Domiciliary account is an account that’s denominated in US dollars, EUROS and Pounds sterlings. The account is operated in foreign currencies and it facilitates international transactions.
Domiciliary accounts apart from giving you the ease of carrying out international transactions, it can serve as an account where foreign currencies are saved and used when necessary. The Banks that offer Domiciliary account services in Nigeria are 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.
3 domiciliary account types offered by Nigerian Banks:
- 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.
Open Domiciliary Account in Nigeria
Opening a domiciliary account in Nigeria is very easy. To open a domiciliary account in Nigeria;
- Walk into any bank of your choice
- Request you want to open a domiciliary Account
- Fill the domiciliary account form given to you accurately
- And get two referees to fill the reference form
Within 7- 14 working days, you’ll receive an SMS message containing your new domiciliary account number. This is how to open a domiciliary account in Nigeria
To speed up the opening of the domiciliary account, you need to get two referees whose current account are domiciled within the bank you’re opening the domiciliary account.
Again, you need to have an existing savings bank account with the bank otherwise, you’ll be required to open a savings account with them before opening the domiciliary account.
Opening a domiciliary account online;
Opening domiciliary account online is practically impossible. But you can initiate corporate GTBank domiciliary account opening online.
To initiate the opening of corporate GTBank domiciliary account online, download GTBank domiciliary account opening form here, fill it correctly and take it to nearest GTBank close to you to open the domiciliary account.
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.
If you’re opening GTbank domiciliary account, you would need;
- 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.
If you’re opening Firstbank Domiciliary Account, you would need;
- 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
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.
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
If you’re opening FCMB Domiciliary Saving Account, you would need;
- 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
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.
Transfer Fund to Domiciliary Account
If you need to transfer/remit fund to a domiciliary account, here 5 ways to transfer fund to domiciliary account;
- Wire transfer
- Bank deposits
- Traveller’s cheques
- lodgment of foreign currency cheques
- Wire Transfer
A wire transfer is the electronic transfer of funds across a network of banks around the world. To transfer fund to a domiciliary account via wire transfer;
visit international bank close to you if you’re abroad, request for wire transfer and you will be given a depositor’s form to fill. The particulars of the fund receiver you need to fill are;
- Receiver’s Account Name
- Receiver’s Bank Name
- Bank Swift code
- Bank branch (option)
Fill the transfer form, once correctly fill the bank will wire the fund to your domiciliary.
- Bank deposits
Fund transfer to a domiciliary account via Bank deposit involves manual deposit of fund into domiciliary account. For example, if your domiciliary account is in dollar, you deposit dollar into the account.
- Traveller’s cheque
Traveller’s cheque is an exchange medium that can substitute for the hard currency. The cheque is issued to an individual who travels on vacations overseas. Once you’re in overseas, to transfer fund to a domiciliary account you pay in the cheque into domiciliary account.
- lodgment of foreign currency cheques
A foreign currency cheque is a cheque issued in a foreign currency. Foreign currency cheques are convertible into cash and transfer to a domiciliary account. The Foreign currency cheque must be corresponding to your domiciliary account type for it to lodge into your domiciliary account
Withdraw Fund from Domiciliary Account
You can withdraw foreign currency from your domiciliary account in Nigeria. To withdraw fund from a domiciliary account;
- Visit your domiciliary account bank
- Request for foreign currency FUND withdrawal
- Fill the foreign currency withdrawal form
After which the cashier will issues you the cash. This is how to withdraw fund from a domiciliary account in Nigeria
You can withdraw dollars, Pounds and Euros from your dollar, pound and Euro domiciliary account respectively.
FAQ on Domiciliary Account
Question: How can I use a domiciliary account in Nigeria?
Answer: Uses of Domiciliary Account;
- You can use a domiciliary account to save foreign currencies such as US dollars, Euros, Pounds sterling in a bank account in Nigeria.
- Domiciliary account can be used to transfer 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 can also be 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.
- You can use a domiciliary account for trading.
Question: What are the benefits of a Domiciliary Account?
Answer: Benefits of Domiciliary Account;
- Allows for Foreign Currency Salary payments and cash lodgment.
- The 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.
Question: What bank offers the best Domiciliary Account in Nigeria?
Answer: The bank offers the best domiciliary account in Nigeria is Guaranty Trust Bank Domiciliary account. The Reasons are:
- 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 lost interest in their domiciliary account
Question: What is Domiciliary Account Charges in Nigeria?
Answer: GTbank Domiciliary Account Charges – you can operate Gtbank Domiciliary Account as zero accounts 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
Question: Can I open Domiciliary Account overseas?
Answer: You can open and operate domiciliary account in south Africa, Deutsch, USA, India, Malaysia and UK
You can transfer money through the domiciliary account from any of this country to Nigeria.