Jul 27, 2016

Domiciliary A/C Opening Requirements & Steps For Top 5 Nigerian Banks

Want to open a domiciliary account in Nigeria and wondering which bank is best for it? Or don't know what the current opening requirements are? Below are the top 5 Nigerian banks i consider best for opening a domiciliary account with along with their requirements and opening steps.
domiciliary Dollar_yen_euro_and_pound

If you are a blogger in Nigeria, a dorm account is a must have for you considering the dollar rise and the fact that banks will stop at nothing but cheat you times 3 when it come to converting your adsense earning to naira if you still make use of savings account for receiving your earning. So to avoid the whole brouhaha, it will be wise for you to receive your earning in raw cash (dollars, pounds or Euro) so you can easily change with aboki's at black market rate.


Before opening mine, i was hell bound at knowing which bank is best and which bank charges less on domiciliary accounts as well as which bank offers the easiest means of opening a dorm account in Nigeria. Which led to me reading series of articles online including this on Nairaland before finally settling down with Zenith bank.

MIND YOU: A domiciliary account is, basically, an account operated with foreign currency. Such foreign currency could be Dollars, GBP, Euro etc. It can be run by both individuals and corporate bodies.

Domiciliary Account Opening Requirements & Steps For Top 5 Nigerian Banks


These banks include;


==>1. Zenith Bank

==>2. Guaranty Trust Bank
==>3. Firstbank
==>4. Access Bank
==>5. United Bank For Africa (UBA)

zenith bank building

Zenith Bank Domiciliary Account Opening & Requirements


As part of the requirements for operating a domiciliary account with our Bank it is expected that you first possess a normal, current account which, ideally, should have been running for six months. The reason for this is related to the fact that the account opening requirements for a domiciliary account are to be derived in those for the current account. These requirements include;


==>1. Account Opening form duly completed & signed.

==>2. Two (2) specimen signature cards duly completed.

==>3. Two (2) recent clear passport size photographs with your name and signature written on the reverse side.

==>4. Residence permit (where applicable).

==>5. A valid form of I.D. (International Passport, Driver’s License or National I.D.)

==>6. A copy of a Public Utility Receipt (not older than 3 months)

==>7. Initial Deposit.

==>8. Two (02) References.

Zenith Bank has three main types of domiciliary accounts;
==>1. Cash Dom: (USD only)
Basically for Cash Deposits, Cash Withdrawals and Settlement of Credit Card or ATM Transactions. Please note that offshore transfers and Inflows from offshore are not allowed in this Domiciliary Account.

==>2. Ordinary Dom: (Cash Transactions only)
This domiciliary account can be opened in USD, Euro and GBP and like the first type can be used for Cash Deposits, Cash Withdrawals and Offshore transfers. However, like a current account, it can also be used to clear Cheques.

It is important to note that, for this account, any cash deposit in excess of $10,000.00 must be withdrawn as cash while deposits below $10,000.00 can be transferred. 
Inflows from offshore cannot be credited to such accounts.  Transfers offshore can be done once a week and attract a charge of 1% flat on transferred amount which can be taken from Dom or Current Account.

==>3. Ordinary Dom:
This type of domiciliary account can also be opened in either USD, Euro or GBP. It allows for Cash Deposits, Withdrawals, Inflows from Offshore, Transfers to Offshore, Cheque Clearing, etc. 

Like the previous account, any cash deposit in excess of $10,000.00 cannot be transferred but can only be withdrawn as cash. All transfers are subject to a charge of 1% flat.

If you decide to open the Ordinary Dom you can receive a telegraphic transfer from any part of the world provided there is a bank there which is able to effect such a transfer.

If you open a domiciliary account in dollars you can withdraw the money in the same currency. The same goes for the other currencies.

If you do decide to get a credit card it will be tied to the cash domiciliary account as mentioned in option 1 above.

See: How To Withdraw Funds From Payoneer To Your Country Bank Account

Steps to open a domiciliary account with Zenith bank in Nigeria

After meeting up with all the above requirements, and making a decision on what type of dom account you want with zenith bank, it is now time you proceed to the bank to carry out the necessary steps required for your domiciliary account opening. 

==>1. First, walk into any Zenith bank branch close to you and meet with their customer service reps. 
==>2. You can either r tell them you want to open a domiciliary account with them or simply request for the person in charge of dom account opening. 

==>3. Once given a name, proceed with the aforementioned documents to the person in charge.

