How to open a domiciliary account in Nigeria

Domiciliary account is one of the popular bank account in Nigeria, especially for the business men or those that works online.

The account is opened for all, as long as you’ve reached eighteen years of age.

This is actually the age that is recommended that one can open a savings account in Nigeria

Domiciliary account has really helped us a lot, in receiving funds from foreign countries.

Without it, there won’t be any need of us going to look for the next aboki for money exchange.

What is domiciliary account

Domiciliary account meaning: This is a type of savings account that enable a customer to receive funds in dollar, pound, euro or other foreign currencies.

All banks in Nigeria has a domiciliary account for their customers, and even some non bank financial institution.

Having the account will even give you the opportunity to have a dollar debit card, which you can pay for products direct from your domiciliary account.

This is very helpful for the business men and women, and online dealers, who buy products online and from foreign countries.

For example, you want to buy and pay for a product on aliexpress website or amazon, instead of using your naira debit card (atm card), you can opt to use your dollar debit card.

The dollar debit card is made in the provision that you can pay for products worldwide.

And how can you have the dollar debit card, it is by having a domiciliary account.

Without it, you can’t request for it and even if you do, the bank will ask you to open a Dom account first.

How to open a domiciliary account in Nigeria

 

To open a domiciliary account in Nigeria, varies from bank to bank.

For example, Zenith bank has its own requirement to open an account with them, and so as gtbank.

However, i’ve tried to compile all the bank(s) requirements and please if i didn’t mention any bank on this post and you know their requirements, you can help by providing it to me.

Or better still use the comment box by stating it there.

But please know that opening a domiciliary account in Nigeria is just like opening other account, like the savings or current account.

The only difference is that many banks requires you to open the account with at least $50.

1. How to open domiciliary account with Access bank

To open your account with access bank plc, you must one hundred dollar, pounds or euro.

Please kindly note that it doesn’t mean that you should go and look for $100 or pounds.

All you have to do is go along equivalent of the said money with you.

You also need to provide your means of identification like voters card, national ID or international passport with electricity bill.

According to the bank, no minimum balance required and also no account maintenance fee.

There’s an interest rate 0.01% p.a. (above 100,000 $,£,€).

2. First bank Dom Account

To open a domiciliary account with first bank Nigeria can be bit costly for some, coupled with the fact that it has a monthly fee for maintenance.

The minimum opening balance for first bank is $500, €500 or £300.

So you’ve to go with naira equivalent of the stated amount.

The bank made it in the such a way that you must keep $100, €100, or £50 in your domiciliary account.

As some banks has limit on cash withdrawal, it isn’t applicable to first bank.

There’s no limit to number of withdrawals in a month.

The requirements are as follows;

• Duly completed Account Opening Form
• Duly completed specimen signature card
• Two (2) recent passport photographs
• Address verification document: Utility Bill
• Valid means of identification e.g. International passport, Driver’s license or National ID card.

3. Gtbank domiciliary account

As at the time of writing this post, you can open a domiciliary account with gtbank for free, the only hinder you’ve is that you must provide two referees with current from the bank.

The requirements are to open your account are as follows;

• A filled and signed Domiciliary Account opening form.
• A copy of identification document (Driver’s License, International passport, National I.D Card, or any other acceptable by the bank).
• One passport photograph.
• Two (2) completed reference forms.
• Utility bill issued within the last 3 months.

4. Zenith bank Dom Account

There are two types of zenith bank domiciliary account, one is Ordinary domiciliary account and the other is Cash domiciliary account.

In the zenith bank ordinary domiciliary account, you can open your account with zero balance and there’s no maintenance fee.

The available currencies for the zenith bank ordinary domiciliary account are dollar, pounds and euro.

The zenith bank cash domiciliary account gives you the opportunity to carry out foreign transaction anywhere in the world.

It supports all currencies and a monthly maintenance fee is attached to it.

The requirements to open an account includes;

• Account opening form (existing account holders with full. …
• One passport photograph of authorized signatories.
• Valid ID (Driver’s License, International Passport, National Identity Card or Voter’s Identity Card)
• Public Utility Receipt dated within the last three months. …
• Visitation Report (Residence)

5. United bank for Africa (UBA)

Uba minimum opening balance to open a domiciliary account with them is $ 100, € 80 or ₤ 70 or its equivalent in the Nigeria naira.

