There are several reasons why people opt to open a domiciliary account in Nigerian banks. In case you need one because the need has arisen, this article will help you in making a good choice, one that will serve you well. Even though there are other banks offering dom accounts in Nigeria, these are the best.
Understanding domiciliary account
A domiciliary account allows the owner to carry out international transactions with ease. A user for example may opt for just one account, either in dollars or euros. However, there are other options such as:
- Pounds
- Yen
- Dira
- Others
If you want to open a domiciliary account, you know that you will not transact in Nigerian naira. Another thing is that this type of account is only useful for transacting business, not for saving purposes. Most people who open these types of accounts have a constant need of moving money in and out of Nigeria. Once your account is in dollars, for example, you find it easy to receive dollars from a place like the United States of America, and the FOREX thing is made easy as the transaction will not be hindered by a dollar to naira rates.
So, if your business is international in nature, the best you can do is open a domiciliary account right here in Nigeria. In this case, you need to know the top providers. Read on to find out.
Benefits of having a domiciliary account
As in the case with every business, an international business will need to move money fast from one location to another. Apart from the speed, such transactions must be easy and simple. Opening a domiciliary account has much benefits especially if the person is dealing in the following business operations:
- Online FOREX trading
- Online Affiliate Marketing
- International travel
- Constant receipt of funds from places like the UK or the USA
For some others, even while it may be impossible to receive dollars from their friends and family abroad through Western Union or MoneyGram, if they have a domiciliary account, dollars or pounds can be paid in there, and then they can withdraw dollars, not naira from the account. It gives them the full choice of choosing how they want to use their funds, as most will also want to keep the dollar as it is a strong currency and will not lose value like the naira would at any time.
1. Zenith Bank
This bank has a very good reputation in Nigeria. It is the top or apex commercial bank in Nigeria. This bank prides itself as the top bank that provides a distinctive range of financial services in Nigeria. It has integrity, professionalism, corporate governance, loyalty, and excellent service as its core values.
The banking operation at the bank is very fast, in fact, the fastest in the country. It used to be very expensive to open a bank account at Zenith but today, if you need a domiciliary account at the bank, it is easy to get one.
You don’t need a lot of money to open a dom account at Zenith, in fact, you may open one with a zero balance. The commercial bank operates just two types of domiciliary accounts:
- Ordinary domiciliary accounts
- Cash domiciliary accounts
Before you use any of these, you need to understand how they work. Simply understand that with the Ordinary account, you are able to make transfers. It is not so for the cash domiciliary account. The reverse is the case, and one advantage of the cash domiciliary account is that users have access to EasyMoney as a feature on the account.
Features of Zenith Bank Domiciliary Account
- You are able to open a dom account with just three currencies – USD, GBP, and EUR
- Enjoy the zero opening balance
- You will have access to internet banking and mobile banking services
- You can also request a USD debit card
- You will get email and SMS alerts when transactions are made
- You as a customer with the domiciliary account will be able to do cash withdrawals in that foreign currency of your account from any Zenith Bank branch
With this account, customers are able to carry out transactions anywhere they are in the world. Time and place don’t matter. Owners of domiciliary accounts are able to do all their transactions whether internet or mobile banking without being physically present in a local Zenith Bank branch. All they need is a good internet connection.
Requirements
- Account opening form (Those who are already customers only need a letter or they could submit the form without supporting it with any other documentation)
- A passport photograph
- Valid ID such as driver’s license, international passport, National Identity Card, or Voter’s Identity Card
- Public utility receipt dated within the last three months. This can be PHCN bill, water rate bill, tenement rate, rent receipt, telephone bill, or others
- Visitation report (Residence)
2. GTBank
Guaranty Trust Bank (GTBank) or otherwise known as GTB is a good choice as well if you need to explore something different from Zenith Bank operations. The bank is synonymous with innovation, building excellence, superior financial performance, and ensuring that customers get the best in form of products and services. Today, the bank is proud to serve teeming customers across Africa and the United Kingdom. It is noted for bagging many awards of excellence over the years, and it is probably
Like that of Zenith Bank, the currencies here are USD, GBP, and EUR. A good thing about their dom accounts is that you the owner may fund them with cash deposits and cash inflows.
Features of GTBank Domiciliary Account
- Available in three currencies – US Dollars, British Pounds, and Euros
- Bank safely and speedily through e-channels from anywhere in the world
- Transfer funds in foreign currency to other domiciliary accounts
- Users can engage in cash withdrawals in foreign currency from any GTBank branch
GTBank is headquartered in Lagos, Nigeria but has subsidiaries in Cote D’Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, Uganda, Sierra Leone, and also in the United Kingdom. The bank has more than 12,000 people working every day to make it successful.
People are able to fund their GTBank domiciliary account with traveler’s cheques, foreign currency cheque lodgments, and cash inflows and deposits.
Requirements
- Fill out a domiciliary account opening form
- Submit your ID – Driver’s License, International Passport, National ID Card, or any other acceptable ID required by the bank
- One passport photograph
- Two completed reference forms
- A Utility bill issued within the last three months
3. First Bank
This bank is known to be the first commercial bank in Nigeria. The bank offers domiciliary accounts in addition to its wide variety of services and products, as a way to encourage customers to process international transactions with ease. The account can be accessed through cash deposits, foreign currency cheque deposits, and traveler’s cheques.
