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.
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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.
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.
There are various ways by which a domiciliary account holder can withdraw his/her money.
You can-
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:
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We hope this article helped you open A domiciliary Account in Any Nigerian Bank.
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