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Domiciliary Account in Nigeria

Submitted bydoncheks onMon, 04/23/2018 - 10:17
dorm account

Domiciliary Account: How It Works

Domiciliary account is a bank account in Nigeria that is operated in foreign currency, i.e. a currency other than naira. The account allows you save money in US Dollars, Pounds Sterling, Euro and other currencies with your money valued at the prevailing exchange rate. Below contains requirements for GT Bank and First Bank, Nigeria:

The information needed to open a GT bank domiciliary account is provided below:

  • Duly completed application form
  • Copies of acceptable means of identification (Driver's License, International passport, National I.D Card, and any other acceptable identification document deemed fit by the bank)
  • One passport photograph.
  • Two (2) duly completed and suitable reference forms
  • Utility bill issued within the last 3 months

The documents needed to open a domiciliary account in First Bank: 

  • Duly completed Account Opening Form
  • Duly completed specimen signature card
  • Two (2) recent passport photographs
  • Address verification document: Utility Bill
  • Valid means of identification e.g. International passport, Driver’s license or National ID card
  • Resident permit

Note: Visit the website of other banks for the documents required

How to Send Money from Your Domiciliary Account in Nigeria
After opening the domiciliary account in any commercial bank around you, you will deposit a certain amount of money (there is a minimum amount that you can deposit depending on the bank). You can buy Forex from Bureau De Change (BDC) and pay into your account. If you want to send money, the bank takes a 2% commission of the amount being transferred for an offshore transaction. The swift pay charge (a worldwide financial transaction platform where banks transfer funds between countries) is $20, the offshore charge is $25 while the standard charge is $45. When you are unable to transfer funds from your account, most banks operate correspondent banking abroad to enable the transfer through traveller’s cheque.

Note: You can make up to $10,000 dollars per day through cash deposit. Transactions above $10,000 or its local equivalent would be reported to the Central Bank of Nigeria.  For GTbank, you can only make the maximum cash deposit of $3000 daily, $5000 weekly into your domiciliary account. However, you can transfer any amount you want from your domiciliary account at any bank. Check your bank for their variant charges.

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