Zenith bank domiciliary account quick guide

Made up your mind that you will open zenith bank domiciliary account or will probably say dollar bank account today, first you should know a little information about it.

First, Zenith bank seemed to have one best domiciliary account in Nigeria, though i will always prefer first bank to it.

If you’re looking for the best dollar account or domiciliary account in Nigeria today, zenith bank should be in your list.

It’s so hard to experience any issues or hitches on their domiciliary account.

But before opening zenith bank domiciliary account today, i want you to know what it is all about, and how useful it will be for you.

What is Domiciliary Account

Zenith bank domiciliary account quick guide.

A domiciliary account is savings account which receives funds in foreign currency be it pounds, dollar, cedi, Euro, Yen etc and can make payment also in a foreign currency.

The domiciliary account is very common in the Nigerian banking system as it helps bank customers to receive money in foreign currency other than the Nigeria naira.

With zenith bank domiciliary account, you can receive dollar, pounds, euro or any other foreign currency into your account without the bank automatically converting it to naira.

You can withdraw your cash in that foreign currency and head to any aboki or bureau de change for an exchange.

All banks in Nigeria accepts domiciliary account and opening an account is just similar to savings account, just that you need to have a referee usually from a current account.

This is where most people find it difficult opening a domiciliary account in Nigeria.

In some banks like the guaranty trust bank (gtbank), you need to have a referee which has a current account and it must be two.

You can easily find someone with savings account, but current account is quite difficult.

However, what most people do is to ask help from the bankers working in the bank to assist you with two referees.

But you must be very cautious and careful cause you may not really know the banker very well or the two referees.

To open zenith bank dollar account or probably zenith bank domiciliary account is just like opening a savings account, requires a single signature from a customer with any type of account.

You can say zenith bank dollar account but the right name is zenith bank domiciliary account.

This type of savings account is really helpful, online payment is made easy using the Visa dollar credit card especially now that the naira debit card is limited to $200 per month.

Zenith bank domiciliary account quick guide.

How do you create one, the requirements and it’s usefulness.

Features and benefits of zenith bank dollar account

Below are the features and benefits derived from the zenith bank dollar account.

1. Option to receive funds in foreign currency

The worst thing that can happen to a bank customer when it comes to money transfer is to receive money from abroad, and into the naira savings or current account.

The money will be changed according to the bank exchange rate and which is relatively low compared to the black market or the parallel market.

Having a zenith bank domiciliary account saves you from such poor exchange rate.

For example, you received $500 into your naira savings account, the money will be exchanged to $1 – N383 and this gives you N191,500.

However, if you receive the money into a zenith bank domiciliary account, you can locate the nearest aboki or any black market and change it to $1 – N460 and this gives you N231,000.

As you can see, there’s a massive difference between the two amounts. A difference of N39,500 and I tell you that this goes to the bank.

This is one major reason and the benefit to open a zenith bank domiciliary account today.

2. Low bank charges

Some banks charges up to $5 per money received or transferred using the domiciliary account, it isn’t the case with zenith bank.

At this time of writing this post, their charges varies and the maximum you’ll be charged for a money transfer is $3 which is equivalent to N1170.

3. Visa credit card

One of the benefits of having zenith bank domiciliary account or any other bank dollar account I love so much.

Now that the central bank pegged a limit on the naira debit card, the visa credit card comes to the rescue.

The only way a bank customer can have the visa credit card is by opening the domiciliary account. If you open a zenith bank domiciliary account, you can request for a visa credit card and it will be issued to you at N1k just like the naira debit card.

Having a visa credit card or any other credit dollar card, you can make payment up to $10,000 using the card. If it is the naira debit card, the limit is $200 or equivalent to N79000 per month, and that’s way too low.

4. Internet and mobile banking 

Zenith bank domiciliary account featured the internet and mobile banking, this makes it easier for the bank customer to check it’s account balance anywhere or any time.

You can open the zenith bank dollar account and travel to the United States, United Kingdom or any other country. Using the internet and mobile banking, you’ve your bank account services 24/7 available to you.

Other benefits and features of zenith bank domiciliary account includes the followings;

• Debit Card (USD)
• Standing orders
• Email/SMS Alertz

How to open zenith bank domiciliary account

 

First, I want you to know that there are two types of domiciliary account in zenith bank, one is ordinary domiciliary account and the other is cash domiciliary account.

They differ in one way or the other especially in terms of currency received.

In opening a zenith bank domiciliary account, it differs from the two types of accounts they have.

This is the two different accounts works.

1. Zenith bank ordinary domiciliary account

This is the best domiciliary account you can open in zenith bank, it gives you the option to receive US dollar, European euro and the British pounds.

It offers internet and mobile banking, a debit card of the three available currency more especially dollar debit card, standings orders, Email/SMS, etc.

Where bank customers are pissed off is the minimum requirement and which is $1k or N300k at this time of writing this post.

Let me repeat again, zenith bank ordinary domiciliary account minimum amount required is $1k or N300k.

