Domiciliary accounts are accounts that are used for transactions involving foreign currencies. This account is usually owned and operated by persons that runs international transactions involving foreign currencies such as Euros, Dollars, Pounds, Yen, Dira, etc.
Domiciliary account is regarded as the best account for transacting business with the international community.
Many business owners need to know the bank that offers the most beneficial terms on this account because the benefits attached to this account is not the same in all banks.
Features of a Domiciliary account
- Domiciliary account enables you to ‘send’ and/or ‘receive’ money in foreign currencies such as Euro, Dollar, Pounds, Yen, etc.
It is basically for a business transaction, not savings.
The account allows you to do business transactions with foreign currencies.
It can be used anywhere in the world. You can use the account to transact business both within and outside the country. Its usage is not limited to the country where you opened the account. You can open the account in Nigeria and use it outside the country.
Domiciliary account allows you to fund the account with foreign currencies and also allows you to do foreign transactions on it.
This account also allows you to either send money from your country to another country, vice versa.
With this account, you can do internet banking, mobile banking and also give you the opportunity of having its debit card.
Therefore, domiciliary account is only used for international transactions, not for savings.
However, in this article, we shall talk about the best 5 banks where you can open a domiciliary account in Nigeria with the benefits involved and their attributes.
As stated earlier, there are differences in the options offered by banks in Nigeria regarding opening a domiciliary account with them. The banks that are going to be mentioned here stand out among others because of the services they offer to their customers as well as the benefit.
5 Best banks to open a domiciliary account in Nigeria
Below are the top banks to open a domiciliary accounts;
1. Zenith Bank
Zenith bank is leading the rank of banks in Nigeria with her enviable standard in offering good and quality services to her customers. Zenith bank operates zero account (balance). With this, it is convenient and affordable for people to open an account with them and to withdraw to the lowest amount possible.
Zenith bank offers two types of domiciliary account, which are Ordinary domiciliary account and Cash domiciliary account.
However, the two accounts have some distinguishing features among which are;
Ordinary domiciliary account allows one to do monetary transfer while Cash domiciliary account doesn’t allow one to do monetary transfer.
In addition, The cash domiciliary account has an edge over the ordinary domiciliary account as touching access to EasyMoney which is an available service for cash domiciliary only.
Attributes of Zenith Bank Domiciliary Account
- The foreign currencies acceptable in Zenith domiciliary accounts are; EUR, USD and GBP.
- It has zero opening balance.
- Debit card (USD) is issued to users.
- Users has access to internet banking and mobile banking services.
- Transactions alert is sent to users’ email or as SMS.
Below are the requirements to open a domiciliary account with Zenith bank.
- Account opening form. This is given by the bank.
- A passport photograph of allowed signatories is also required.
- Utility bill receipt. It can be PHCN bill, rent bill, water rate bill, etc.
- Verifiable identification card. This can be National Identity Card, Driver’s License, Voter’s card or International passport.
- Visitation report (Residence).
2. Guaranty Trust Bank
Guaranty Trust Bank (GTB) is also one of the best banks to open a domiciliary account in Nigeria.
GTB only accepts foreign currencies that are Pounds, Dollars and Euros. Users can fund their domiciliary account with GTB through their cash inflows and cash deposits.
Attributes of GTB domiciliary account
- Transactions are in Pounds, Dollars and Euros currencies.
- Users can transfer funds in foreign currencies to other bank domiciliary accounts.
- Non stop banking services through any of their different e-channels.
- Another attribute and benefit is that users can withdraw cash in foreign currencies.
Below are the requirements for opening a GTB Domiciliary Account
- Account opening form which must be sincerely completed by the potential user.
- A recent passport photograph.
- Utility bill, which must not be longer than 3 months that it was issued.
- Identification card. It can be National Identity card, Voter’s card, International passport, Driver’s license or any other acceptable means of identification.
- Two duly completed reference forms.
3. First Bank
First bank is one of early banks in Nigeria and this bank also helps their customers operate domiciliary account for international transactions.
At the first bank, one can operate his/her domiciliary account with foreign currency, cheque deposits, cash deposits and or traveler’s cheque.
In addition, the interest rate is very bearable, in fact, it is in a lower amount compared to others! However, the bank operates two types of domiciliary accounts which are; FirstDom Plus and Domiciliary account. It is good to know that the FirstDom plus is meant for foreign deposits that has minimum balance of $5,000.
First bank domiciliary account enables users to transact business in Pound Sterling, US Dollars or Euros and it is only for SMEs and corporate entities.
Attributes of First Bank Domiciliary Account
- Minimum Opening Balance is $500, €500, £300.
- Minimum Operating Balance is $100, €100, £50.
- Cash withdrawal attracts 0.5% flat rate per transaction.
- Interest on bankAccount:
- Monthly withdrawals is unlimited.
Below are the requirements for opening a First Bank Domiciliary Account
- A filled account opening form.
- Two recent passport photographs.
- Identity card. This can be National Identity Card, International Passport or Driver’s License.
- Completed specimen signature card.
4. United Bank for Africa
UBA is also one of the most preferable banks where one can operate a domiciliary account in Nigeria. UBA has various kinds of accounts regarding domiciliary account, which gives the opportunity of selecting anyone based on choice.
The types of domiciliary accounts run by UBA are;
- Advantage Plus Account.
- Freedom Dom Account.
- U-care Plus Domiciliary Account.
Attributes of UBA Domiciliary Accounts
- Foreign currencies acceptable in UBA are Pound Sterling, US Dollar, Euro, etc.
- Transaction alerts is received via email, Bank account statement and SMS.
- Interest rate is involved.
- Internet banking.
- Withdrawals’ number is unlimited.
- No transfer or withdrawal charge.
Below are the requirements to open a Domiciliary Account with UBA:
- The minimum opening balance is $1,000, €700, £600.
- All foreign transfer attracts a swift communication charge of $25, €20, £15 on their respective currencies.
- All other required documents for account opening with a bank.
5. Fidelity Bank
Fidelity Bank is a well notable bank for good and quality banking services, especially for their domiciliary account users. The bank also operates her domiciliary accounts in foreign currencies such as US Dollars, Pounds Sterling and Euros.
Attributes of Fidelity Domiciliary Account
- The account opening balance is not less than $50, €30 and £50.
- The Minimum balance to operate the account is $30, €30 and £20.
- Internet banking.
- Transaction alerts are received via Email, SMS and or bank statement of account.
- Investment facilitation services for shares traded on NSE.
- There are also interest rates on demand and fixed deposits.
- Standing orders.
- Various domiciliary account options that are available are given for choice or decision making.
Below are the requirements to open a domiciliary account with Fidelity Bank.
- A duly completed account opening form.
- A recent passport photograph.
- Recent Utility bill (issued within 3 month).
- Bank or credit card issued within last three months.
- Identity Card. It can be National Identity card, Voters’ card, Driver’s License, International passport or any other valid means of identification.
- Birth certificate.
- Traceable address.
Domiciliary account gives people opportunity to make international transactions with foreign currencies. It is such an account that is best used by anyone who is engaged in international business dealings.
However, we are confident that this article will help you make the right choice of bank where you can open a domiciliary account as we have enlisted here, the best 5 banks to do so.