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;
- Zenith bank internet banking
- ZenithDirect –
- Zenith Mobile Banking App
- Zenith Bank ATM nationwide free cash withdrawal
- 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;
- EaZymoney
- Zenith Internet Banking
- ZenithDirect – the bank telephone banking
- Zenith Mobile Banking App – 24/7 available on your smartphone
- Zenith Bank ATM nation wide – free cash withdrawal
- 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.
Confirm I can open a dollar account with as low as $50.in any zenith Bank branch
Sorry this post is old though I will rewrite and update the post. To open a domiciliary account with zenith bank requires a minimum of $1k or N300k.
The $1k is not true.
Said who?
There are two domiciliary account, one is free, while the other is naira equivalent to $1k.
Kindly contact Zenith bank.
Can I send naira to a domiciliary account apart from usd Euro or pounds
You mean to fund the account with naira? It depends on the bank but mostly it is through inflow.
Good day. After opening with the minimum of $1k, what is the minimum amount that you can have in the account afterwards? Is it still $1k ?
There’s no minimum operating balance attached and no monthly maintenance fee.
Please, can I transfer money from my Dom account to my naira account with another bank?
Sorry for the late reply, the answer is yes though it won’t make sense at all cause the bank exchange rate is pretty much low compared to the black market.
So it’s better to withdraw it and go to the black market to exchange the money to naira, and deposit it into your naira savings account.
What’s the best app to use to transfer money into a zenith bank domiciliary account. I have tried Sharemoney (will deposit naira), WorldRemit (zenith not listed as one of banks they work with). Who knows which money transfer app works well with Zenith Bank? Thanks.
Well I don’t use money transfer app, rather I receive money through inflow or fund the account by depositing dollar into the account but if I want to make payment online.
All these black marketers can help you to change naira to dollar at a good rate.
Would I be able to withdraw the $1k dollar after the account is open?
Yes of course, there’s no minimum operating balance.
Please can I transfer money from my zenith domiciliary account to another zenith dom account using the mobile app?
Yes of course, there’s an option to transfer money though it has a transfer fee depending on the amount you transferred. Also kindly contact your account manager for more
Can i choose my naira savings account to be charged for any wire transfer charges for wire transfer done from my dom account?
You can’t do so, bank will charge from the account the transfer was made.
How do I buy dollar At bank rate into my Dom account with naira
You can request to buy dollar from your bank. However, black market is the best for me.
Good morning ma please can you helps.me with the black market you buy dollar from my contact and WhatsApp is 080 thanks God bless
It depends on your location, and i base in owerri.
Do I need current account references to open a zenith dom?
No, that’s for gtbank.
what is the monthly withdrawal limit for zenith bank cause gtbank is $1000
Gtbank monthly withdrawal limit is $1k?
Are you sure of what you’re saying cause I have a gtbank domiciliary account and do exceed that limit. Even the spending limit is above $1k or probably unlimited and same with zenith.
Please sir, does zenith bank ordinary domilicary account work like a current account or does it have transactions limit or maximum deposit.
I want you to know that there are savings domiciliary account and current domiciliary account. There’s no deposit limit but wouldn’t advise you to deposit $40,000 at once if you’re lot younger before the bank will start suspecting your account.
Hello. Thanks for all the info here.
I opened a GT domiciliary account but they keep rejecting all my referees. I am quite interested in Zenith Bank Dom acct.
First of all, can I make payment of abt 2000 dollars from Nigeria to Canada with my card?
Also, can I have access to the funds if I happen to be outside the country?
Thanks in anticipation.
Hello namesake, nice to see you here. You can use the zenith bank dollar card to make payment up to $3000 or even more than the amount though the situation right now seemed complicated. So I will advise you to kindly contact the bank using the below contact details and make your inquiry.
Email: zenithdirect@zenithbank.com , or you can call 234-1-2787000
Please if someone transfers dollars into my zenith bank dollar account, will I be able to withdraw the cash in dollar?
Yes of course, that’s the purpose of having a domiciliary account. You can withdraw the money, go to the black market and change to naira if you want. Right now $1 = N505 in the black market
Good evening, if I should open zenith dollar account that is for free can I receive payment with it? Because I need a dollar account to receive payment from my online trading.
Yes, but the free one is limited to just dollar and right now the bank requires two independent and satisfactory references
The reference is like a guarantor right?
Yes exactly just like in gtbank, access bank, uba. Right now if you’re opening a domiciliary account with a zero account balance, you will need to get a two references.
For the higher domiciliary account that is the one which you can receive both USD, pounds, Euro, Yen, etc doesn’t require a reference but rather an opening balance of $1k or equivalent in naira for zenith. First bank is $1500 while access bank and uba are both $500 or equivalent in naira.
Can I receive up to 25000$ through Inflow?
Thanks
I can’t really say if you can receive such amount cause some banks are limiting the amount to $10k. If one’s needs to receive such amount like $25k through inflow, one needs to contact the account manager prior to that.
I recommend you to contact zenith bank and know if you can receive such amount if you open a domiciliary account with them, and remember, they have two. One is higher though requires $1k to open the account, while the other is free but limited.
Good day my name is daniel how sure and confident you know that zenith cash domiciliary account is free without any payments of anything from the zenith bank
There are two types of zenith domiciliary account, the cash domiciliary account requires zero account opening though with two references, while the ordinary domiciliary account requires $1k or it’s equivalent in naira.
Please I recommend you to contact zenith bank for more information.