They don’t support all foreign currencies, but popular ones like the US dollar, British pound, Euro, Yen, Cedi etc.

There requirements includes the following;

• Valid Identification (International Passport, Driver’s License, National ID card, Voter’s card)
• Two Passport photographs

Kindly Note that a minimum opening balance of $100, €80 or ₤70 or its equivalent in GBP, Euro etc Interest payable on account credit balance subject to a minimum balance of $1,000.00 or its equivalent.

The bank also have a freedom domiciliary account, and this has a minimum requirement of just $10.

According to the bank;

Freedom Domiciliary Account is a USD foreign currency account with lower operating limits, for those who want to start saving in dollars.

It features a zero opening sccount balance with a minimum operating balance of $10.

You’ll receive s serialized non-clearing cheque-type withdrawal booklet used for withdrawal by account holder only.

But the uba freedom domiciliary account has no Interest attached.

The requirements are as thus;

• Completed account opening form
• 2 passport photographs
• International passport or Drivers License or National ID card or Voters Card, or Student ID card or Association ID card or Town Union ID card or Residential Estate ID card or Resident Permit (for immigrants)

The last is UBA U-Care Plus Domiciliary Account.

The U-Care Plus Domiciliary Account is a variant of U-care plus savings account, it is an FCY account denominated in USD, GBP, & EURO meant for parents who want to save for children’s secondary/tertiary education abroad.

The requirements are;

• Valid Identification of Parent/Guardian
• Two Passport photographs of Child and Parent
• Child’s birth certificate
• Address verification of the parent/guardian

Fees included in the uba u-care plus domiciliary account are;

1. Withdrawals: 0.5% + VAT on amount withdrawn
2. Telex Transfer: 0.5% +VAT or US$10 or its equivalent whichever one is higher + Communication charge of US$25 or Euro 20 or £15
3. Draft request: 0.5% +VAT or US$10 or its equivalent whichever one is higher + communication charge of US$25 or Euro 20 or £15

6. Fcmb Domiciliary Account

To open a domiciliary account with fcmb, the minimum balance is 60 pounds , 100 US dollar, and 70 euro. You can go with the naira equivalent to open your account.

A best part of the fcmb domiciliary account is that there’s no minimum operating balance and no limit on the frequency of monthly withdrawals.

For those that are afraid of monthly maintenance fee, you can go for this as there’s no account maintenance charge.

The requirements to open a fcmb domiciliary account are;

• Completed account opening form
• 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.

7. Fidelity bank Dom Account

Fidelity bank provides foreign currency account back home that enables you do international transactions through domiciliary account.

The minimum opening amount balance for fidelity bank dom account is $50, €50, £50, while the minimum operating balance is $30, €30, £20 respectively.

Just like gtbank, you must provide 2 Nigerian Bank references from active current, domiciliary or corporate account holders before you can open your dom account with fidelity bank plc.

The requirements are as follows;

• Duly completed Diaspora Account Opening Form
• One Passport Photograph showing full face forward. (digital passports allowed)
• Proof of identification. A notarized/certified copy of any of the following:
  • Valid Nigerian passport
  • Valid driver’s license
  • Valid national ID card or voters card
  • Valid foreign passport/driver’s license supported by a proof of Nigerian Nationality(either birth certificate, expired/valid Nig. Passport, drivers license or Voters card)
• Proof of address
• 2 Nigerian Bank references from active current, domiciliary or corporate account holders ( for current and domiciliary accounts only).

You can download the form online, complete it and send it diasporacustomerservice@fidelitybank.ng

8. Stanbic ibtc Dom Account

With stanbic ibtc bank, you need a minimum account opening balance of $100 for personal and $500 for business accounts.

You will require to pay a fee of 1% of the amount of each transaction, that is any amount that comes into your account.

To open a stanbic ibtc bank domiciliary account, you need the following requirements;

• 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.

9. Union Bank Dom Account

To open a domiciliary account with union, you must have a minimum opening balance of $100 or its equivalent in Pounds and Euros.

