Domiciliary Account in Nigeria: How to Open and All You Need to Know
According to stanbic bank, they acknowledge that there are times when as an individual or business, you need to make and receive payments in a foreign currency. A Domiciliary Account lets you have accounts in currencies other than the Naira. You can pay into these accounts through cash deposits, traveler’s cheques or foreign currency cheque deposits.
UBA Nigeria has 4 major domiciliary account which work for different purposes, you can have a look at the four type of domiciliary account UBA offer in Nigeria.
Domiciliary Accounts
Dom Advantage Account
Dom Advantage Plus Account
Freedom Dom Account
U-Care Plus Dom Account
According to brief explanation by the bank, they stated that Dom Advantage is a current or savings domiciliary account denominated in foreign currency – US Dollar, Pound Sterling, EURO etc, but operated by in Nigeria as Domiciliary Account. It is a necessary account for business, when travelling or sending money to relatives abroad and also enables customer to be paid in any foreign currency.
Benefits
Minimum opening balance of $ 100, € 80 or ₤ 70 or its equivalent in other currencies
Account is operated in any of the major currencies US Dollar, GBP, Euro etc
Foreign Cheques/Instruments can be credited to the account
Can be used as a channel for Investments in securities and real Estate in home & abroad
Can be used as a channel for Investments in securities and real Estate in home & abroad
Interest payable on account credit balance subject to a minimum balance of $ 1,000, € 800 or ₤ 700 or its equivalent
DOM account balances can be used as collateral for Naira loans
While the Dom Advantage Plus Account is a foreign currency (USD, GBP, and EURO) denominated account variant that is operated in Nigeria as a domiciliary account targeted at individual and organisations who desire Zero withdrawal and transfer charges while earning higher interest rates.
Individual
Eligibility
High Net-worth Individuals
Medium Net-worth Individuals
Self employed professionals
Features
Minimum Opening/Operating Balance: $1,000, or €700 or ₤600
Withdrawal Charge : Zero charge once account balance is up to minimum operating balance
Transfer charge: Zero charge once account balance is up to minimum operating balance
Telex transfer charge (Swift communication charge): Compulsory swift communication charge of $25, €20 or ₤15 on all foreign transfers
Penalty on default in operating balance due to withdrawals : 0.5% + VAT charge apply on amount withdrawn
Penalty on default in operating balance due to transfers: 0.5% +VAT on amount transferred or US$10 + VAT (or its equivalent) whichever one is higher
READ General Code to Buy Airtime / Recharge Card from Your Bank Account – All Nigeria Banks
Benefits
Attractive Interest rate payable on account balance: Yes
Zero transfer charge : Yes
Zero withdrawal charge : Yes
Unlimited number of withdrawals : Yes
Non clearing cheque available for withdrawal: Yes
Access to Master Card or VISA DCDC card or single currency Master card : Yes
Required Documentation to Open domiciliary Account in Nigeria
Duly completed account opening form
Valid Identification Document
International Passport
Drivers’ license
National ID
Voters card
Two Current Account references
Utility bill within the last 3 months
Organization
Eligibility
Sole Proprietors
Partnerships and Enterprises
Religious organization
Schools
Clubs
Societies
Associations
Private Limited Companies
Features
Minimum Opening/Operating Balance: $5,000 or €4000 or ₤3500
Withdrawal Charge : Zero charge once account balance is up to minimum
Transfer charge: Zero charge once account balance is up to minimum operating balance
Telex transfer charge (Swift communication charge) : Compulsory swift communication charge of $25, €20 or ₤15 on all foreign transfers
Penalty on default in operating balance due to withdrawals : 0.5% + VAT charge apply on amount withdrawn
Penalty on default in operating balance due to transfers : 0.5% +VAT on amount transferred or US$10 + VAT (or its equivalent) whichever one is higher
Benefits
Attractive Interest rate payable on account balance: Yes
Zero transfer charge : Yes
Zero withdrawal charge : Yes
Unlimited number of withdrawals : Yes
Non clearing cheque available for withdrawal: Yes
Access to Master Card or VISA DCDC card or single currency Master card : Yes
For more info you can visit any of the bank for their own dom account facility and how it can be operated.
How to open a domiciliary account in Nigeria
To open domiciliary account in Nigeria, all you need to do is walk into your choice bank and request for domiciliary account form, fill the form and provide the required documents. Note that Nigerian domiciliary account opening requirements are vary depending on the bank, below i will try to list some of the required documents to open domiciliary account from different banks.
Documentation required to Open domiciliary Account in United Bank for Africa (UBA)
Duly completed account opening form
Valid Identification Document of each signatory to the account
International Passport
Drivers’ license
National ID
Voters card
Two Current Account references on organization
Utility bill on address of business, company or organization within the last 3months
Other relevant KYC documentation require for each class of customer
This is the requirement of opening domiciliary account in UBA bank, as mentioned above, all banks have it own procedure and required document of opening this account with them.
Lets move on to the requirements to open domiciliary account in firstbank Nigeria
Required Documents And How To Open domiciliary Account In Firstbank Nigeria
According to firstbank, this is an account that allows you save in US Dollars, Pounds Sterling or Euro; with your money valued at the prevailing exchange rate. It facilitates your international business transactions.
Features
No limit to number of withdrawals in a month
Cash withdrawals from an initially deposited cash will attract a 0.5% commission
Cash withdrawals from a cash inflow or funds transfers (credits) attracts a 1% commission
Inter sol transactions (account owner only) are allowed.
Benefits
Guaranteed FCY deposit
Attractive pool for interest on bank fund
No restrictions on number of withdrawals
Inter sol withdrawal (account holder only) allowed
Accompanying Documents
Duly completed Account Opening Form
Duly completed specimen signature card
Two (2) recent passport photographs
Address verification document: Utility Bill
Valid means of identification e.g. International passport, Driver’s license or National ID card
Resident permit