This commercial bank also offers two types of domiciliary accounts to customers.
- FirstDom Plus – A foreign currency deposit account for customers that have $5,000 or more in their accounts. There are two benefits to operating this type of account. Users enjoy good interest rates on their money, and it also comes at reduced bank charges. That gives the owners more reasons to boost their earnings.
- Domiciliary Account – This is the account that allows users to keep their money in US dollars, Pound Sterling, or Euros. Only businesses such as SMEs or large corporations are allowed to own this account.
Features of First Bank domiciliary account
- This account has a minimum opening balance of $500, €500, or £300 unlike the case with First Bank
- There’s also a minimum operating balance of $100, €100, or £50
- There is no maximum amount of withdrawals in a month
- The cash withdrawal is at 0.5% flat per transaction
- A guaranteed FCY deposit
- There are no restrictions on the number of withdrawals
- A pool for interest on bank fund
Requirements
- Fill out an account opening form
- Get a specimen signature card
- Two recent passport photographs
- Address verification documents – utility bill
- Valid means of identification e-g. International Passport, Driver’s License, or National ID card
Those interested in applying may download the forms and fill them correctly. Later, they will be required to visit a First Bank branch to submit the form.
4. UBA
This is United Bank for Africa, another top-rated bank in Nigeria. This commercial bank is known as Africa’s Global Bank.
With the domiciliary account, customers can send and receive funds in foreign currencies. This bank gives customers a wide range of options to select from while applying for a domiciliary account. There are four types of domiciliary accounts.
- Freedom Dom Account – This account is made to receive foreign remittances into your account with no limits. To open this account, only a BVN number is required
- Dom Advantage Account – This account comes either as a savings or current domiciliary account that’s denominated in a foreign currency. However, it is operated right here in Nigeria as a domiciliary account. Before a person opens this account, he or she will need to submit a valid means of identification such as an international passport, driver’s license, national ID card, etc. secondly, two passport photos will be submitted
- UBA Kiddies Domiciliary Account – is an FCY account denominated in three currencies – USD, GBP, and EURO. Parents can make use of this to save for their children’s secondary or tertiary education abroad. This account can be opened with the valid identification of the parent or the guardian. Two passports photos, the child’s birth certificate, utility bill, and BVN of the parent or guardian
All these come with multiple benefits. Users can stand strong to enjoy the following benefits when they open any of the accounts listed above.
- UBA internet banking
- Secure transactions
- Transaction notifications
- 24/7 banking
Features of UBA Domiciliary Account
- Open a dom account in Pounds Sterling, US Dollars, Euro, and more
- Internet banking
- Email and SMS transaction alerts
- Bank account statements
- The interest rate depends on the account balance
- Zero transfer charge / zero withdrawal charge
- Users can also enjoy a UBA Domiciliary Account unlimited number of withdrawals
UBA is also present in many African countries. Check the list out below:
- Nigeria
- Chad
- Ghana
- Cote d’Ivoire
- Liberia
- Senegal
- Uganda
- Congo Brazzaville
- Guinea Conakry
- Kenya
- France
- Mali
- Sierra Leone
- Zambia
- RDC
- Mozambique
- Tanzania
- Gabon
- Cameroon
- USA
- UK
- Benin Republic
Apparently, this seems to be the bank with the most footprint in Africa.
5. Fidelity Bank
Many people don’t know that this bank also offers good domiciliary accounts for customers. The Dom operates in just three currencies – US dollars, British Pounds, and Euros. The bank calls it the Fidelity Diaspora Domiciliary Account.
Like all other Dom accounts allow as seen above, this account allows holders to do international transactions from anywhere they are in the world. Watch the inflows land in your local accounts without being subjected to unpleasant local exchange rates. This is one reason why many Nigerians prefer Fidelity Bank domiciliary accounts.
Features of Fidelity Bank Domiciliary Account
- Start with a minimum account opening of $50, €50, and £50
- Minimum operating balance of $30, €30, and £20
- The bank offers good interest rates
- Users can enjoy internet banking, email and SMS transaction alerts, and statement standing orders
- It has investment facilitation services for shares traded on NSE
- Users can open domiciliary and current accounts at the same time
- Draft issuance in foreign currency
- Option of Nominee Resident Joint signatory here in Nigeria
Requirements
- Fill out a Diaspora Account Opening Form
- Attach one passport photograph (Digital passports are allowed)
- A valid means of ID such as a notarized or certified copy of a Nigerian passport, valid driver’s license, valid national ID card, or voter’s card
- Birth certificates
- Proof of residential address
- Two Nigerian bank references from active current, domiciliary, or corporate account holders
Take note that you may choose to apply online or you could download the required forms online, fill them and send them through email to the bank. Look for more information on the website entered above.
Conclusion
No doubt, you must have seen the importance of making use of any of these banks for your international banking needs. If you have to trade in dollars or other foreign currencies, opening a domiciliary account is a must. It makes life better and a whole lot of processes will be made speedily. If you want the best, choose from one of these banks listed above.
