Have you been looking for how you can open a Domiciliary account down in Nigeria, you really need to go down through this Post In other to know how to go about it. It’s quite unfortunate to learn the fact that some persons have been having issues receiving foreign currency.
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In this post, you have no worries at all, hence we will be sharing with you all the detailed guides you really need to know about the Domiciliary account. Before we commence, have it at the back of your mind that Nigeria packs over 30 million people. And these people make their respective transactions on a daily basis.
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What is a domiciliary account?
Its quite unfortunate to learn the fact that some users don’t even know what a domiciliary account is all, Well, have it at the back of your mind that a domiciliary account is simply a type of bank account that is been used for receiving or sending funds in a particular foreign currency.
How Does domiciliary accounts work in Nigeria?
It is just as simple as ABC. It’s just a normal account you will strive to open in as much as you intend trading on Foreign Money. Have it at the back of your mind that once you must have open any domiciliary account with any bank, you will be given an account number.
To be frank with you all, gone are the days when people find it difficult sending money to their family members. friends from outside Nigeria. This account now makes it easier to make your respective transactions without any form of stress.
Furthermore, know it that if you have a domiciliary account for USD, You can not use it for Euros or British Pounds. If you feel like making transactions with the respective currencies, you will have to open them. I believe with these Few tips, you now know how it works down here in Nigeria.
Bank That Allows User To Own A Domiciliary Account in Nigeria
We will be listing out the respective banks you can open a domiciliary account in Nigeria. You can simply choose any of the below and open an account with them. The banks are as follows.
- Union Bank of Nigeria Plc
- United Bank for Africa Plc
- Zenith Bank Plc
- Access Bank Plc
- First City Monument Bank Plc
- First Bank of Nigeria Limited
- Guaranty Trust Bank Plc
- Diamond Bank Plc
- Fidelity Bank Plc
- Citi Bank Nigeria Limited
- Ecobank Nigeria Plc
- Unity Bank Plc
- Providus Bank Limited
- Jaiz Bank Plc
- FSDH Merchant Bank
- Rand Merchant Bank
- Nova Merchant Bank
- Wema Bank Plc
- Heritage Banking Company Limited
- Keystone Bank Limited
- Polaris Bank Limited
- Stanbic IBTC Bank Plc
- Standard Chartered
- Coronation Merchant Bank
- FBNQuest Merchant Bank
- Sterling Bank Plc
- SunTrust Bank Nigeria Limited
It interested us to let you know that the above-listed banks in Nigeria simply allows users to own a domiciliary account. Te account can be used to trade on some foreign trade In Nigeria. Be rest assured that the banks are said to support either US dollars ($), Euros (€), or Pounds Sterling (£).
Required Document/ Files You will need to Open the Account
Before you can be allowed to open this account, you will be needing some documents which will be listed below. Make sure you provide the below information
1: You will need a signed Domiciliary account opening form.
2: You will have to provide a copy of the identification document (such as Driver’s License, International passport, National I.D Card, or Governmental ID).
3: You will also be bringing One passport photograph.
4: Make sure you bring Two (2) completed reference forms.
5: And also a Utility bill which is been issued within the last 3 months.
Recently, we are meant to understand that before you can Open a Dorms account in Nigeria, you will have to make an initial payment of $100, Pounds Sterling, or even Euros, all depending on the case may be. Most times, you will be allowed to withdraw the money after your account must have been credited.
Advantages of owning a domiciliary account in Nigeria
Have you been asking for the advantages of owning a Doms account in Nigeria, you will be looking at the below writeup telling you why you should open a domiciliary account in Nigeria.
1: One of the importance is just that you can freely maximize profit and minimize expenses incurred as a result of receiving foreign deposits into the regular naira savings/current bank accounts.
2: Be rest assured that you can as well minimize the cost of conversions while purchasing online from websites that use your currency type.
3: You can simply make your withdrawals in foreign currency from any bank branch with which you have an account without stress.
4: You will receive foreign Money direct from outside Nigeria even without losing the Value of the Money.
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