Top 5 Best Banks to Open Domiciliary Account in Nigeria

Are you in Nigeria and seeking a reliable way to receive payments in dollars? Domiciliary accounts might be the solution you need. This type of account is specifically designed for transactions involving foreign currencies.

In this guide, we will show you the key features, advantages, and the top 5 banks in Nigeria where you can open a domiciliary account.

What is a Domiciliary Account

A Domiciliary account is a foreign currency account, designed to hold foreign currencies such as Euros, Dollars, Pounds, Yen, and more.

Typically owned and operated by individuals involved in international transactions, these accounts provide a seamless platform for managing funds in various foreign currencies.

Advantages of Domiciliary Accounts

Here are the advantages of having a domiciliary account in Nigeria:

1. Global Accessibility

Domiciliary accounts allow you to transact business both within and outside the country where you opened the account. The usage is not limited to a specific geographic location.

2. Foreign Currency Transactions

Conduct business transactions with foreign currencies, offering flexibility and convenience in dealing with international clients and partners.

3. Online Banking Services

Enjoy the convenience of internet banking and mobile banking, providing flexibility and ease in managing your domiciliary account.

4. International Fund Transfers

Domiciliary accounts enable you to send and receive money internationally, facilitating cross-border transactions effortlessly.

5. Business-Focused

Unlike traditional savings accounts, domiciliary accounts are designed specifically for business transactions, making them ideal for international commerce.

Top 5 Banks for Opening a Domiciliary Account in Nigeria

Here are top banks in Nigeria to open a domiciliary account:

1. Zenith Bank


  • Offers Ordinary and Cash domiciliary accounts
  • Accepts EUR, USD, and GBP
  • Zero opening balance
  • Provides a USD debit card
  • Internet banking and mobile banking services available.

2. Guaranty Trust Bank (GTB)


  • Accepts Pounds, Dollars, and Euros
  • Allows foreign currency transfers to other bank domiciliary accounts
  • Offers non-stop banking services through various e-channels
  • Permits cash withdrawals in foreign currencies

3. First Bank


  • Operates two types of domiciliary accounts: FirstDom Plus and Domiciliary account
  • Allows operations in Pound Sterling, US Dollars, or Euros
  • Differentiates accounts based on minimum balances and services
  • Monthly withdrawals are unlimited.

4. United Bank for Africa (UBA)


  • Offers various domiciliary account types, including Advantage Plus, Freedom Dom, and U-care Plus
  • Accepts Pound Sterling, US Dollar, Euro, etc
  • Provides internet banking services
  • Unlimited withdrawals and no transfer or withdrawal charges.

5. Fidelity Bank


  • Accepts US Dollars, Pounds Sterling, and Euros.
  • Minimum opening balance and operating balance requirements
  • Internet banking and transaction alerts via Email, SMS, or bank statements
  • Offers investment facilitation services for shares traded on NSE.

Requirements for Opening a Domiciliary Account

Opening a domiciliary account requires specific documentation, and the exact requirements may vary slightly among banks. However, common requirements include:

  • A duly completed account opening form
  • Passport photograph
  • Recent utility bill (issued within 3 months)
  • Identity card (National Identity card, Voter’s card, Driver’s License, International passport, etc.)
  • Additional documents may vary based on the bank.


Domiciliary accounts provide individuals with the opportunity to engage in international transactions seamlessly. This article aims to guide you in making an informed decision by highlighting the features and requirements of the top 5 banks in Nigeria offering domiciliary accounts. Choose the bank that aligns with your business needs and preferences, and unlock the benefits of hassle-free international transactions.

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