Have you been hearing so much about domiciliary account and yet you do not know what it means or how to go about getting one? This article would help clarify anything you do not understand.
This article contains information such as
- How to open a domiciliary account
- How to withdraw from a domiciliary account
- Common issues you may encounter while operating a domiciliary account.
What is a domiciliary account?
This is an account that gives you free access to raw physical foreign currency (i.e. pounds, dollars, yen, euro etc.).
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 foreign currencies into these accounts through cash deposits, traveler’s cheques or cheque deposits.
What are the requirements to open a domiciliary account in Nigeria?
- Properly completed Bank Account Opening Form.
- Properly 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.
How much does it cost to open a domiciliary account in Nigeria?
The price of opening a domiciliary account in Nigeria is not fixed. This simply means that the amount you would deposit varies according to banks. For example in GTB you don’t need to deposit any money before opening the account, however in most banks you would have to deposit 100-500 dollars into your account.
How to Withdraw Money from a Domiciliary Account
There are various ways by which a domiciliary account holder can withdraw his/her money.
- Use a check
- Apply for withdrawal using a letter
- Wire transfer
- Withdrawal slip
- ATM card withdrawal
What are the issues I may encounter when opening a Domiciliary Account?
There are so many situations that could make one not to be qualified to open a domiciliary account in Nigeria. It comprises of the following among others:
- Lack of official ID card
- If there are no existing account holders to stand for you
- If the date of birth in the account you have before does not rhyme with the one in your ID card
- Inconsistency in names
- Also if the electricity bill you wish to present has exceeded three months
- Inconsistency in address
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We hope this article helped you open A domiciliary Account in Any Nigerian Bank.
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