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Requirements For Opening Domiciliary Account In Nigeria

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To be able to do fast international transactions in Nigeria, you must have a domiciliary account with any of the commercial banks in Nigeria. This kind of bank account is the best for persons who deals in the business that involves foreign currencies like Pound Sterling, Dollars, yen, Euros, Dira and other non-Nigerian currencies. In our previous post, we discussed about best bank in Nigeria to open a Domiciliary account, here we will focus on the requirements for opening domiciliary account in Nigeria.

As the domiciliary account continues to be the most preferred by many international business owners, many people want to know which of the commercial banks in Nigeria provides the best domiciliary account services in Nigeria.

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 into the account from them in foreign currency. With this type of account, you can conduct transactions from every part of the world involving foreign currencies from international account.

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One of the best decisions that you can make as a businessperson in Nigeria is to open a domiciliary account to enable you 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 to your partners outside the shores of Nigeria with foreign currencies direct from your domiciliary account, while you can also be paid direct 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, but for the purpose of this article, the requirements for opening a domiciliary account in Nigeria will be limited to the 5 banks that we consider as the best in this service.

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Zenith Bank requirements for opening domiciliary account

Zenith bank accepts only three foreign currencies, which are: US Dollars, British Pounds and Euros. Below are the 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 for opening domiciliary account

  • 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 for opening domiciliary account

  • 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
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United Bank of Africa’s requirements for opening domiciliary account

  • 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 for opening domiciliary account

  • 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 is the requirements for opening a domiciliary account with the five banks on this list. Opening a domiciliary account in Nigeria is very easy. All you need is to have all the documents and you will have your account within days.

Source: Nyscinfo

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