The bank has three types of domiciliary account, they are savings, current and travel card ussd Dom account.

Savings Dom Account

Their interest rate is quite poor, with interest earned which is 0.2% p.a.

Each transaction attracts percentage of 0.05% on amount withdrawn.

To open a domiciliary account with union bank, you must have;

• 2 passport photographs
• Valid means of identification: international passport or Driver’s license/National Identity card
• Current Utility bill (not more than 3months old) or signed tenancy agreement
• BVN
• CIU Form

Current Dom Account

This is a foreign currency account that gives customers the option to bank in any of the three global currencies (US Dollars, Euros and GB Pounds).

The minimum account opening balance is $100 or its equivalent in Pounds and Euros.

It attracts a Swift charge of 22USD, 15GBP & 18EUR for transfers.

It also attracts a transfer charge of 0.1% of principal amount (2% when cash deposits are transferred) and 0.05% is charged on cash withdrawal.

Just like the gtbank and fidelity bank, union bank requires a two referees in order to open a current domiciliary account.

The requirements are as thus;

• 2 passport photographs
• Valid means of identification: international passport or Driver’s license/National Identity card
• Current Utility bill (not more than 3months old) or signed tenancy agreement
• BVN
• 2 valid references
• CIU Form

Union Bank Travel Card USD Domiciliary Account

Travel Card is dollar-denominated and it is directly linked to your Travel USD domiciliary account.

All transactions carried out using the card reflects on the dollar account instantly.

Just like the other two above, the minimum opening amount is $100, with 3% interest rate p.a on the domiciliary account.

The card has an annual maintenance fee which is $20 and the card is valid for 3 years.

Requirements includes;

• BVN
• CIU Forms
• 2 valid references
• 2 passport photographs
• Valid means of identification: international passport or Driver’s license/National Identity card
• Current Utility bill (not more than 3months old) or signed tenancy agreement

10. Polaris bank Dom account

Polaris bank former sky bank, gives you the opportunity to sav and transfer funds in foreign currency (USD, GBP and EUR).

The minimum initial account opening balance of $100, £50, €50 and as the time of writing this post. There’s no monthly or yearly maintenance fee.

The requirements are;

• Complete account opening application form.
• FCY Indemnity form.
• Passport photograph & Standard Valid ID card (Driver’s License, Int’l Passport, National ID card and Voters Card)
• Proof of current residence (PHCN, Water and Waste disposal bills, Rent Receipt, tenancy Agreement, Tenement Rate, Government Issued ID Card with Holder’s Address).
• BVN & Two Suitable Reference
• Resident Permit for Foreign Nationals

More banks will be included thereafter.

How to fund my domiciliary account

To fund your domiciliary account, you can do that by asking someone abroad to send money to your account here in Nigeria.

If you’re the type that receives earnings on foreign currencies, that will also help to fund your account.

Then lastly you can use your naira to fund your domiciliary account.

Don’t miss: How to transfer money from first bank on phone

For example you want to fund your dom account with $300, you can use naira equivalent to the dollar which is N109,500 for it.

The best domiciliary account in Nigeria

Seriously i can’t really tell if there’s any best domiciliary account in Nigeria.

However, before opening an account with the bank, you should first inquire if it’s free or not, monthly or yearly maintenance fee and the transaction fee as well.

Interest should be included, but maybe i will give first bank the best domiciliary account in Nigeria.

In as much their fees as high, the are very reliable and you can get your funds on demand.

I don’t know if you’ve been in a situation where you went to the bank to cash out your funds, the bank will tell you that it isn’t available at the moment.

I’ve experienced this with uba like twice, and i had to close the account.

However,  since i created an account with first bank, i haven’t seen such happen there.

How to send money to a domiciliary account from UK or US etc

All you need to is to give the sender your full name, domiciliary account number, your bank name and your bank swift code.

And you’re good to go.

Kindly Note a domiciliary account works exactly like savings or current account.

You can register for Internet and mobile banking, buy airtime and do money transfer etc.

Don’t miss: Zenith bank internet banking registration

I will be updating this post based on any latest development based on the minimum amount balance needed to open a domiciliary account in Nigeria. So stay in touch.