You might need a domiciliary account for several reasons; to receive money directly in the currency it is sent, for specific international transactions, etc. One way or another, domiciliary accounts are somewhat necessary for people who intend receiving foreign currencies as is without in their accounts.
The best part is that exchange rates do not affect the foreign currencies in your bank account, so long they are seated there. Where they are affected is in conversion which is done according to the present exchange rate at the time of the proposed transaction.
Steps For Opening A Domiciliary Account In Nigeria
- Step 1: Visit any Nigerian bank that provides such type of account service and request for the domiciliary account opening form.
- Step 2: Fill the form with your personal details and submit the following for valid identification
- Step 3: After meeting the requirements and filling the form, you would be required to make an initial deposit of one hundred US Dollars (varies according to the bank). You may as well withdraw the money when your account is active.
- Step 4: Wait a period of 48-72 hours for your dormiciliary account to be ready.
Virtually all banks in Nigeria offer such an account service, but GTBank is the best. Please read this guide on things to note before applying for a dorm account in Nigeria in 2020.
Requirements for Opening A Domiciliary Account In Nigeria
- An ID: (National ID, drivers license, International passport, voters card or a NIMC authorized slip)
- A Utility bill: A copy of your electricity bill or water bill (This bill must have the same address you used in filling the domiciliary form as it will be used by the bank for address verification)
- Depending on the bank, you should be required to produce one or two referees from a current account holder or a previous domiciliary account holder.
- 2 (two) current passport photographs.
***Note: If you have a current account in any other bank or with the bank you chose to open the domiciliary account, some of the requirements above might be skipped. The bank might require you to open either a savings or current account if you have none with them to use alongside your domiciliary account.