in Nigeria?

You can withdraw foreign currency from your domiciliary account in Nigeria. To withdraw from domiciliary account is very simply. If you receive fund into domiciliary account, simply visit the bank you open the domiciliary account with and request for dollar withdrawal if your domiciliary account is denominated in dollar. You will be given a form to fill after you which you cash out your money.

You can also withdraw Pounds and Euros from your pound and Euro domiciliary account respectively. Request for withdrawal accordingly.

How do I Deposit Money into Domiciliary Account from Another Country?

If you’re outside the country and you need to deposit money into domiciliary account in Nigeria; all that you need are;

• Receiver’s Account Name
• Receiver’s Bank Name
• Bank Swift code
• Bank branch (option)

What do I need to open a domiciliary account?

If you are actually interested in opening domiciliary account in Nigeria, below are things you need to open domiciliary account with Gtbank in Nigeria;

• 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 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. Read more… about GTBank Domiciliary Account

What Do I need to open Access bank Domiciliary Account?

To open Access bank Diaspora Savings, Diaspora Naira Current and Diaspora Domiciliary are the same, and the following items are needed:

• 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

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(ies)
• AML risk assessment
• FATCA form (if customer is residing in the USA). Read more about Acess bank Domiciliary Account
  

What Do I need to open domiciliary account with Firstbank of Nigeria?

• You need to have minimum opening deposit of $500, €500 or £300
• Do worry about this; you can withdraw some part of 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) attracts 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

What Do I need to open domiciliary account with Zenith bank?

To open domiciliary account with Zenith bank; you’ll need the following items;

• A valid identification card – This can be your National ID Card, Driver’s Licence, 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 etc not older than 3 months.
• 2 current account holder Referees – two referee preferably Zenith bank Current Account holders
• Small deposit – a minimum deposit of $100 may be required for activating the account. Please, this is opening minimum amount they are collecting as of the time this article is written; the possibility of changing the amount tomorrow is there.

With the above requirement in place, proceed to any of the bank above to open domiciliary account.

What Do I need to open Domiciliary Account with StanbicIBTC Bank

To open StanbicIBTC Bank domiciliary account, the following requirement are needed;

• 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.

What do I require to open FCMB Domiciliary Savings Account?

Here are what you need in order to open a Domiciliary Savings Account with FCMB;

• Completed account opening form
• Opening balance of 60 GBP, 100 USD, 70 EUROS
• 1 passport photograph
• Minimum of 18 years-old and provide the following:
• International passport or Driver’s License or National ID card or Voters Card or Resident Permit (for immigrants)
• Address verification e.g. Utility bill, recent bank statement or local authority tax bill etc. Read more about FCMB Savings Domiciliary Account and FCMB current Domiciliary Account

Benefits of FCMB Domiciliary Savings account

• Opening balance of 60 GBP, 100 USD, 70 EUROS
• Interest bearing account but forfeited once there are more than 3 withdrawals in a month.
• A serialized non-clearing cheque-type withdrawal booklet used for withdrawal by account holder only.
• Allows for Foreign Currency Salary payments and cash lodgment.
• Account can be operated either as an individual or a joint account
• NO charge on cash withdrawal.
• Offers Issuance of foreign currency denominated drafts
• Free E-mail transaction notifications
• Free monthly electronic statements

You can look at also UBA domiciliary account and union bank domiciliary account.

What’s the Best Bank for Domiciliary Account in Nigeria?

The best bank for domiciliary account in Nigeria is Guaranty Trust Bank Domiciliary account. The reasons being that:

• You can deposit little funds into your GTBank domiciliary account (as low as $5) which is impossible with other banks’ domiciliary account.
• You can sell your foreign currencies to GTBank, this service is not available with other banks in Nigeria.
• GTBank MasterCard is superb for international transactions.

Formally, I choose Diamond bank as my best bank for Domiciliary account but since Access bank take over Diamond bank, I lose interest in their domiciliary account

What’s Domiciliary Account Charges?

Gtbank Domiciliary Account Charges: you can operate Gtbank Domiciliary Account as zero account and also zero charges on cash withdrawal. However, to send money out through GTBank domiciliary account to another country; you will be charge:

• OFFSHORE        – $25
• TELEX  – #6000
• COMMISSION  – 2% of Principal
• VAT – 5% of Commission

Read more on…. How to send money abroad from Nigeria through Domiciliary account to see the charges on sending money abroad

How do I open a domiciliary account with GTBank?

To open a domiciliary account with GTBank, you need to work into any gtbank branch close you, request that you want to open a domiciliary, if you already have an account with gtbank, (savings) then you are good to go but if you don’t have, tell them you want to open a domiciliary account. You will be given a form, to fill and two extra reference form. Read more on…. How to open a domiciliary account with GTBank

How I can open a domiciliary account online?

To open domiciliary account online is practically impossible. However, you can download domiciliary account opening form online, fill and then later submit to your bank for processing. After processing, your bank will send you a message that your domiciliary has been open and you need to deposit so so amount to activate it. To initiate opening of  corporate GTBank domiciliary account online, download GTBank domiciliary account opening form here, fill correctly and take it nearest GTBank close to you to open a domiciliary account.

There are;

• domiciliary account in south africa
• domiciliary account in deutsch
• domiciliary account in USA
• domiciliary account in India
• domiciliary account in malaysia
• domiciliary account in UK

You can transfer money through domiciliary account from any of this country to Nigeria.