Will opening a cash domiciliary account involve any payments to the bank, either to activate the account or not?,
The cash domiciliary is a zero account opening, the bank will only collect their charges. The ordinary domiciliary account requires $1k or it’s equivalent in naira to open the account.
Will opening a cash domiciliary account involve any payments to the bank, payment in any form like activating the account before using it? And how much will i deposit first.?
Please read the comment above.
Sorry please,do have any idea if they’d collect their charges in naira,how much you’d estimate they’ll take Thank you very much.
Sorry please,do you have any idea if they’d collect their charges in naria, and how much you’d estimate they’ll take. Thank you
They charge in dollar and not naira. Around $2.5 though it depends on how much you received into your domiciliary account.
Sorry please, do you have any idea how much zenith bank is estimated they’ll take as their charges in cash domiciliary account.
It depends on the amount received which is usually $2.5 per money received in my own case.
Please do you know if I can make online payment and purchases with Zenith Bank cash domiciliary account?
Yes you can, using the zenith bank dollar card.
Thanks Missybanker.
Your blog is quite helpful and your responses have being great.
This is just to commend your good works.
Is there any percentage charge and limit when withdrawing from your Dom account abroad using zenith dollar debit card on an ATM machine
What is the percentage charge and withdrawal monthly/daily limit on the zenith Dom account when withdrawing using the zenith dollar debit card on an ATM machine
I mean using it abroad
I don’t really know about the percentage charge for abroad, but I know down here in Nigeria it usually starts from 2.5 for cash lodgment and 1.5 for withdrawal and it depends on the amount.
I recommend you to contact the bank customer service for your inquiry.
hello..if you are able to see this though,thanks for the post..it was really helpful
i guess my issue is funding the dom acct..the bank told me they dont convert naira to dollar..
and based on my location,it is quite hard to locate this black marketers
what do you recommend?
and for the uba dom acct,seeing that opening requires less fee, do they require references?
Uba requires a referee or I will say it is the new rule in the Nigerian banking system.
Honestly, this your case is quite complicated cause normally banks don’t convert especially nowadays.
The truth is, banks do have bureau de change or any of these black markets as their partner and you should cornered or speak with the manager or the person in charge of the FX section to assist you in linking you with these aboki (black marketers).
They will assist you though it is not always the case. This is what I did on the very first day I opened my domiciliary account though with gtbank and not zenith.
thanks for your reply
which bank do you think has the best conversion rate…naira to dollar?
Best conversion rate?
Banks are poor, like 409 to 410 per USD while black market is around N495 to N500 per USD.
maximum online payment in a month?
Hello Missybanker,
Since banks no longer convert naira to dollars, in the case of me opening a domiciliary account, does it mean I have to withdraw naira from my bank, buy dollar from black market and deposit the said in my domiciliary account??
Previously the bank will take the equivalent dollar in naira if you’re opening the account. Right now, you have to fund the account in dollar as they do claim scarcity of dollar.
You can speak with the manager to help you out if you don’t know much about the buying from the black market before they dupe you.
Remember, there’s a domiciliary account you can open with zero account balance though it is specifically for dollar only.
This is really helpful
Please does it mean that someone can’t fund the dom account with bank dollar to naira exchange rate for the purpose of sending abroad.
Please I will like to get more insight on this if possible.
Also in Owerri –
Thanks a lot
I didn’t understand this line “someone can’t fund the dom account with bank dollar to naira exchange rate”
You can fund your domiciliary account through inflow and which is receiving money abroad, and by exchanging naira into dollar.
If you know your way around amawusa (Douglas road), you can go there and please go with someone. If you don’t know much about the place, don’t bother going there cause cause the have plenty thieves and they will dupe you.
I will advise you to meet with your account manager to help you out or link you with a reliable black market seller.
Please can you comment on, zenith bank ordinary domiciliary account :is it that the account is integrated with all the three big world currency (USA, GBPS, EURO) such that if they send me money in euro, I would withdraw euro, and if I I received money in pounds and will also withdraw pounds etc or how please enlighten, because my platform sends me euro and the other dollar.
Yes that’s what it means, been able receive any of dollar, pounds and euro. Remember, it requires $1k to open the account.
Because I do business on 3 platforms and all with different currency do I need three accounts or just one?
Do you know how long it takes to receive euros from someone sending from Europe
Secondly, is the charges from incoming and outgoing transfers fixed or is it in percentage? If in percentage, what is the percentage?
What are the other charges I should expect for using the account (basically receiving euros and transfering out the euros)?
Are separate IBAN given for each account opened?
Receiving money depends on the means the sender is using, but usually it takes a five business days.
Currently I’m not in Nigeria to know the zenith bank charges though it is mostly on withdrawals and annual fee.
What do you want to do with the IBAN?
To receive money from abroad what is required is the swift code, and zenith bank swift code is ZEIBNGLA.
Seriously sir/ma.
Yhu have given me so much insight on how to make gains.
Thanks for your wonderful documentation,
Yhu deserve a hug.
Smile
Thanks for the appreciation.
Good day Ma, please can i transfer money from zenith naira account to my dorm account using mobile banking And what is the monthly/daily deposit and withdrawal limit with zenith dollar card?pls reply
No, you can’t transfer naira into your zenith domiciliary account. You can only fund the account with dollars, pounds, Euro depending on the account you opened.
There’s no deposit or withdrawal limit, the account is unlimited.
Please how can I write a letter for opening domiciliary account
You don’t need to write a letter.
Morning Madam! I seek to open a Zenith Ordinary Domiciliary Account. Can I do that on any available online means? Is there any?
I don’t think there’s an available means though I recommend you contact the bank and inquire the possibility of you opening the account online.