Many of you do not know what a domiciliary account is while some are interested in opening one but don’t know the details
so in this article, I’m going to discuss everything you need to know about a domiciliary account so read till the end.
What is a domiciliary account?
A domiciliary account is actually made to give you the opportunity to send, transfer, and receive foreign currencies using your local bank from the comfort of your home and anywhere in any part of the world.
Hearing the name domiciliary account it sounds like something big with lots of stress, but that’s not the case it is actually like your normal bank account but the only difference is that it has extra layers of features that allow you to transact foreign currencies like the British pound, euros, the US dollars the Canadian dollar, Chinese yuan, Japanese yen and so many other foreign currencies
How do you open a Domiciliary account?
Actually, opening a Domiciliary has a lot in common with the way you open your regular bank account, how easy, quick, and stress-free differs from bank to bank i,e, it depends on the bank you choose to open your domiciliary account with.
To avoid having to return the following day, there are requirements you have to go with to finish the process the same day.
Below is the list;
- A copy of a valid identification document (Driver’s license, International passport, National identification card, Nigerian passport, or any acceptable valid identification by the bank)
- One passport photograph
- Two completed reference forms by current domiciliary account holders within the Nigerian banking system.
- A utility bill issued within the last 3 months with the same house address in your domiciliary account opening form
- filling and signing a domiciliary account opening form.
Banks that allow you to open a domiciliary account with them
There are lots of Nigerian banks that open a domiciliary account but we are going to mention only a few that will give you lots of choices to choose from.
- First Bank of Nigeria
- Zenith bank
- United Bank for Africa (UBA)
- Guaranty Trust Bank (GTB)
- Union Bank
- Fidelity Bank
- Access Bank
- First City Monument Bank (FCMB)
- Stanbic IBTC
- Polaris Bank
Why you need a Domiciliary account
There are many reasons why you need a domiciliary account, but here are a few reasons and some explanations below
Most Nigerians get paid in dollars as a result of working online jobs for international companies, online jobs like freelancing, content writing, etc. so if you get paid in dollars you really need a domiciliary account.
You can receive or transfer money at a cheap rate
Having a domiciliary account comes with a MasterCard if you want, most online shopping platforms
like Aliexpress no longer accepts Naira cards so having a domiciliary account
with MasterCard will save you and have stress-free shopping.
You can pay online payments like Apple Music which doesn’t accept Naira cards anymore and so on
There are so many reasons why you need to open a domiciliary account, most people rely on apps like Paypal, Geegpay, Payoneer, etc
they are also good but their rates are higher than when you have a domiciliary account,
Paypal has been banned from Nigeria and for you to get an active working Paypal
you have to pay someone to work on that why waste such a huge amount when you can just have a Nigerian dollar account for free?
Also, most people receive money in their naira account internationally
but they don’t know that the bank chooses the rate and amount they will get.
For example, if the bank rate is 700 and you are to receive 100 dollars the bank will give you 70,000
but if the 100 dollars was sent to your domiciliary you can get a higher amount if you find a willing buyer.
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