Trusting guys who are prepared to be making dollars are ready for this, we bring to you how to open a domiciliary account In Nigeria to start receiving foreign money through the local bank.
Having a domiciliary account is very important for an individual or a business person receiving foreign payment in Nigeria.
Domiciliary account also makes it easier to save money in foreign currency, it is a way to protect their money from losing value in an unstable economy.
Also, the domiciliary account makes receiving payment in a foreign currency is easier done than any other miss with your local bank.
What Do We Mean By a Domiciliary Account?
What makes a domiciliary account to be different from another type of account is that it allows foreign currency transaction; this means you can pay and receive foreign currency in your local bank.
Therefore a domiciliary account is a type of current account where you can make and receive payments in foreign currency.
Foreign currencies such as euros, dollars and pounds are acceptable within this current account type.
With a domiciliary account, you can either make it a dollar, Euro or pounds accounts just like the way we have a saving account which is operated in Naira.
This means if you open a domiciliary account in the dollar, you will receive dollars in your domiciliary account that is how it works with other currencies.
This implies the account you open will determine the currency you are going to find or being able to transact with on your domiciliary account.
When it comes to withdrawing your domiciliary funds, you can either withdraw the foreign currency from your bank with the same currency or change it at a bank or the parallel market.
Why You Should Have a Domiciliary Account
Those who receive or planning to be doing an international transaction that requires to be receiving payment need a Domiciliary account and it is very important.
The best way to do it is by approaching any local bank; especially the one you are banking with, to open a domiciliary account, if you want to start receiving money from abroad.
What Are The Benefits of a Domiciliary Account?
- You will receive payment in foreign currencies (USD, EUR, GBP).
- You can transfer funds from abroad.
- It comes with attractive interest rates and a hedge against inflation.
- It makes it easier to carry local and international transactions without hassle.
- It can be used to buy products on any online platform.
How to Open a Domiciliary Account In Nigeria
The requirements to open a domiciliary account vary from bank to bank; often it has the same fundamental similarity. We have every basic thing that any bank can ask from you here.
This will help you to get prepared in your journey to open a domiciliary account in Nigeria.
- To open a domiciliary account, you need a Naira account with the bank you want to open your Dom account with, that is the first step you need; the account can either be a saving or a current account.
- You need referees and the referees must have two current accounts with a Nigerian bank, one must be from the same bank you want to open your domiciliary account with but it comes better if the referees have the two current accounts with the same bank.
- The referees have to help you sign the reference forms.
- You must duly fill the domiciliary account opening form.
- You need a valid means of identification: it can either be an international passport, permanent voters’ card, National ID card, or a driver’s license.
- Provide a Passport photograph
- You must present the most current of your house utility bill.
These are the basic needed information that any bank can ask you if you want to open a domiciliary account but most time additional information may be required from the bank.
The listed above are the minimum requirements that will need to meet, to have your domiciliary account to be opened with any Nigerian bank.