How to withdraw money from a domiciliary account in Nigeria

Read my post on how to withdraw money from a domiciliary account in Nigeria.

A domiciliary account helps you to receive money in foreign currency here in Nigeria. There are different types of domiciliary account, most popular of which are the dollar domiciliary account, euro domiciliary account and pound sterling domiciliary account.

After you have received money in your domiciliary account, the next step is usually how to withdraw the money from your Domiciliary account. There are different ways in which you can do this easily.

In this post, I am going to be showing you three ways in which you can withdraw money from your domiciliary account in Nigeria under the following sub-topics “How to withdraw money from your domiciliary account in the bank”, “How to withdraw money from your domiciliary account using the ATM”, “How to transfer money from your domiciliary account to your naira account” and more.

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Let’s get into it then…

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What is a domiciliary account?

A domiciliary account helps you to receive money in foreign currency here in Nigeria. There are different types of domiciliary account, most popular of which are the dollar domiciliary account, euro domiciliary account and pound sterling domiciliary account.

How to withdraw money from your domiciliary account in the bank

This the easiest method to withdraw money from your domiciliary account, and in my opinion, the best method.

All you have to do is to walk to any bank branch, and It must be the bank you opened the domiciliary account it i.e. If you opened the Dom account with access bank, then you must visit an access bank branch.

Proceed to the customer service area and tell him/her that you want to withdraw money from your domiciliary account. He/she will direct you on how to go about it.

If they have enough foreign currency to at their disposal, then they will give you the exact amount you want to withdraw in whatever currency you are withdrawing i.e. If your domiciliary account is a USD account, then you will be paid in dollars.

After you have successfully withdrawn the money, the next step is usually to head to any Bureau De change office near you to convert your foreign currency to the equivalent in naira.

The reason why I said this method is the best is because most bureau De change will convert your foreign currency using the black market rate.

How to withdraw money from your domiciliary account using the ATM

Another method to withdraw from your domiciliary account is by using an ATM. When you opened the domiciliary account, you must have been given a MasterCard to withdraw funds from the ATM.

Walk up to any ATM around you and withdraw from your domiciliary account. Since Nigerian ATMs don’t issue foreign currency, your money will be converted to its equivalent in naira before it is paid to you.

The disadvantage of this is that the ATM will use the banks official conversion rate, which is lower than the black market rate, and also the charges per withdrawal is quite high.

How to transfer money from your domiciliary account to your naira account

Another method to withdraw from your domiciliary account is to transfer the money to your naira account.

The first step in this method is to contact your account manager or a customer care personnel and tell them you want to transfer money from your dom account to your naira account.

The bank will then deduct the money from your dom account and transfer the equivalent to your naira account using their official exchange rate.

Of course, the rate is usually not as good as the black market rate.

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Summary

Apart from the above listed, there are other ways to withdraw money from your domiciliary account, but the above should be very easy to understand and carry out.

Conclusion

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