A domiciliary account in Nigeria is a
type of bank account that allows the holder to deposit and withdraw funds in
foreign currencies and these are currencies other than the Nigerian Naira.
A Nigerian has a right to operate a
domiciliary account even while he is in Nigeria and it's recommended for people
who do international business or need it for one reason or the other.
A domiciliary account is held locally
and is different from a foreign bank account which is normally held by foreign
banks outside the shores of Nigeria.
There are 2 types of domiciliary
account which a person can open operate in Nigeria they are - Savings
domiciliary account and a current domiciliary account.
A savings domiciliary bank account is a
foreign currency account that allows the person to save money in foreign
currencies and also be able to withdraw it using a bank teller.
A current domiciliary bank account on
the other hand is like a current account and it's normally used by businesses
or business persons. It's a type of account that can do about the same things
like a savings account and with the ability to also issue cheques to third
parties. A current domiciliary account might attract more fees for usage than a
savings domiciliary account
How does one open a domiciliary account
in Nigeria? Well, it's quite easy.
Things you will need
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- Recent Passport photograph
- Valid form of identification e.g. International passport, driving license or National id card
- At least 2 references who are current account holders in any bank in Nigeria but preferably the same bank
- Proof of residence/Utility bill: e.g. PHCN bill, Waste bill or others
- Minimum Opening funds in Foreign currency e.g. USD, GBP or Euro. It can be at least $150
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- Recent Passport photograph
- Valid form of identification e.g. International passport, driving license or National id card
- At least 2 references who are current account holders in any bank in Nigeria but preferably the same bank
- Proof of residence/Utility bill: e.g. PHCN bill, Waste bill or others
- Minimum Opening funds in Foreign currency e.g. USD, GBP or Euro. It can be at least $150
How to open a domiciliary bank account
===============
- Visit the bank branch you intend opening a domiciliary account in
- Request to open a domiciliary or foreign currency account
- Fill the form given to you and indicate your full correct details including your desired foreign currency
- Submit your required documents so that the bank can make a copy
- Make an initial deposit into an account provided for you
- The bank will check your details and also your references
- An account will be opened after about 1 or 2 weeks.
- You can start using the domiciliary bank account for receiving, saving or making payments in foreign currencies.
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- Visit the bank branch you intend opening a domiciliary account in
- Request to open a domiciliary or foreign currency account
- Fill the form given to you and indicate your full correct details including your desired foreign currency
- Submit your required documents so that the bank can make a copy
- Make an initial deposit into an account provided for you
- The bank will check your details and also your references
- An account will be opened after about 1 or 2 weeks.
- You can start using the domiciliary bank account for receiving, saving or making payments in foreign currencies.
Some Questions and Answers
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Q: Can I receive money from abroad directly into my domiciliary bank account?
A: Yes, you can. Just give the sender your bank account number, your bank's name and country
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Q: Can I receive money from abroad directly into my domiciliary bank account?
A: Yes, you can. Just give the sender your bank account number, your bank's name and country
Q: Can I transfer money abroad from my
account?
A: Yes, you can. You can transfer to any other bank in the world using the transfer details given to you.
A: Yes, you can. You can transfer to any other bank in the world using the transfer details given to you.
Q: Can I transfer money from my Naira
account to my domiciliary account?
A: No. There are 2 different types of account.
A: No. There are 2 different types of account.
Q: Can I link a Mastercard or Visa ro
the account?
A: Yes you can
A: Yes you can
Q: How do i check the balance in my
account?
A: You can check your bank balance by simply using internet banking, calling your bank, physically visiting customer service or just requesting for a bank statement of account
A: You can check your bank balance by simply using internet banking, calling your bank, physically visiting customer service or just requesting for a bank statement of account
Q: Is there an interest paid for saving
money in my domiciliary account?
A: Yes, you get to earn an interest like other saving account in banks
A: Yes, you get to earn an interest like other saving account in banks
Q: How do i withdraw from my
domiciliary bank account?
A: You can withdraw by simply filling and submitting a foreign currency withdrawal form or making use of a domiciliary bank account cheque
A: You can withdraw by simply filling and submitting a foreign currency withdrawal form or making use of a domiciliary bank account cheque
Q: Can I pay in foreign currency
cheques into it?
A: Yes you can. This is what it's made for. Banks might also charge you a small fee for it.
A: Yes you can. This is what it's made for. Banks might also charge you a small fee for it.
Q: Is it free to transfer money from my
domiciliary account to other countries like the USA or UK?
A: Now, for as with most bank transfers, there is normally a transfer charge placed on it. The fee is small and depends on the bank.
A: Now, for as with most bank transfers, there is normally a transfer charge placed on it. The fee is small and depends on the bank.
Q: Do I pay any fee for receiving fund
transfer from abroad into my domiciliary account?
A: No. You don't have to pay any fee since you are just receiving. It is the sender that will pay a fee.
A: No. You don't have to pay any fee since you are just receiving. It is the sender that will pay a fee.
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