Best domiciliary accounts in Nigeria (the best banks)

Read all about the best domiciliary accounts in Nigeria.

A domiciliary account is an account that operates in foreign currencies likes dollar, pounds, euros etc. You can receive, send and deposit foreign currency on your domiciliary account.

With a domiciliary account, you can save your money in foreign currency, you can receive money from outside the country and more.

Most of the commercial banks in Nigeria allow you to own a domiciliary account, which you can open easily with just a few requirements.

In this post, I am going to be writing about the best domiciliary accounts in Nigeria and more. Remember to leave us a comment after you finish reading and also share with your friends on social media.

Let’s get into it then…

Read my post on how to withdraw from a domiciliary account

What is domiciliary account?

A domiciliary account is an account that operates in foreign currencies likes dollar, pounds, euros etc. You can receive, send and deposit foreign currency on your domiciliary account.

With a domiciliary account, you can save your money in foreign currency, you can receive money from outside the country and more.

Best domiciliary accounts in Nigeria

GTbank

 

Make foreign currency transactions conveniently from the comfort of your home, office or anywhere in the world with your GTBank Domiciliary Account. Available in US Dollar, Pounds or Euro, you can fund your account via traveler’s cheques, foreign currency cheque lodgments and cash inflows and deposits. You can also make withdrawals from any GTBank branch.

• 24/7 Banking services via our various e-channels.
• Cash withdrawals in foreign currency from any GTBank branch.
• Transfer funds in foreign currency to other bank’s domiciliary accounts in Nigeria and abroad.

Requirements

• Filled and signed Domiciliary Account opening form.
• A copy of identification document (Driver’s License, International passport, National I.D Card, or any other acceptable by the bank).
• One passport photograph.
• Two (2) completed reference forms.
• Utility bill issued within the last 3 months.

Zenith bank

 

Zenith domiciliary accounts give you the opportunity to conveniently carry out foreign transactions wherever you may be. With access to debit cards, internet banking, and mobile banking application, your transfers, payments, standing orders etc. can be done without you walking into the banking halls.

Features

• Zero opening balance
• Internet Banking
• Debit Card (USD)
• Mobile banking
• Email/SMS Alertz
• Standing orders
• USD
• No transfers allowed. (Cash in and cash out only)

Requirements

• Account opening form (existing account holders with full documentation only require a written letter or completion of account opening form without the provision of any other documentation).
• One passport photograph of authorized signatories.
• Valid ID (Driver’s License, International Passport, National Identity Card or Voter’s Identity Card).
• Public Utility Receipt dated within the last three months
• (PHCNbill, water rate bill, tenement rate, rent receipt, telephone bill etc.)
• Visitation Report (Residence).

First bank

First bank domiciliary allows you save in US Dollars, Pounds Sterling or Euro. Your money will be valued at the prevailing exchange rate. It facilitates your international business transactions.

Features

• Minimum opening balance of $500, €500 or £300
• Minimum operating balance of $100, €100, or £50
• No limit to number of withdrawals in a month
• Cash withdrawal is at 0.5% flat per transaction
• Inter sol transactions (account owner only) are allowed.
• Guaranteed FCY deposit
• Attractive pool for interest on bank fund
• No restrictions on number of withdrawals
• Inter sol withdrawal (account holder only) allowed.

Requirements

• Duly completed Account Opening Form
• Duly completed specimen signature card
• Two (2) recent passport photographs
• Address verification document: Utility Bill
• Valid means of identification e.g. International passport, Driver’s license or National ID card.

United bank of Africa

Freedom Dom Account

This domiciliary savings account is built to receive foreign remittances, with no limits, directly into your account.

With the Freedom Savings Domiciliary account, you enjoy the following benefits

Features

• Zero balance account opening
• Free access to check account balances via the Mobile App and the Internet banking platform
• Receive foreign currency and Telex inflows directly into your account
• No withdrawal charges

Requirements

BVN only

Dom Advantage Account

Dom Advantage is a current or savings domiciliary account denominated in foreign currency – US Dollar, Pound Sterling, EURO etc, but operated by in Nigeria as Domiciliary Account.

Features

Minimum opening balance of $ 100, € 80 or ₤ 70 or its equivalent in other currencies Account is operated in any of the major currencies- US Dollar, GBP, Euro etc Foreign Cheques/Instruments can be credited to the account Can be used as a channel for Investments in securities and real Estate in home & abroad

Requirements

• Valid Identification (International Passport, Driver’s License, National ID card, Voter’s card)
• Two Passport photographs

Access bank

The Domiciliary Current account is designed to enable you carry out local or international transactions from the comfort of your home, office or abroad. The account is funded in Pounds, Euro, Dollars and Yen.

The account can be opened by Individuals, Business Owners, Small and Medium scale enterprises, corporate organizations.

Features

• Opening balance of $100, £100 & €100
• No minimum balance required
• No Account maintenance fee
• Cash handling charge (COT equivalent) of 0.5% on withdrawals
• Interest rate 0.01% p.a. (above 100,000 $,£,€)
• No restriction on number of withdrawals
• Different variants of Debit Card based on the customer’s preference
• Access to alternate channels e.g. Internet and Mobile banking
• Availability of cheque book
• Allows direct debit instructions
• Third party transactions allowed
• All other transactions are charged at banks approved rate

Union bank

Read my post on how to fund GTbank domiciliary account

This is a foreign currency account that gives customers the option to save in any of the three global currencies (US Dollars, Euros and GB Pounds) while earning interest.

Features

• Account opening balance of $50 or its equivalent in Pounds and Euros
• Up to 1% interest per annum (interest will be forfeited when withdrawal is more than 4 times in a month)
• 05% is charged on cash withdrawals (maybe change to – Discounted charges on cash withdrawals)
• Account opening balance of $100 or its equivalent in Pounds and Euros
• Charge of 0.05% on amount withdrawn
• Interest earned is 0.2% p.a (interest will be forfeited when withdrawal is more than 4 times in a month)
• 05% is charged on cash withdrawals

Requirements

• 2 passport photographs
• Valid means of identification: international passport or Driver’s license/National Identity card
• Current Utility bill (not more than 3months old) or signed tenancy agreement
• BVN
• CIU Form

Fidelity bank

This account offers you the unique flexibility of operating in US Dollars, British Pounds, and Euros. Depending on the currency you prefer, inflows can hit designated accounts without being subjected to variations in the local exchange rate.

Features & Benefits:

• Minimum account operating balance of $30, €30, £20
• Attractive interest rates on-call/demand and fixed deposits
• Access to Internet banking, email transaction alerts, and statements
• Option of a Nominee Resident Joint Signatory in Nigeria (e.g. spouse, parent, etc.)
• Standing orders
• Investment facilitation services for shares traded on NSE
• Draft issuance in foreign currency
• You can also open a Domiciliary and a Naira current/savings account

Conclusion

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