BEST BANKS IN NIGERIA TO HAVE A DOMICILIARY ACCOUNT WITH.
BEST BANKS IN NIGERIA TO HAVE A DOMICILIARY ACCOUNT WITH.
A domicilliary account is an account that is operated on a foreign currency. A domiciliary account is a type of current account that allows you to fund it with foreign currencies such as dollars, pounds or euros and enables you to do foreign transactions on that account.
Today, the need for a domiciliary account is much, but most people don’t know how to access that bank that will give them the best value. Here, we will look at some Banks in Nigeria that Offer Services of Domiciliary account that are cheap and easy to afford.
The good thing about a domiciliary account is that it can be operated from any part of the globe.
The major purpose for opening a Domiciliary account is not for saving, rather it’s for the purpose of transacting business. It helps you transact in that currency you opened the account for.
Benefits that can be accrued from having a Domiciliary Account includes
Opportunity to keep Money in global currencies that have values.
It creates a channel for the flow of foreign funds directly to your name
It gives you an edge over the Ordinary account owner, as you can serve as a referee
Allows for International payments through mastercard
One currency per account, this means you have to open an account for every foreign currency you will transact with.
Bank Charges are high, depending the bank.
5 Banks To Open A Domiciliary Account With In Nigeria – Loanhub suggestions.
Every commercial bank in Nigeria has a Domiciliary account option. But we have compiled the list of banks with exceptional qualities. So in Particular order, here are Top 5 Banks in Nigeria, that you will want to open a domiciliary account with.
Guaranty Trust Bank
With GTbank a Domiciliary account is easy to handle, Because of its flexibility. With GTbank Domiciliary account, you can transact in US Dollar, Pounds or Euro, you can also fund your account via traveler’s cheques, foreign currency cheque lodgments and cash inflows and deposits. You can also make withdrawals from any GTBank branch very easily.
You have 24/7 banking services via various e-channels.
Also, you can make cash withdrawals in foreign currency from any GTBank branch.
You can transfer funds in foreign currency to other bank’s domiciliary accounts in Nigeria and outside Nigeria.
Requirements for Opening GTB domiciliary account
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.
Zenith Bank has two domiciliary account options. They are
Ordinary domiciliary account
Cash domiciliary account.
while you can make transfers with Ordinary domiciliary account, with the cash domiciliary account, transfers are not allowed for Cash domiciliary account and again with Cash domiciliary account, you have access to EazyMoney as part of the available channels.
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
One passport photograph of authorized signatories
A 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)
Fidelity bank provides you a foreign currency account to do international transactions. It operates in US Dollars, British Pounds and Euro. It enables inflows to hit designated account without being subjected to variation in the local exchange rate, depending on the currency you are operating.
Features and Benefits of Fidelity Diaspora domiciliary account
A minimum account opening balance of $50, €50, £50
A minimum account operating balance of $30, €30, £20
An interest rates on call/demand and fixed deposits
You have access to Internet banking, email transaction alerts and statements
Also, you have the option of a Nominee Resident Joint Signatory in Nigeria (e.g. spouse, parent, etc)
There are investment facilitation services for shares traded on NSE
A draft issuance in foreign currency
You have the privilege to open a Domiciliary and a Naira current account
Requirements for Fidelity Diaspora domiciliary account
A Diaspora Account Opening Form
You need one Passport Photograph (digital passports allowed)
A valid identification card; Valid Nigerian passport, valid driver’s license, valid national ID card or voters cardValid foreign passport/driver’s license supported by proof of Nigerian Nationality(either birth certificate, expired/valid Nig. Passport, drivers license or Voters card)
Proof of address. A notarized/certified copy of any of the following: Stamped Bankers confirmation utility bill issued within last 3 months, bank or credit card statement issued within the last three months and tenancy agreements/rent receipts.
Also, you need 2 Nigerian Bank references from active current, domiciliary or corporate account holders ( for current and domiciliary accounts only). Where certification of Documents is carried out by any of the following: Notary Public/court/ lawyer/Solicitor, Nigerian Embassy/High Commission/Consulate in customer’s country of residence, your Foreign bankers, government Security Agencies, commissioner for Oath
4. First Bank
First bank domiciliary accounts enable you to facilitate your international transactions and can be accessed via cash deposits, foreign currency cheque deposits or traveler’s cheque. First bank has two kinds of domiciliary account; FirstDom Plus and Domiciliary account. FirstDom Plus is a foreign currency deposit account that is solely targeted at the existing and potential domiciliary customers with balances of $5,000 and above. Its interest rate is quite attractive and there is reduced bank charges. Only Individuals and corporates can apply for this account while Domiciliary account is an account that allows you to keep money in US Dollars, Pounds Sterling or Euro; with your money valued at the prevailing exchange rate. This account helps to facilitate your international business transactions. Only SMEs and Corporate organizations can operate this account.
Benefits of Domiciliary Account
A minimum opening balance of $500, €500 or £300
A minimum operating balance of $100, €100, or £50
There is no limit to the number of withdrawals in a month
Your cash withdrawal is at 0.5% flat per transaction
An Inter sol transactions (account owner only) are allowed.
A Guaranteed FCY deposit
A pool for interest on bank fund
There are no restrictions on the number of withdrawals
Inter sol withdrawal (account holders only) allowed
A valid means of identification e.g. International passport, Driver’s license or National ID card.
Another bank that in Nigeria that you can open a domiciliary account with United Bank For Africa. This bank gives you a wide range of options to choose from when opening a domiciliary account with them. It also operates in major foreign currencies such as US Dollar, Pound Sterling, Euro, etc. UBA has the following domiciliary accounts; Dom Advantage Account, Dom Advantage Plus Account, Freedom Dom account and U-Care Plus Domiciliary Account.
Requirements of Dom Advantage Plus Account
A minimum Opening and Operating Balance: $1,000, or €700 or ₤600
For withdrawal Charge: there are zero charges once your account balance is up to minimum operating balance
Also for transfer charge: there are zero charges once the account balance is up to minimum operating balance
There is a compulsory swift communication charge of $25, €20 or ₤15 on all foreign transfers
Benefits of Dom Advantage Plus Account
It has an Interest rate that is payable on the account balance
It has a zero transfer charge
It has zero withdrawal charge
Also has an unlimited number of withdrawals
It is very important to check out these tips before considering to open a domiciliary account with any bank in Nigeria especially the 5 top banks mentioned above; 1. Monthly / Daily charges, transaction limits, minimum requirements, mobile and Internet banking, ATM charges and security.