Finance
Requirements for Opening Domiciliary Account in Nigeria
Domiciliary account is ideal for individuals involved in businesses that deal with foreign currencies such as Pound Sterling, Dollars, Euros, and other non-Nigerian currencies. In this article, we will outline requirements to open a domiciliary account in Nigeria.
In our previous post, we discussed about best bank in Nigeria to open domiciliary account, here we shall focus on the requirements for opening the account in Nigeria.
As the domiciliary account continues to be the most preferred option for many international business owners, many people want to know which commercial banks in Nigeria provide the best domiciliary account services.
Don’t forget that having a domiciliary account allows you to send money from Nigeria to your business partners abroad, and you can also receive money in foreign currency into the account from them. With this type of account, you can conduct transactions from every part of the world involving foreign currencies from an international account.
One of the best decisions that you can make as a businessperson in Nigeria is to open a domiciliary account to enable you to receive and send USD (United States Dollars), Pounds, and Euros to your international business partners.
The reason is that a domiciliary account allows you to pay your partners outside the shores of Nigeria with foreign currencies directly from your domiciliary account, while you can also be paid directly into your domiciliary account in Nigeria with foreign currencies.
Requirements for opening domiciliary account in Nigeria
Although there are other banks that offer domiciliary services in Nigeria, for the purpose of this article, the requirements for opening a domiciliary account in Nigeria will be limited to the five banks that we consider as the best in this service.
Zenith Bank requirements
Zenith bank accepts only three foreign currencies, which are: US Dollars, British Pounds and Euros. Here are their requirements:
- One recent passport photograph of yourself
- Valid means of identification (international passport, National ID card, Driver’s License, voters card)
- Any valid utility bill
- Visitation report (residence only)
Guaranty Trust Bank’s requirements
- Two filled reference forms
- A valid utility bill
- One recent passport photograph
- Valid means of identification ( International passport, National ID card, Driver’s License, voters card.
First Bank Nigeria’s requirements
- A completed account opening form
- Two recent passport photographs
- Valid ID Card ( International passport, National ID card, Driver’s License, voters card
- Recent utility bill
- A completed sample signature card
United Bank of Africa’s requirements
- Minimum opening balance of $1, 000, 700 Euros and 600 GBP.
- A mandatory swift communication charge of $25, 20euros and 15 GBP
- Recent utility bill
- Two recent passport photographs
- Valid ID Card ( International passport, National ID card, Driver’s License, voters card.
Fidelity Bank’s requirements
- Account opening form
- Evidence of address
- Utility bill not older than 3 months
- Bank statement issued within the past three months.
Conclusion
The information shared above outlines the requirements for opening a domiciliary account with the five banks on the list. Opening a domiciliary account in Nigeria is very easy—all you need is to have all the required documents, and your account will be processed within days.
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