How to open a domiciliary account in Nigeria 2021 can be accessed below:
Opening a domiciliary account in Nigeria can be confusing at first, but we’ll walk you through what you need to know to get set up and receive USD in no time!
What is a domiciliary account?
A domiciliary account is a specific kind of bank account that allows you to receive and make payments in foreign currencies, such as euros, dollars and pound . All money in a domiciliary account is valued at the current Naira exchange rate, You can also withdraw the foreign currency from any bank in Nigeria and either change it at bank rates in the bank or at the parallel market.
Who can open a domiciliary account in Nigeria?
Most banks allow both individuals and business corporations above 18 to open and operate a domiciliary account. As long as you have the necessary paperwork, including ID, residence permit, address verification, and the proper bank forms, you will be able to apply.
Why you should have a domiciliary account
Domiciliary accounts are important if you want to start receiving money from abroad. You can easily open a dom account with most Nigerian banks and with it, you can:
- Receive payment in foreign currencies (USD, EUR, GBP).
- Transfer funds abroad.
- Get attractive interest rates and hedge against inflation.
- Carry out both local and international transactions easily. This is a good option for people who do business internationally.
- Use it to buy products on any online platform.
Is There a Minimum Daily Balance for Domiciliary Banking?
What Documents are Required to Open a Domiciliary Account?
The requirements for opening a domiciliary account vary across different banks but are fundamentally similar. Here are the basic things that your bank will likely request of you.
- Means of address verification
- 2 references
- 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
- Board resolution as applicable
- Search report as applicable
Which Nigerian banks have domiciliary accounts?
Most banks in Nigeria allow you to open a domiciliary account, including the following:
- Guaranty Trust Bank (GTB)
- Zenith Bank
- Firstbank
- Access Bank
- United Bank For Africa (UBA)
- And, many more!
Note: If you do not see your bank listed here, it doesn’t mean your bank don’t allow Dom account , ensure to check with them.
How to open a domiciliary account in Nigeria 2021
