Domiciliary account is practically a bank account in Nigeria that is purely operated in foreign currency, although most Nigerians now prefer Payoneer account. It allows owners to save money in US Dollars, Pounds Sterling or Euro with your money valued at the current exchange rate.This account is normally funded through bank deposits, cash inflows and lodgement of foreign currency cheques.
If your intention is to constantly transfer money to and from the country, I dont think domiciliary account is for you; because almost all Nigeria banks are still on the inbound money transfer services guideline of Central Bank of Nigeria (CBN). Instead you can go for PayPal account OR Skrill account
However, one easy way of transferring or sending money from Nigeria to a recipient abroad is through domiciliary account money.
You can easily transfer money from one domiciliary account to another either through internet banking or by vertical order transaction. In recent times, it can also be done through mobile banking directly from your android device.
Domiciliary account is a bank account in Nigeria that is operated in foreign currency. I have said that before. The account allows you save money in US Dollars, Pounds Sterling or Euro with your money valued at the prevailing exchange rate.
Note that you cannot transfer money from a naira account to a dollar account. But you can easily transfer money from Domiciliary account to another Domiciliary account.
So, if you are a determined online investor or entrepreneur, and you don’t have a Domiciliary account, then you should consider opening one for yourself. I use my Domiciliary account to receive money from online stores abroad. Most delightfully, my Google Adsense earnings
Many banks offers this services but I’m going to focus mainly on (4) banks. ACCESS, GTB, Zenith and First bank.
The following documents are required to open an Domiciliary account:
=>Means of address verification
=>2 Passport photographs
=>Valid ID of each signatory
=>Residence Permit (Foreigners)
=>Forms CO7 and CO2 as applicable for companies
=>Certificate of Incorporation / Business Registration for companies
=>Memorandum and Article of Association as applicable for companies
• You may be asked if you already have any account with them before. If you have one. That’s a good one! If you have not, they will open one (current or saving) together with the domiciliary account.
• After settling that, you will be given a foreign currency account opening form, specimen signature form, 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. But one thing I like about Access Bank is that, your DOM Account can be open even without a referee, it will be sorted out easily in the bank. Because they know very well that this can be a barrier. I opened mine without a single referee, but it was all done in the bank premises.
• After proper filling of the forms, submit it accordingly. If there is/are no mistakes, then you re good to go.
• Within 24hours, you will receive an SMS informing you that your domiciliary account has been open with your account number.
• Once you receive the SMS; head directly to the bank and deposit $ 100 into the account to activate your new domiciliary account. Also remember that you can also withdraw all the money you deposited immediately or within minutes because Access Bank operates a zero balance Domiciliary Account.
=>Identification Card: This simply means, valid Identity card like International passport, drivers license, National ID card.
=> clear passport photos recently taken
=> Referee: 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 Bill: Photocopy of your Utility bill issued in not more than 3 Months
Once you have the above completely in place,
• 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.
Alternatively, 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.
=>Want to open domiciliary account with Firstbank of Nigeria? Here is how to start.
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
Once all the above listed requirements are 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.
Should y consider it a stress on your part, kindly ignore the stress of visiting their branch/head office and apply for it now. All you have to do in order to open a domiciliary account right now is to 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.Although lots of complains have so far been received.
Opening domiciliary account with Zenith bank is very easy and less stressful considering it swiftness and easy access. Most laudably, if you are operating an existing account, either savings or current which must have been in operation for at least 6 months.
There are few things Zenith bank would require before opening a domiciliary account for you:
Things needed for opening of domiciliary account with Zenith bank are:
• 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.
Are you ready? Open a domiciliary account with Zenith bank in Nigeria now by following the instructions below:
Provided the above requirements are in place kindly;
• Prudently walk into any Zenith bank branch nearest to you.
• Meet their customer service Representative and make a request that you intend opening 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 form, two reference forms for you and your referee to fill appropriately.
• 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 filling the form properly as desired, head back to the bank and submit the form.
• They will receive the form, check for approximate corrections. If any mistake is found, you will have to refill it again . But if there is none, you are good to go.
• Practically within 24-48 hours after verification, they will send you an SMS informing you of your new domiciliary account and the account number.