How To Open A Domiciliary Account
Are you trying to open a domiciliary account in Nigeria to be able to send and receive US Dollars?
It may seems difficult and stressful to create one for yourself, with our guides it will takes you less than minutes!
What is a Domiciliary Account ?
A Domiciliary Account is a specific type of bank account that allows you to send and receive payment in foreign currencies such as US Dollars. Most Nigerian banks gives access to both individual and business corporate account users to open a domiciliary account. Your bank will request some information from you including ID, residence permit, adress verification, and the proper bank forms, with all this you will be able to apply.
Requirements to open a domiciliary account
Here is a list of the necessary documents usually required by Nigerian banks to open a domiciliary account. check for the right documentation before going to your bank.
- Completed account opening form (different per bank)
- Completed specimen signature card
- Two recent passport photographs
- Address verification document, such as a utility bill
- Valid ID, e.g driver’s license, international passport or national ID card
- Resident permit
How to open a domiciliary account in Nigeria
After checking with your bank and you have the necessary documentation, you can apply for a domiciliary account.
Usually the necessary forms you are required to have and fill out are available online to download. However, many banks require that you apply in-person at your nearest branch. opening a domiciliary account is free in most banks and if you want to open a joint account, it may require a special joint account holder form and that both individuals go to the bank to apply.
How much do i need to open a domiciliary account
Opening a domiciliary account is free in some Nigerian Banks, all they will ask from you are the paperwork listed above while others may request for a little fee for them to set up the account for you. A domiciliary account makes it possible for you to have a foreign currency account in Nigeria.
Nigerian banks you can open domiciliary accounts?
Most banks in Nigeria allow you to open a domiciliary account, these includes:
- First Bank
- Union Bank
- United Bank For Africa (UBA)
- Guaranty Trust Bank (GTB)
- Zenith Bank
- Wema Bank.
- Polar Bank
- First City Monument Bank (FCMB)
- Access Bank and many others.
Visit any nearby branch of your bank for further information in case your bank is not listed here.