==>4. You will be given a Foreign Currency Account Opening Form, specimen signature card, two reference forms for you and your referee to fill.

==>5. If you are with your referees at the bank, you can fill the form immediately and they too will fill theirs. But if otherwise, take all the forms home and fill them properly at your convenient time and give your referees each of the reference form to also fill.

==>6. After proper filling of the form, go back to the bank and submit the forms. 

==>7. Just like a normal account opening, they will have to properly go through the form for errors and corrections and then ask you to and await a text message including your dom account number.

==>8. Within 48-72 hours after verification, they will send you an SMS informing you of your new domiciliary account and the account number.

I do hope that the explanation proves satisfactory.


GTBank Domiciliary Account Opening & Requirements

Dom Account Opening Requirements For GTBank

If you run a savings account with gtb, you are required to provide two references before your domiciliary account can be opened. 

However, if you do not have any existing account with them, the requirements are;
==>One passport photograph
==>Valid ID card (International passport, Driver's license or National ID card)
==>Copy of any utility bill issued within the last 3 months
==>2 references from current account holders within GTBank or other banks
==>The minimum opening balance is $100.

Dom Account Opening Steps For GTBank
According to a mail i got from Guaranty Trust Bank (GTB), if you run a current account with them at the moment, all you need do is to visit any of there branches close to you with 2 reference to request for domiciliary account opening form at the Customer Information Service desk.

But if you don't,you can start the account opening process from here to make it a lot easier for you or better still, provide all of the aforementioned documents and follow the steps below to get your dom account opened for you.

==>1. Visit any GTbank branch close to you.

==>2. Ask for their customer service desk and request that you want to open a domiciliary account with them.

==>3. You can be asked if you already have any account with them before. If you have one. That’s great! If you don’t, they will open one (current or saving) together with the domiciliary account.

==>4. After that, you will be given a foreign currency account opening form, specimen signature card, two reference forms for you and your referee to fill.

==>5. If you have your two referees with you at the bank, they can fill their forms and you fill yours too and submit it. If your referees are not present with you at the moment, you can decide to take all the forms home, fill them properly and give your referees each of the reference form to also fill. Remember, your two referees should be GTbank current account holders; if you want them to open and activate your domiciliary account within 48hours.

==>6. After proper filling of the forms, go back to GTbank and submit it.

==>7. They will go through it and make some necessary corrections then ask you to go home.

==>8. Within 48hours, you will receive an SMS from them informing you that your domiciliary account has been open with your account number.


==>9. Finally, once you receive the SMS; go back again to the bank and deposit $100 into the account to activate your new domiciliary account.

See Also: How To Use National Identity Card To Withdraw Cash From Your ATM


FirstBank Domiciliary Account Opening & Requirements


Below are the account terms and requirements for opening a domiciliary account with firstbank Nigeria.


==>Minimum opening balance  for a non-export domiciliary account– $100; €100;£100
==>Minimum operating balance – $50; €50;£50
==>2 Passport photographs.
==>Valid Proof of Identification (Please see below list of valid means of ID)
  • Nigerian International Passport
  • Nigeria Driver’s license
  • Nigeria Voter’s ID
==>Proof of Address :Current utility bill not exceeding 3 months
==>2 Nigerian bank references (current and domiciliary accounts only).

First Bank Domiciliary Account Opening

If you have all the above items in place then proceed to open the domiciliary account with Firstbank

• Visit any Firstbank of Nigeria branch close to you

• Head straight to their customer service desk and request that you want to open a domiciliary account with them.

• You might be asked if you already have current or saving account with them before. If you don’t, they will open one (current or saving) alongside with the domiciliary account.

• After that, you will be given a foreign currency account opening form, and specimen signature card to complete and sign.

• You can decide to take all the forms home , fill them properly and return back with them to submit
• After they must have gone through the forms and make necessary corrections, you will be asked to go home.

• Within 48-72hours, you will receive an SMS indicating that your domiciliary account has been open with your account.

• Go back to the bank and pay in the minimum deposit to activate the account.

Once done, your account is ready! Domiciliary account can be an alternative for PayPal account.
If you dont already have a savings account with firstbank, since you will be asked to oepn one alonside the dom account, you can initiate opening of the domiciliary account right now by first getting the individual account opening form. Download the Individual Account Opening Form online here. Complete the Account Opening Form and specimen signature card and submit at the nearest FirstBank branch. This will save you a lot of stress and time.

