Let’s say you’re looking forward to making money online in Nigeria, or you’re a freelancer who earns money with your digital skills online, then you’ll need a domiciliary account if you want to receive your money and if you want to get the exact value you might have calculated before getting paid. In today’s article on NaijaKnowHow, you’ll be learning more about what a bank domiciliary account is, how to open a domiciliary account in Nigeria, why you should open one and also the documents needed before you can have a domiciliary account in Nigeria.
What is a Domiciliary Account?
A domiciliary account (also known as Dom Account in Nigeria) is a type of bank account that enables an individual to get payments in foreign currencies. This type of account can either be saving or current and it can accept currencies like USD, Euro, CAD, GBP and other currencies.
This account can only receive foreign currencies and you can also send out foreign currencies from your domiciliary account. And one of the helpful benefits of having a domiciliary account in Nigeria is that, you can with the foreign currency you have from your domiciliary account and you can change it at bank rates or higher rates outside the bank.
Benefits of Having a Domiciliary Account
Just like when you have a normal bank account in Nigeria, you know the benefits it does for you, how you get to keep money, to receive and send money faster. The same applies to having a domiciliary account but it’s even better than a normal bank account, you can check out some of the benefits below.
You’ll get paid in any of these currencies (USD, EUR, GBP), depending on the type you selected when opening your domiciliary account. You can send funds easily to anyone abroad Makes both local and international business transactions easy. You’ll be able to make foreign payments online without the fear of $100 monthly spend limits on normal accounts that resulted in people making payments via Virtual Dollar Cards.
How Much Does It Cost To Open a Domiciliary Account in Nigeria?
Typically, opening a domiciliary account in Nigeria doesn’t require pre-payment, and neither does it have any hidden costs or charges. In most Nigerian banks, the process of opening a domiciliary account is pretty straightforward and mostly free. However, some banks require that you have a minimum opening balance before you can open a domiciliary account in Nigeria. Find out all the banks’ minimum opening balances mandated below:
Needed Requirements Open A Domiciliary Account in Nigeria
Before you can open a domiciliary account in Nigeria, you must possess certain documents that will clear you to be fit and capable of becoming a domiciliary account holder in Nigeria. These documents are details you’re familiar with, so it shouldn’t be much of a problem for you. But you need to know that all banks in Nigeria use different but slightly the same requirements before you can open a domiciliary account with them. But the requirements I’ve written below should be noted because they’re common in most banks in Nigeria.
Bank Identification Number (BVN). A utility bill within the last 3 to 1 month. 1 or 2 passport photographs. Valid means of identification (either your international passport, permanent voters’ card, National ID card or NIN Slip or a driver’s license. Reference: Someone with a current account (with or without the same bank). Note: In some banks like the United Bank of Africa (UBA) Refree’s aren’t really that mandatory if the domiciliary account you want to open isn’t expected to receive funds under $6,000. But if you’re expected to receive more than that, then a referee is needed.
Steps To Open A Domiciliary Account in Nigeria
Conclusion
That’s all you need to know about opening a domiciliary account in Nigeria (Dollar, Pound, Euro etc.), it’s very easy when you meet all the necessary requirements. If you have any questions to ask, kindly leave them in the comment box and you’ll be given a response as soon as possible.
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