You may believe that you do not require a domiciliary account because you have no relatives outside of Nigeria; however, what if your children or relatives move abroad? How will you conduct business? What if you require payments from other countries?
That is why we are discussing the best domiciliary account in Nigeria.
However, the domiciliary account isn’t just for relatives; it can also be used to receive foreign funds from foreign business clients.
A domiciliary account is also required to enjoy the following benefits:
You can save money in this domiciliary account in the same way you would in a savings account; it will be useful if you need to save money for a project or anything else.
You can keep money in a domiciliary account without it depreciating, regardless of how volatile the currency is. You will also be able to use internet banking.
This is why this post will list the top ten banks in Nigeria that offer domiciliary accounts, as well as the requirements you must meet before you can open one.
A domiciliary account only accepts foreign currencies like pounds, euros, and dollars. It does not, however, accept Nigerian Naira.
This account accepts only foreign currency (not Nigerian Naira) and, unlike other types of bank accounts, is only used for commercial transactions rather than savings.
As a result, it can be used to send money to another country or to receive foreign currency from a foreign account.
The best Nigerian banks that provide domiciliary accounts are listed below.
- ACCESS BANK DOMICILIARY ACCOUNT
This bank offers one of the top domestic accounts in Nigeria. It also provides its customers with a wide range of amazing options. Foreign currencies accepted include Pounds, Yen, US Dollars, and Euros.
The two types of access bank domiciliary accounts are the domiciliary savings account and the domiciliary current account.
Chequebooks can be accessed through the domiciliary current account. There are no withdrawal restrictions, and there is no need to pay a maintenance fee. A domiciliary current account has a number of advantages.
A domiciliary savings account has various benefits, including the elimination of the need for a check, the ability to open an account at any time, and many more.
THE REQUIREMENTS FOR OPENING A DOMICILIARY ACCOUNT AT ACCESS BANK
- You must have a vehicle and a valid ID.
- It is required to have a passport.
- As a foreigner, you must have a residency permit and meet certain additional requirements.
- GTBANK DOMICILIARY ACCOUNT
Guaranty Trust Bank is one of the top domiciliary accounts in Nigeria. It accepts payment in US dollars, British pounds, and euros.
You can also carry out a simple transaction from the comfort of your own home.
You can withdraw cash from any GTBank branch in one of the bank’s restricted international currencies using your GTBank domiciliary account.
It is a 24-hour banking service that is offered seven days a week. Treasury Bills have four disadvantages in Nigeria.
REQUIREMENTS FOR A GTBANK DOMICILIARY ACCOUNT
- Valid identification, such as a passport, a voter’s card, or another type of identification
- A request for a new account.
- A passport photo from a recent trip.
- Receipt from a government agency.
- FIRST BANK DOMICILIARY ACCOUNT
First Bank is one of the leading banks in Nigeria that provides a domiciliary account. It helps its customers to conduct international trade. This domiciliary account accepts deposits in cash, traveler’s checks, and foreign currency.
The FirstDom plus has a high-interest rate but no bank fees. It is also available to people who have $5,000 in their accounts. the exchange rate between dollars and nairas
A domiciliary account is not available to SMEs or corporate entities. Only US dollars, British pounds, and euros are accepted.
REQUIREMENTS FOR A FIRST BANK DOMICILIARY ACCOUNT
- A valid identity card
- A request for a new account.
- a passport was just issued a bill for public utilities
- ZENITH BANK DOMICILIARY ACCOUNT
Zenith Bank is one of Nigeria’s largest banks, with outstanding customer service. You can open a new Zenith bank domiciliary account in Nigeria with no funds. Zenith Bank offers two types of domiciliary accounts: traditional domiciliary accounts and cash domiciliary accounts. NNPC Candidate Recruitment
The normal account allows you to move money and undertake international transactions without fear of being caught off guard. You can use internet banking, mobile banking, and a number of additional services.
A standard domiciliary account does not require any money to open, and it can be opened with a zero balance. The ordinary account can be completed without leaving your home, implying that transactions can be done online.
A cash domiciliary account does not allow transfers; you can only cash in and out. Banks with the Best Domiciliary Accounts
REQUIREMENTS FOR A ZENITH BANK DOMICILIARY ACCOUNT
- Registration form.
