A Quick Gulde of Opening a Domiciliary Account in Nigeria

To open a domiciliary account in Nigeria is not a myth. Many people actually thinks that opening a dollar account in Nigeria bank is hard, but no, you can do it with no time.

As an individual or a business willing to make or get paid in USD or any foreign currency, it's easier done with a Domiciliary Account. 

Open a Domiciliary Account in Nigeria

In this article, below are what we've discussed. You can go straight to your preferred section by using the table of contents.

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What is a Domiciliary Account

A domiciliary account is a specific kind of current account that allows you to receive and make payments in foreign currencies, must especially US dollars (USD). All money in a domiciliary account is valued at the current naira exchange rate.

A domiciliary, also known as "Dom Account" is used to accept foreign currencies such as USD, Euro, GBP etc. The money received to your dollar account will be valued at the current naira exchange rate, and you can also withdraw the money from your bank and exchange it in the bank or at the Aboki.

Who can open a Domiciliary Account?

Many banks and other financial institution allow individual and businesses to open a domiciliary account as far as you are able to provide all the required documents.

Required Documents for Opening a Domiciliary Account in Nigeria

The follow documents are demanded by most Nigeria bank to open a domiciliary account. Meanwhile the requirements varies across different bank but are similar. Contact your bank to make sure you possesses all the required documents before applying.

Here are the basic documents usually required by Nigeria banks.
  • Two Referees - that is, two current account holder from to sign the reference form.
  • Completed domiciliary account opening form
  • An existing Naira account (either savings or current account) with the bank.
  • A valid government issued ID card ( International passport, Driver's license or Voters card)
  • Two recent passport Photograph
  • Address verification documents - Utility bills (such as Electricity bills, telephone bills, waste management bill etc) issued within the last three month.
  • Completed specimen signature card
  • Resident permit
Additionally, some banks may required additional information/documents from you but those listed above are the major ones.

How to Open a Domiciliary Account in Nigeria

As I said earlier that to open a domiciliary account in Nigeria is easy. All you need to do is to confirmed the documents required by your bank and possess them, then you can apply for domiciliary account.

Meanwhile you can go to your bank to obtain the form. You can also apply for domiciliary account online by simply download the form and fill out.

To open a domiciliary account is totally free, however, most bank require that you apply in-person at your nearest bank branch.

Note - opening a domiciliary joint account may require a special joint account holder form and it is done in-person to apply at the bank.

Benefit and Advantages of Owning a Domiciliary Account in Nigeria

The major benefit of domiciliary account is that you will be able to receive foreign at current market rate. Here are other important of having a Domiciliary Account in Nigeria.
  • Receive, Send and Withdraw money in Foreign Currencies (USD, Euro, GBP)
  • Get current exchange rate
  • Get hedge against inflation
  • Good for businesses that do local and International transfer
  • Best for buying stuff online

Top Banks that Offers Domiciliary Account in Nigeria

90 percent Nigeria banks offers domiciliary account for individual and businesses, but here are our recommended - which is the top 5 best Banks that provide Domiciliary Account in Nigeria.
  • United Bank for Africa (UBA)
  • First Bank of Nigeria (FBN)
  • Guarantee Trust Bank (GTB)
  • Access Bank
  • Zenith Bank

Conclusions

Opening and activating a domiciliary account in Nigeria usually takes 48 to 72 hours. But as soon as your account is activated, you can begin receiving and sending foreign currency.

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Temmy Samuel

Hello! My name is Stephen. I'm a content writer. I write stories about Finance, Businesess and Technology. Contact me via the contact page. Thanks.

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