What is a domiciliary account? A domiciliary bank account is one which the holder can transact in foreign currencies. If you have one, you will be able to withdraw and transfer monies in foreign currencies (US Dollars, Pounds Sterling, Euros), and get your monies in currency other than naira, and can be exchanged at the normal exchange rate.
Domiciliary account is not restricted to anybody that has attained the age that can have a saving and current account. Every citizen has the right to own a domiciliary account as long as he/she is doing international transactions.
You should be able to open Domiciliary account in almost all Nigeria banks and their processing should be similar.
How To Open A Domiciliary Account In First Bank Nigeria For Instance
1. To open a domiciliary account in first Bank, you’ll need to have minimum opening balance of $500, €500 £300 which you can withdraw from as soon as your account is created/opened.
2. Also you need to have two referees who are current account holders at the bank you are using . You’ll be given forms to be duly filled by your referees.
3. Then a Specimen Signature card will be given in order for you to append your signature
Note: if you are not an account holder in the bank you are using, you’ll need to submit:
i. A valid means of identification, which could be any of International passport, National I.D card, Drivers License, Permanent Voters Card.
ii. A photocopy of your utility bill issued in the last 3 months, which could be PHCN Bill, Water Bill etc.
After filling all the all the necessary documments, your domiciliary account will be created within 24-72 hours and your domiciliary account number will be sent to you via SMS.
HOW TO OPEN A DOMICILIARY ACCOUNT WITH GTB For Instance
1. To open , You must have a minimum opening balance of $100 ready
2. Then, you will be given two referee forms, which is to be filled by your two referees which mus be a current account holder of GTBank or any other banks.
If you don’t already have an account with GTBank you’ll be required to provide
i. Two passport photograph
ii. A valid means of identification, could be any of International Passport, National I.D card, Drivers License, Permanent Voters Card
iii. Utility bill within the last 3 months
After submitting sll the above documents, expect your account to be ready within 24-72 hours and your account number will be sent to you via text message.Pls SUBSCRIBE below to our mailing list to get fresh updates on money making and inspiring articles.