If you don’t have one thousand US dollars, the bank requires three hundred thousand naira from you.

Note that this is the minimum amount to open a zenith bank domiciliary account at this time of writing this blog post. You can contact the bank to inquire if there’s any new changes to the stated amount.

Requirements

• $1k or N300k minimum opening amount
• The account opening form (existing account holders with full
• A documentation only require a written letter or completion of account opening form without the provision of any other documentation).
• 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 (PHCNbill, water rate bill, tenement rate, rent receipt, telephone bill etc.)
• Visitation Report (Residence)

For the written letter, you’re to direct it to the zenith bank director of any bank branch. In this case the bank will direct you to how to address the letter.

To open zenith bank domiciliary account for this very account, walk into any zenith bank branch around and request to open a domiciliary account.

State that you want to go for the bank ordinary domiciliary account, you’ll be issued a form to fill. After you’re done, you can transfer N300k or pay $1k to the new zenith bank domiciliary account you opened.

The available channels on this zenith bank ordinary domiciliary account includes the followings;

1. Zenith bank internet banking
2. ZenithDirect –
3. Zenith Mobile Banking App
4. Zenith Bank ATM nationwide free cash withdrawal
5. Access your account using your Zenith Bank debit card at participating merchant stores for payment of goods and services in Nigeria and anywhere in the world.

2. Zenith bank cash domiciliary account

The second zenith bank domiciliary account and this can be called zenith bank dollar account.

Reason being that it doesn’t accept any other currency other than the United States dollar.

In this zenith bank cash domiciliary account, you can’t receive euro, pounds or any other currency.

It is limited to the United States dollar and no any other currency.

To open a zenith bank cash domiciliary account is hundred percent free, but you can’t make money transfer using the internet or mobile banking.

This account has limits and for me it is way off unless the reason you want to open a zenith bank domiciliary account is just for cash withdrawal.

No online payments or money transfer, then you can opt for this and if you know thar there won’t be an option to receive euro or pounds.

It offers internet and mobile banking, debit card for cash withdrawal, email/SMS alertz, and standing orders.

Requirements

• One Account opening form (existing account holders with full documentation only require a written letter or completion of account opening form without the provision of any other documentation).
• One passport photograph of authorized signatories.
• Valid ID (Driver’s License, International Passport, National Identity Card or Voter’s Identity Card).
• A Public Utility Receipt dated within the last three months (PHCNbill, water rate bill, tenement rate, rent receipt, telephone bill etc.)
• Visitation Report (Residence)

Just like the other zenith bank domiciliary account, to open this cash or bank dollar account requires you going to bank and request to open such account.

I mean to open a zenith bank cash domiciliary account and like I said, it is for free and no charges at all.

Where you’ll see charges is when you receive cash into your account, it attracts a fee of $3 though this depends on the amount a bank customer received into the zenith bank domiciliary account.

The available channels for this zenith bank dollar account includes the followings;

1. EaZymoney
2. Zenith Internet Banking
3. ZenithDirect – the bank telephone banking
4. Zenith Mobile Banking App – 24/7 available on your smartphone
5. Zenith Bank ATM nation wide – free cash withdrawal
6. Access your account using your Zenith Bank debit card at participating merchant stores for payment of goods and services in Nigeria and anywhere in the world.

How do I open a Zenith Bank domiciliary account?

Walk into any zenith bank branch around you and request to open a domiciliary account. They will issue you a form and it is left for you to select between the cash or ordinary domiciliary account.

For ordinary domiciliary account, it requires a minimum amount of $1k or naira equivalent, while the zenith bank cash domiciliary account is free.

How much does it cost to open a domiciliary account in Nigeria?

It all depends on the bank you’re interested in, for example gtbank is for free but requires two referees with a current account and this makes it difficult to open a domiciliary account with the bank.

For example, first bank has two domiciliary account. The firstdom and the first bank domiciliary account.

The firstDom minimum opening account balance is $5000 or its naira equivalent, while the first bank domiciliary account minimum opening account is $500, €500 or £300 respectively.

To answer this question on how much does it cost to open a domiciliary account in Nigeria, it varies from bank to bank.

It is left for you to inquire from banks and know their minimum opening balance and the transfer charges.

This same goes with zenith bank domiciliary account.

Which zenith bank domiciliary account do I recommend?

To get the best domiciliary account in zenith bank, I recommend you to go for the ordinary domiciliary account.

You have the option to transfer money or make payments online using the dollar debit card, and this you can’t get in the zenith bank cash domiciliary account.

You might even have the need to receive euro or pounds and can’t receive such currency cause your account is limited to United States dollar.

Planning to open a zenith bank domiciliary account, I recommend the ordinary domiciliary account to the cash account to you. However, it is left for you to make your decision.

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With this, I come to the conclusion of this post on how to open a zenith bank domiciliary account. I hope this helps you in opening the zenith bank dollar account, please don’t hesitate to share this post.