- Valid identification, such as a voter’s card, national identity card, or any recognized form of identification demonstrating that your house is where you live.
- In addition, a public utility receipt, such as a PHCH, a phone bill, or something similar.
- STANBIC IBTC BANK DOMICILIARY ACCOUNT
Consider opening an account with Stanbic IBTC, one of the largest domiciliary accounts.
You can send and receive money in a variety of currencies other than the Naira. You must have the following to open a Stanbic domiciliary account:
A $100 fee for an individual and a $500 deposit for a firm, as well as your forms of identification and other needed things
- FIRST CITY MONUMENT BANK (FCMB) DOMICILIARY ACCOUNT
The FCMB domiciliary account is likewise regarded as one of the best in Nigeria. You can perform international transactions with the same convenience and comfort that you do with other domiciliary banks.
This bank also offers a domiciliary current and savings account. You can save money with a domiciliary savings account, and you can perform foreign transactions from anywhere with a domiciliary current account.
THE STEPS TO OPENING FCMB DOMICILIARY ACCOUNT
- You must complete an account registration form.
- A passport photo and a valid ID card are required for a residence permit.
- FIDELITY BANK DOMICILIARY ACCOUNT
This bank offers its customers outstanding customer service as well as inexpensive incentives. As a result, it is ranked first among Nigerian banks offering the best domiciliary account. Customers with a Fidelity Bank domiciliary account can only use a limited number of currencies, including Pounds, US Dollars, and Euros.
BENEFITS OF A FIDELITY BANK DOMICILIARY ACCOUNT
- The minimum beginning balance for US Dollars, Pounds, and Euros is $€£.
- There must be a $€£ operational balance.
- It has the advantage of online banking.
- It gives interest rate information, among other things.
YOU MUST COMPLETE THE FOLLOWING REQUIREMENTS TO OPEN A FIDELITY BANK DOMICILIARY ACCOUNT.
- Form of registration
- A valid ID card (National Identification Card, voter’s card, or any type of identification accepted by the bank)
- Utility bills Residential
- A recent bank statement for a passport was issued recently.
- UNION BANK DOMICILIARY ACCOUNT
Union Bank also provides a number of domiciliary accounts to meet the needs of its customers, including a domiciliary savings account, a domiciliary current account, and a domiciliary travel card account in US Dollars.
YOU MUST MEET THE FOLLOWING REQUIREMENTS TO OPEN A UNION BANK DOMICILIARY ACCOUNT.
- A CIU form with a current pay bill
- BVN and,
- A valid identification card Passport
- UBA DOMICILIARY ACCOUNT
Because UBA is one of Nigeria’s leading banks, it provides a number of options for opening a domiciliary account in Nigeria.
The following UBA domiciliary accounts are accessible in Nigeria:
- The Dom Advantage
- Dom Advantage Plus
- Liberty Domiciliary accounts with Dom U-Care Plus
FEATURES OF THE UBA DOMICILIARY ACCOUNT:
- Withdrawals from a UBA domiciliary account are subject to restrictions.
- It allows for internet banking.
- Deposits and withdrawals are both free of charge.
- Both bank statements and SMS alerts are accessible.
- It mostly deals in US dollars, British pounds, and European euros, among other currencies.
REQUIREMENTS FOR A UBA DOMICILIARY ACCOUNT
- A minimum opening balance of $1000, €700, or £600 is required.
- A €20 (£15) communication fee is required.
- POLARIS BANK DOMICILIARY ACCOUNT
Polaris Bank Domiciliary Account It allows you to conduct transactions at your leisure. You can use your domiciliary account to pay bills, save money for your children, and do a variety of other activities.
QUALIFICATIONS FOR A POLARIS BANK DOMICILIARY ACCOUNT
Your valid ID card, your pay stub, your passport photo, and any additional bank requirements
CONCLUSION
This post was successful in presenting you with the top ten best banks with domiciliary accounts. It is up to you, though, to decide which one to open.
Overall, we hope that this post has benefited your decision-making regarding banks to consider when opening a domiciliary account, and we believe that they will be of great assistance to you in your future overseas banking dealings.