A Domiciliary Account is a form of account that accepts foreign currency rather than Naira, and while you can have complete management of the account in Nigeria, getting funds within it is always a question that most people have.
You can acquire funds in your domiciliary account if someone sends you money from outside the country, but what if no one gives you money and you need money in your domiciliary account? There is a way to do it, and I’ll teach you how in this article.
This post will teach you how to finance your Nigerian domiciliary account. Before we get too far into this article, I believe you would be interested in learning about the Best Domiciliary Account in Nigeria, just in case you want to transfer banks, and you can also study How To Open A Domiciliary Account In Nigeria if someone you know does not have one.
The Advantages of Having a Domiciliary Account in Nigeria
One of the advantages of having a domiciliary account in Nigeria is that you will not be subject to the spending restrictions imposed on conventional Naira Debit Accounts. This implies you can’t use your Naira card to pay for any dollar-billed purchases, either locally or overseas.
A domiciliary account in Nigeria also allows you to earn more and accept foreign payments from individuals and corporations. Not to mention that you can use the card associated with your domiciliary account to make purchases anyplace online.
A domiciliary account is available through commercial banks and some digital banking apps, which will allow you to open a virtual domiciliary account and provide you with a Virtual Dollar Card to use online. You will, however, need to go through the same process of funding your commercial and digital domiciliary accounts. That being said, here’s how to fund your Nigerian domiciliary account.
How Put Money In Your Domiciliary Account In Nigeria
You can finance your Nigerian domiciliary account in the following ways. You can either fund your domiciliary account with physical cash or via Western Union, for example. The first technique is straightforward and requires you to have physical cash on hand.
Putting Physical Cash In Your Domiciliary Account
Step 1: Obtain physical cash
You should have the complete amount of money you want to send into your domiciliary account ready, and you should verify your bank’s dollar exchange rate to receive the total amount of money you want in your account.
It is entirely up to you to obtain this actual USD note. Buying from a Bureau De Change (also known as the Black Market) is currently the most dependable method. This procedure entails locating a reputable bureau de change dealer who exchanges dollars for naira. To begin, confirm the exchange rate with them or online (a fast Google search would be enough). After learning about the current exchange rate, go to any ‘black market’ vendor of your choice and pay the naira equivalent of the amount you desire in dollars.
Aside from that, you might contact a friend who you know is paid in dollars or other foreign currencies and ask them to sell the amount you require in your preferred currency. Complete the transaction in the same manner as if you had used the black market approach. That’s all!
Step 2: Put money in your domiciliary account
Now that you have the real cash, go to one of the branches of the bank where you opened your domiciliary account, get a deposit slip, and fill in the details of your domiciliary account as well as the total amount you wish to send in.
Now, bring your deposit slip and cash to the counter, and the money will be transmitted and converted to USD into your domiciliary account.
Putting Money In Your domiciliary account Through Western Union
This is the most common method of funding a domiciliary account, and it requires Western Union, MoneyGram, or WorldRemit. Before you can receive funds in your domiciliary account, you must submit some information.
To finance your Nigerian domiciliary account via MoneyGram, Western Union, or WorldRemit, you’ll need the following information:
- Your Beneficiary Name
- Your Beneficiary Account Number
- Your Beneficiary Bank Name
- Bank Swift Code
The options we’ve mentioned above make it quite simple to fund your domiciliary account; perhaps, you’ll find them useful. When funding your DOM account from outside the country, make sure you have all of the correct information about your account, including the name of your bank.
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