Do you need domiciliary account? Do want know how you can open domiciliary bank account in Nigeria with Guarantee Trust Bank (GTBank), Firstbank of Nigeria and Zenith bank?
In this post, I will show you how to open domiciliary account with these banks within 48-72hours. But before I go into details of showing you how to open domiciliary account with GTbanks, Firstbank of Nigeria, and Zenith bank, let’s understand what domiciliary account is and what it is use for.
What is domiciliary account?
Domiciliary account is a bank account in Nigeria that is operated in foreign currency. The account allows you save money in US Dollars, Pounds Sterling or Euro with your money valued at the prevailing exchange rate. This account is funded through bank deposits, traveller’s cheques, cash inflows and lodgement of foreign currency cheques.
It is not usually easy to transfer money from Nigeria to a recipient abroad because many Nigeria banks are still only on the inbound money transfer services guideline of Central Bank of Nigeria (CBN).
However, one easy way of transferring or sending money from Nigeria to a recipient abroad is through domiciliary account money transfer.
You can easily transfer money from one domiciliary account to another either through internet banking or by stand order transaction and this days it can also be done through mobile banking. The account facilitates international business transaction.
So, if you are into international business or you want send money from Nigeria to your family member, relative or friend abroad; you need to have or open a domiciliary account. Domiciliary account is an alternative to PayPal account.
There are many Nigeria banks that offer domiciliary account services. Such banks include Guarantee Trust Bank (GTBANK), Diamond bank, Firstbank of Nigeria, UBA, Zenith bank, etc.
So, if you are actually interested in opening domiciliary account in Nigeria, below are steps on how to open a domiciliary account in Nigeria.
Opening domiciliary Account with GTbank in Nigeria
Things needed for opening of domiciliary account with Gtbank in Nigeria.
To open a domiciliary account with Gtbank in Nigeria, here are the things needed;
- Identification Card– means of identification is required; your driver’s licence or international passport or national identity card. Any one of them can serve.
- 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.
- 2 passport photos – two 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 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.
How to open a domiciliary account with Gtbank in Nigeria
With the above requirement in place, proceed to open the domiciliary account.
• Visit any GTbank branch close to you.
• Ask for their customer service desk and request that you want to open a domiciliary account with them.
• You can be asked if you already have any account with them before. If you have one. That’s great! If you don’t, they will open one (current or saving) together with the domiciliary account.
• After that, you will be given a foreign currency account opening form, specimen signature card, two reference forms for you and your referee to fill.
• If you have your two referees with you at the bank, they can fill their forms and you fill yours too and submit it. If your referees are not present with you at the moment, you can decide to take all the forms home, fill them properly and give your referees each of the reference form to also fill. Remember, your two referees should be GTbank current account holders; if you want them to open and activate your domiciliary account within 48hours.
• After proper filling of the forms, go back to GTbank and submitted the forms.
• After going through the forms for necessary corrections and all corrections made, you will be asked to go home.
• Within 48hours, you will receive an SMS from them informing you that your domiciliary account has been open with your account number.
• Please, once you receive the SMS; go back again to the bank and deposit $ 100 into account to activate your new domiciliary account.
Once you do this, you are good to go.
If you are ready, you can begin to initiate the opening of the domiciliary account right now, start account opening process online before going to the bank. This will save you a lot of time, trouble and stress.
Opening domiciliary account with Firstbank of Nigeria
Here are things required or you need to know before opening 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 attract 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)
How to open a domiciliary account with Firstbank of Nigeria
If you have all the above items in place then proceed to open the domiciliary account with Firstbank
• Visit any Firstbank of Nigeria close to you
• Head straight to their customer service desk and request that you want to open a domiciliary account with them.
• You might be asked if you already have current or saving account with them before. If you don’t, they will open one (current or saving) alongside with the domiciliary account.
• After that, you will be given a foreign currency account opening form, and specimen signature card to complete and sign.
• You can decide to take all the forms home , fill them properly and return back with them to submit
• After they must have gone through the forms and make necessary corrections, you will be asked to go home.
• Within 48-72hours, you will receive an SMS indicating that your domiciliary account has been open with your account.
• Go back to the bank and pay in the minimum deposit to activate the account.
Once done, your account is ready! Domiciliary account can be an alternative for PayPal account.
You can initiate opening of the domiciliary account right now; download the Individual Account Opening Form online. Complete the Account Opening Form and specimen signature card and submit at the nearest FirstBank branch. This will save you a lot of stress and time.
• Download the Individual Account Opening Form
Opening domiciliary account with Zenith bank in Nigeria
Zenith bank is one of such banks in Nigeria that offer domiciliary account services.
Opening domiciliary account with Zenith bank is very easy and simple especially if you have an existing account, saving or current which you have run for at least 6 months with Zenith bank.
There are some few things Zenith bank that would required from you just like when you want to open domiciliary account with any other bank in Nigeria.
Things needed for opening of domiciliary account with Zenith bank are;
• 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.
How to open a domiciliary account with Zenith bank in Nigeria
If you have the above requirement in place,
• Walk into any Zenith bank branch close to you.
• Meet their customer service Reps and request that you want to open a domiciliary account with them. You will be directed to the person in charge.
• You will be given a Foreign Currency Account Opening Form, specimen signature card, two reference forms for you and your referee to fill.
• If you are with your referees at the bank, you can fill the form immediately and they fill theirs. Otherwise, take all the forms home, fill them properly at your convenient time and give your referees each of the reference form to also fill.
• After proper filling of the form, go back to the bank and submit the form.
• They will receive the form, check for corrections and then ask you to go.
• Within 48-72hours after verification, they will send you an SMS informing you of your new domiciliary account and the account number.
Best of luck as you choose one of these banks to open a domiciliary account.