Having a Domiciliary account is very important if you earn online as a blogger or affiliate marketer, and you shop online on sites like Aliexpress and so on. It is important you own one in a reputable bank. In this article, I list the best domiciliary account in Nigeria you should have.
What is a Domiciliary Account?
A domiciliary account is a type of bank account that allows users to carry out foreign transactions only in currencies such as Pounds, Dollars, Euros, Yen, and Dira from the local country. This account can only accept money in foreign currencies and varies from other existing types of bank accounts because it is only for transacting business, rather than savings. Consequently, it can also be used to transfer money to another country or receive foreign currency from an abroad account.
Top 5 Banks to Open a Domiciliary Account in Nigeria
Nearly all commercial banks in Nigeria operate domiciliary account opening. But among them all, there are some of them that stood out in terms of discharging this service. They are ranked high because of the services rendered and the benefits available for users of domiciliary accounts. Below are the top 5 banks to open a domiciliary account in Nigeria (click on the link to see their requirements):
- Zenith Bank
- Guaranty Trust Bank
- First Bank
- Access Bank
- United Bank for Africa
1. Zenith Bank
Zenith Bank is one of the leading banks in Nigeria with respect to good customer relations and products. With just a penny, i.e zero balance, you can get a domiciliary account with Zenith Bank. However, they operate two kinds of domiciliary accounts; Ordinary domiciliary accounts and Cash domiciliary accounts. For an Ordinary domiciliary account, one can make transfers while the reverse order is the case for Cash domiciliary account. Also, a Cash domiciliary account has an edge over the others simply because of access to EasyMoney as a feature on the account.
Features of Zenith Bank Domiciliary Account
- A Zenith Domiciliary Account operates only these foreign currencies: USD, GBP, and EUR
- Zero opening balance
- Internet banking and mobile banking services
- Issuance of debit card (USD)
- Email/SMS alerts on transactions
- Customers can do cash withdrawals in foreign currency from any Zenith branch.
2. Guaranty Trust Bank
Guaranty Trust Bank (GTBank) popularly called GTB is another leading bank option in Nigeria for a domiciliary account. GTBank domiciliary account is limited to US Dollars, British Pounds, and Euro currencies. Another point of note is that their domiciliary account can be funded through cash deposits and cash inflows.
Feature of GTBank Domiciliary Account
- Available for transactions in US Dollars, British Pounds, and Euros currencies
- 24/7 banking services through the various e-channels
- Funds can be transferred in foreign currency to other bank domiciliary accounts
- Users can do cash withdrawals in foreign currency from any GTBank branch.
3. First Bank
Known to be the first commercial bank in Nigeria, First bank, aside from its wide coverage, offers domiciliary accounts to enable their customers to process international transactions. As part of the benefits of running a domiciliary account with this bank, it can be accessed via cash deposits, foreign currency cheque deposits, or traveller’s cheques.
Like Zenith Bank, they also have two kinds of domiciliary accounts; FirstDom Plus and Domiciliary account. FirstDom Plus is a foreign currency deposit account that is for users with balances of $5,000 and above. It has an attractive interest rate and reduced bank charges. On the other hand, the First Bank domiciliary account allows users to keep money in US Dollars, Pounds Sterling, or Euros. This account is limited only to SMEs and Corporate organizations.
Features of First Bank Domiciliary Account
- The minimum opening balance is $500, €500, or £300.
- The minimum operating balance is $100, €100, or £50.
- There is no maximum limit on the number of withdrawals in a month.
- Cash withdrawals are subject to a flat fee of 0.5% per transaction.
- A Guaranteed FCY deposit is available.
- There are no restrictions on the number of withdrawals.
- There is a pool for interest on bank funds.
4. Access Bank
Access Bank is also a great option to consider when opening a domiciliary account in Nigeria. They offer both individual and corporate domiciliary accounts. With Access Bank domiciliary account, users can make deposits and withdrawals in USD, GBP, and EUR. In addition, they offer free online banking and a debit card for easy access to funds.
Features of Access Bank Domiciliary Account
- Minimum account opening balance is $100, €100, or £100
- No monthly account maintenance fee
- Free online banking and debit card
- Transactions can be done in USD, GBP, and EUR
- 24/7 customer support service
5. Stanbic IBTC Bank
Stanbic IBTC Bank is one of the leading banks in Nigeria, offering a wide range of financial services including domiciliary accounts. Their domiciliary account allows for easy and secure international transactions, with the option of funding the account through cash deposits, traveller’s cheques, or electronic transfers.Features of Stanbic IBTC Bank Domiciliary Account
- Available in USD, GBP, and EUR currencies
- Minimum account opening balance is $100, €100, or £100
- No monthly maintenance fee Internet banking and mobile banking services
- ATM cash withdrawal available in foreign currency
Conclusion
A domiciliary account is a type of bank account that allows users to carry out foreign transactions only in currencies such as Pounds, Dollars, Euros, Yen and Dira from the local country. The account is different from other types of bank accounts because it is only for transacting business, rather than savings. It can also be used to transfer money to another country or receive foreign currency from an abroad account.
While nearly all commercial banks in Nigeria offer domiciliary account opening, some banks stand out for their excellent services and benefits. Zenith Bank, GTBank, First Bank, Access Bank, and Stanbic IBTC Bank are some of the top options for opening a domiciliary account in Nigeria. An alternative of a domiciliary account is virtual cards.
FAQs
How do I open a domiciliary account in Nigeria?
To open a domiciliary account in Nigeria, visit any commercial bank of your choice with the required documents, which include a valid means of identification, passport photograph, and proof of address.
Can I withdraw Naira from my domiciliary account?
No, a domiciliary account only accepts foreign currency transactions, not Nigerian Naira.
How do I fund my Domiciliary account?
You can fund your domiciliary account through electronic transfers, cash deposits, or traveller’s cheques.
What is the minimum balance required to maintain a domiciliary account?
The minimum balance required to maintain a domiciliary account varies across banks, but it usually ranges between $100, €100, or £100.
Can I access my domiciliary account online?
Yes, most banks offer online banking services for domiciliary accounts, which allows users to access their account details and carry out transactions from anywhere in the world with an internet-enabled device.
