This is a complete guide on how to open a domiciliary bank account with any Nigerian bank and use it to receive money in foreign currencies from abroad.
Many has continue to as questions such as how does domiciliary account works, what does domiciliary account mean, how to fund domiciliary account in Nigeria and even how to open a domiciliary account with different banks.
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This post is a complete guide that shows you how to open Dorm account with any bank, how to fund your Dom account and how to withdraw cash from your domiciliary account.
What is Domiciliary Account?
In a simple term, domiciliary account is a bank account that let you hold foreign currencies in your accounts. A domiciliary account is a type of bank account in which transactions are carried out in foreign currencies.
The account can be used to receive and send money in foreign currencies such as dollars, pounds, euros, etc Unlike your Naira bank account that operates in Naira, dom uses foreign currencies.
Why Opening a Domiciliary Account?
There are several reasons why people open domiciliary accounts in Nigeria and people have different needs for dom account.
Mostly, the account is used to receive fund from abroad in foreign currency. This makes it possible for you to make a withdrawal in bank in foreign currency.
Then Who Can Open Domiciliary Account?
The simple answer to this is that, anybody who is qualified to open a Nigerian naira account can also open dom account in as much as the person meets up with all requirements.
How To Open A Domiciliary Bank Account
This post will explain how to open domiciliary accounts in three different Nigerian banks with their requirements. The banks includes:
- Zenith bank
- Gtbank
- First bank
How To Open a Domiciliary Account in Zenith Bank
In case you want to consider opening a domiciliary account with Zenith bank, below are types of Dom account in Zenith Banks:
1. Cash Dom: (USD only)
2. Ordinary Dom: (Cash Transactions only)
3. Ordinary Dom
After decision on which kind of account too open, then below are the requirements:
A. You must have an account with Zenith bank. I mean ordinary naira account and mostly current account.
a. Account Opening form duly completed & signed.
b. Two (2) specimen signature cards duly completed.
c. Two (2) recent clear passport size photographs with your name and signature written on the reverse side.
d. Residence permit (where applicable).
e. A valid form of I.D. (International Passport, Driver’s License or National I.D.). See how t apply for National ID card here
f. A copy of a Public Utility Receipt (not older than 3 months)
g. Initial Deposit.
h. Two (02) References.
After meeting up with the requirements, then follow the procedures below:
1.Go to Zenith bank branch close to you and meet with their customer service reps.
2. Inform them to open a domiciliary account.
3. Get the Foreign Currency Account Opening Form, specimen signature card, two reference forms for you and your referee to fill.After proper filling of the form, go back to the bank and submit the forms.
4. Just like a normal account opening, they will have to properly go through the form for errors and corrections and then ask you to and await a text message including your dom account number.
5. Within 48-72 hours after verification, they will send you an SMS informing you of your new domiciliary account and the account number.
How to Open GTBank Domiciliary Account
Majority already have a naira account with Gtbank, so it becomes so easy to apply for domiciliary account. Your existing account with GTBANK can be used to open domiciliary account for account:
In other way, in case you don’t have any existing account with them, the necessary requirements are as follows:
1.One passport photograph
2. Valid ID card (International passport, Driver’s license or National ID card)
3. Copy of any utility bill issued within the last 3 months
references from current account holders within GTBank or other banks
4. $100 minimum balance.
5. Then complete the foreign currency account opening form
6. Within 48hours, you will receive an SMS from them informing you that your domiciliary account has been open with your account number.
7. Then, once you receive the SMS; you can go back again to the bank and deposit $100 into the account to activate your new domiciliary account.
First Bank Domiciliary Account Opening
In the same vain, all the documents requested for in GTBANK and Zenith bank are also required for opening domiciliary account in first bank. Just follow the procedures below to Open first bank dom account in Nigeria.
1.Get all the documents ready, and visit any nearest first bank branch.
2. Complete the foreign account opening forms
3. Submit it together with all necessary documents
4. Then deposit the minimum balance of $100
5. Within 48hours, you will receive an SMS from them informing you that your domiciliary account has been open with your account number
How to Open a Dom Account In Other Banks Nigeria
You may wants to open a dom account in access bank, UBA, Polaris Banks, FCMB. The same procedures as highlighted above in opening domiciliary account in the above three banks should be followed.
Even if its not 100% the same, they are very similar and the bank officials can guide you through.
In conclusion, opening a domiciliary account in Nigeria is not as difficult as people think. Just walk into the bank and give it a trial.
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