Must Read: All Nigerian Banks USSD Codes To Recharge Your Phone From Your Account




Access Bank Domiciliary Account Opening & Requirements

According to a friend who happen to have opened and operated his dom account using access bank, the below where the requirements or rather documents he was asked to provide prior to the account opening. And if you ask me, i believe they run one of the best dom account system in Nigeria with low charges. And based on the information deduced from their website, they have it that their "Domiciliary Account is designed to help you conveniently carry out foreign currency transactions from the comfort of your office or abroad."

The Features Include;

  • No minimum balance required
  • Internet, Mobile & Telephone Banking
  • Allows direct debit instructions

Benefits Include

Access to overdraft and loan facilities for qualified customers at very competitive rates.  

Monitoring of account activities from the comfort of the office via internet, telephone and mobile banking.

Requirements For Opening A Domiciliary Account With Access Bank

==>1. One valid means of identification 

  • International passport,
  • National ID card,
  • Driver’s License, or 
  • Voter card).
==>2. Utility bill (e.g. PHCN bill).

==>3. Two references.

==>4. Opening Balance of $100

How To Open A Dom Account with Access Bank
==>1. First, walk into any Access bank branch close to you and meet with their customer service reps. 
==>2. You can either tell them you want to open a domiciliary account with them or simply request for the person in charge of dom account opening. 

==>3. Once given a name, proceed with the aforementioned documents to the person in charge.

==>4. You will be given a Foreign Currency Account Opening Form, specimen signature card, two reference forms for you and your referee to fill.

==>5. If you are with your referees at the bank, you can fill the form immediately and they too will fill theirs. But if otherwise, take all the forms home and fill them properly at your convenient time and give your referees each of the reference form to also fill.

==>6. After proper filling of the form, go back to the bank and submit the forms. 

==>7. Just like a normal account opening, they will have to properly go through the form for errors and corrections and then ask you to and await a text message including your dom account number.

==>8. Within 48-72 hours after verification, they will send you an SMS informing you of your new domiciliary account and the account number.

uba bank logo

UBA Domiciliary Account Opening & Requirements


According to UBA, a Dom account is a current or savings domiciliary account denominated in foreign currency – US Dollar, Pound Sterling, EURO etc, but operated by in Nigeria as Domiciliary Account. It is a necessary account for business, when travelling or sending money to relatives abroad and also enables customer to be paid in any foreign currency.

Benefits Of UBA Dom A/C
Minimum opening balance of $ 100, € 80 or ₤ 70 or its equivalent in other currencies
Account is operated in any of the major currencies- US Dollar, GBP, and Euro etc
Foreign Cheques/Instruments can be credited to the account
Can be used as a channel for Investments in securities and real Estate in home & abroad
Account can be used to settle payment for eligible transactions in foreign currencies. (Home remittances, school fee payments etc)
Interest payable on account credit balance subject to a minimum balance of $ 1,000, € 800 or ₤ 700 or its equivalent
DOM account balances can be used as collateral for Naira loans
Interest Rates of 0.1% payable on account balance of 1000 USD or equivalents & above

Requirements

  • Valid Identification (International Passport, Driver's License, National ID card, Voter's card)
  • Two Passport photographs
  • Any Utility bill within the last three consecutive months
  • Two satisfactory references from current account holders for Current Dom Advantage Acct.
  • Other KYC documentation required for each target market

Opening Steps?
Any of the aforementioned steps above would work for UBA. Just walk int the bank with the required documents, meet a customer care rep and follow their lead.

That is it for now. Maybe later in the future, we may include how to open that of diamond bank, fidelity bank, standard chartered bank and the rest etc. But for now, do enjoy your domiciliary account (or dollar account) with any of the above top 5 banks in Nigeria.

Our next post will be on how to deposit money into your dom account as well as how to withdraw money from your dom account. To be updated when this goes live, Submit Your Email Address Here to be alerted automatically.



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3 comments:

  1. Do Zenith bank charge and how much is it that they charge when opening

    ReplyDelete
    Replies
    1. No bro. They don't charge a dime. What you need is an initial $100 dollar deposit which will actually be yours after opening the Dom account.

      However, to not pay that you need to have at least had an account with zenith bank for upto 6 months and be able to provide a proof of what you intend using the domiciliary account for.

      In my case,I simply logged into google AdSense and printed out a receipt of one of my previous payments.

      Delete
  2. What about standards chartered bank?

    ReplyDelete