‘Been wondering on how you can open your very own Dom account in Nigeria? We are here for you. Blogsxtra will tell you everything you need to know about domiciliary account in Nigeria. Featuring what is a Dom Account, requirement to create one, benefits and how to easily open a domiciliary account in Nigeria.
So now, let’s get started with knowing what a Dom account is and it’s basic features.
What is a Domiciliary Account?
A domiciliary account in a bank account type in Nigeria which allows its users to make transactions that has to do with foreign currencies without going to bank. In addition to this, it ensures safe, convenient and fast transfer of fund from foreign countries to Nigeria and vise visa. Foreign currencies (USD, Pounds Sterling, Euro) can be easily funded and send to all Nigerian domiciliary account while the Bank pay you in your local currency. The account can also be funded through cash foreign currency cheque lodgments, travellers’ cheques, cash inflows and deposits.
A Current Domiciliary Account in Nigeria can also serve as an alternative to the almighty PayPal at the moment since Nigerian’s can’t benefit all PayPal features. But I have a paid trick that can let you enjoy a fully working PayPal account that can send and receive payment in Nigeria if you are interested.
Types or Domiciliary Account
Basically, there are two different types of domiciliary account in Nigeria which are;
- Normal domiciliary account
- Cash Domiciliary account
Difference Between Normal & Cash Domiciliary Account Type
Cash and Normal domiciliary account are designed for different purpose and have different features. More like Current and savings account when Normal Dom account is to savings and Cash Dom account is to Current. Normal domiciliary bank account caters to individuals who want to save whereas Cash domiciliary account is made for regular transaction of firms and companies.
Normal Domiciliary accounts accrue higher interests than Cash accounts. They cater to individuals while Cash accounts are more suitable for companies and firms. Such accounts have a monthly transaction limit whereas Cash accounts don’t. Minimum balance requirement is lower in Normal accounts than to Cash accounts.
This means it’s left for you to choose wisely on which to open
People who needs a Domiciliary Account in Nigeria
- Bloggers/Free lancers
- Business men/women
Bank charges applicable on Your Domiciliary Account
- Negotiable 0.5% of transaction value on cash withdrawals
- 5% of transaction value or $10 or its equivalent + N4000 swift charge + optional $25 off-shore Bank standard fee on outward foreign currency transfers.
- Cash withdrawals from a cash inflow or funds transfers (credits) attract a 1% commission.
Advantages/Benefits of Having a Domiciliary Account in Nigeria
- You can receive foreign payment directly to your Nigerian account
- It ensures fast and easy transfer of foreign currencies to Nigeria
- You won’t get cheated in the market
- It gives the actual foreign exchange rate when withdrawn to Naira as approved by CBN
Requirements to Open a Domiciliary Account in Nigeria
As always, all important things have basic requirements that need to be made before one can start benefiting and likewise opening a Dom account in Nigeria. Requirements needed to open a working domiciliary account in Nigeria varies as all Banks have their very own policies. Nevertheless, here are some basic requirements that you need in order to open an ordinary or Cash domiciliary bank account in Nigeria.
- Account opening form
- ID card (Driver’s License, Voters Card, National I.D Card or any govt issued identity card)
- Two Passport photograph
- Utility Bill (not older than 3 months)
- Two (2) completed reference forms
- Visitation report
Most Nigerian banks require the above listed documents in order to open a domiciliary account for citizens. In some cases, banks may require more I.Ds, Doc or anything which is not listed on this page as all bank have different terms.
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Now you’ve learn what Dom account is all about, requirements to open a domiciliary bank account and charges applicable. The next we would be looking forth to is how to get a fully working domiciliary account in Nigeria that can perform transactions with foreign currencies.
How to Open a Domiciliary Account in Nigeria (Step-by-Step) Guide
What if I tell creating or opening domiciliary account in Nigeria is easier than you thought. Let me walk you through on how open one right away
- Visit your bank website and navigate to accounts type>> Dom Account>> and make sure to read all important terms and conditions. If it’s OK by you;
- Download the domiciliary account opening form of your bank on main website
- Download reference form as well
- Neatly fill it with all valid information as instructed
- Pick up your valid IDs (Voters Card, D. License etc.)
- Pick up your passport photograph with you as well
- Don’t forget your Utility Bill (Electrical, Water bill etc.) of not older than 3 months
- Visit any of your preferred bank branches with all documents listed and meet the customer card representative with a quote.
“I want to open a domiciliary account for foreign transaction”
Now it is done. The customer care representative will collect all important details from you and also provide all other information they will need from you.
Alternative Way to Safely Create a Domiciliary account with any Nigerian bank
- Visit any bank branch near you (Fidelity, GT, UBA, Access Bank etc.)
- Go to the Marketing department and ask for detailed regarding domiciliary account
- Go through the terms and make sure to agree with all of it
- Get a Dom account opening form from the marketing department and fill it respectively
- Complete other requirements made by the bank
- Submit and wait for your data capture and others
- Get your domiciliary account number and other important information and live the Bank premises
Opening a Domiciliary Account in Nigeria Made Easy by BlogsXtra
Now that you’ve successfully learn how to open and have opened your Dom account successfully, it’s now time to test fund it. Deposit some foreign currency in it and withdraw or transfer it to a normal Nigerian account (current/savings). You will notice it’s been converted to the actual exchange rate of your bank. As of November 2019, 1 US Dollar is ranching from 363-365 as recorded by different banks.
Related Solved Terms
- Advantages of domiciliary account in Nigeria
- Alternative ways to open a domiciliary account
- How to fund a domiciliary account
- How to transfer money from domiciliary account to Naira account
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