We have emphasized the importance of having a domiciliary account in Nigeria. A domiciliary account is a type of account that enables you to SAVE or TRANSACT foreign currency conveniently in Nigeria (available in US Dollar, Pounds or Euro). In this part 2, we shall look at the requirements for opening a domiciliary account in Nigeria.
Requirements for opening a domiciliary account in Nigeria
- Valid ID card (Driver’s License, International passport, NIN, or Voter’s Card).
One passport photograph.
Reference forms (two persons that have Current Account with your chosen bank will sign (your bank may help you with this).
Utility bill (electricity bill can serve).
Bank Verification Number (BVN).
Minimum deposit of $100 (but you can escape this if…).
You must have savings or current account with the bank.
When the items above are complete, proceed to your chosen bank and request that the account be opened.
If they ask you, “why do you want to open a domiciliary account?” Tell them that you want to receive ‘big’ money ($5,000) from a relation or business partner in abroad. With this, they won’t bother to ask you to deposit a minimum of $100 because they would believe that money is coming.
**But if you tell them that you need the account to start ‘savings’ USD, for example, they would insist that you deposit $100 (about N57,000).
Note: Domiciliary account is not for kids, try to dress neatly, be gentle and if possible speak good English, with this they won’t decline your request by insisting that you provide item ‘3’ above under ‘requirements for opening a domiciliary account in Nigeria’.
In the bank, always appear to know your rights. If they are not treating you well, request to see the bank manager, threaten to petition their head office. The truth is, they don’t know who you are. I will never forget the day I threatened to sack a bank manager. He was just begging. But I insisted on petitioning their head office until he managed to call me into the office and bribed me with a bottle of chilled wine. After enjoying the wine, I told him to sin no more.
But when you dress in rags and look tattered, of course they would take you as a wheel barrow pusher who managed to find a way to the bank.