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Best way to Make Transactions into A Domiciliary Account in Nigeria

Domiciliary accounts are meant for receiving foreign currencies. Keep reading to know how to make transactions into a domiciliary account in Nigeria. 

How to Make Transactions into A Domiciliary Account in Nigeria
How to Make Transactions into A Domiciliary Account in Nigeria

Here’s what you’ll get to know from this simple-to digest article;

  • What is a domiciliary account?
  • How to transfer money from naira account to Domiciliary account
  • How to open a Domiciliary account in Nigeria
  • Best Domiciliary account in Nigeria

What is a domiciliary account?

A domiciliary account is a type of current account you can fund with foreign currencies such as dollars, pounds, or euros and use in doing foreign transactions. This type of account commonly called a “dom account,” can be used to transfer money to another country or receive foreign currency from another country. 

The domiciliary account works like any other savings or local bank account. The only difference is that it can accept foreign currency transactions and be used in international business dealings. You can open a domiciliary account with most banks in Nigeria and can make transactions from in and outside of Nigeria. 

Below are the benefits of having a dom account. It varies from one bank to another.

  • International business. If you do business internationally, a domiciliary account is the best option for making both domestic and international transactions
  • Savings account. You can use the domiciliary account as a savings account. This is very useful for parents who want to save money for their children’s education abroad
  • Send and receive money internationally. The domiciliary account can be used to transfer funds abroad and also to receive funds in USD, EUR, GBP, etc. from another international account
  • Attractive rates. Various banks provide attractive interest rates for dom accounts so check with your bank often.
  • Online banking. Gain access to online features such as mobile banking, debit card, online banking, transaction alert via Email, and more

How to open a domiciliary account in Nigeria?

The requirements needed to open a domiciliary account are more or less similar in every Nigerian bank. Here are the steps to open a dom account in Fidelity Bank and Guaranty Trust Bank.

  • Fidelity Bank

If you live in the diaspora and want to open a dom account with Fidelity Bank, you simply need to submit the required documents.

To qualify for a dom account, you must be a Nigerian citizen who legally resides abroad. There’s also a joint nominee signatory option in which a relative or friend of your choosing can run the account on your behalf.

Below are the requirements:

  • Fill in a diaspora account opening form
  • One (1) passport size photograph (digital passport is also allowed)
  • Proof of Identity – a valid document that shows your photo, has your name, and indicates your Nigerian nationality. It can be any of the following:
  • Voter’s card
  • Valid or expired Nigerian passport
  • Birth certificate
  • Drivers license
  • Proof of Address – a certified copy of the following is accepted:
  • Bank statement or credit card statement received within the last 3 months
  • Utility bills received within the last 3 months
  • Stamped banker’s confirmation
  • Tenancy agreement or receipt from rent
  • Two (2) Nigerian bank references indicating a currently active account, a domiciliary account, or a corporate account

To open a domiciliary account with Fidelity bank, you must deposit a minimum of $50/€50/£50, depending on the currency of your choice.

  1. Guaranty Trust Bank (GTB)

To open a domiciliary account with GTBank as a Nigerian resident, follow the steps below

  • Fill in and sign a Domiciliary Account opening form
  • A copy of your identification document (driver’s license, international passport, or your national I.D card)
  • One (1) passport photograph
  • Two (2) reference forms – these must be filled out by current bank account holders, which do not have salary accounts
  • Utility bill issued within the last 3 months

What if I am not a Nigerian resident? 

If you’re not a Nigerian resident, you can still open a domiciliary account with GTBank. To do so, you’ll need the following:

  • Fill in a Non-Resident Account opening form
  • One (1) passport photo
  • A copy of an identification document such as a Nigerian passport, a voter’s card, a drivers’ license, or a notarized foreign international passport or international drivers’ license
  • Proof of address (stamped reference letter or a stamped bank confirmation that shows your address)
  • Provide either of these references:
  • A stamped reference letter or a stamped banker’s confirmation of your bank abroad
  • Two (2) reference forms from current Nigerian bank account holders
  • If you are interested in opening a joint account, provide a copy of your marriage certificate

How to Make Transactions into A Domiciliary Account in Nigeria

To receive money to a domiciliary account or transfer money from a naira account to a Domiciliary account in Nigeria, you will need the following details mentioned below:

  • Account number
  • Name on the account
  • Name of the bank
  • Branch address of the bank
  • Routing Number
  • Swift Code. (You can Google the Swift Code of your Bank.)

You can make use of Online Banking or your local Bank to send the Money. Depending on the Bank, the steps are almost the same. After receiving your bank notification alert, you can go to your bank and withdraw the money by filling your foreign currencies withdrawal slip. After that you will receive your money in any foreign currency, it can be Dollar or EURO.

To change foreign currency to your local currency, you can go to the Bureau De Change. The Bureau De Change is an official place to meet buyers and sellers of foreign currency. There you can exchange your dollars for any currency both Naira or any other foreign currency.

Best Domiciliary account in Nigeria

Below are the top 10 banks with a Domiciliary account in Nigeria

  1. ZENITH BANK. Zenith bank is top on our list of banks with the best domiciliary account in Nigeria. They also have good customer service. 
  2. GUARANTY TRUST BANK. …
  3. FIRST BANK. …
  4. United Bank for Africa (UBA) …
  5. Fidelity Bank. …
  6. Access Bank. …
  7. Union Bank. …
  8. First City Monument Bank (FCMB)

FAQs on How to Make Transactions into A Domiciliary Account in Nigeria

How to transfer money from naira account to Domiciliary account

To transfer money from a naira account to a Domiciliary account in Nigeria, you will first need to provide the account number, name on the account, name of the bank, branch address of the bank, routing Number, and swift Code. (You can Google the Swift Code of your Bank.)

Then, you can make use of Online Banking or your local Bank to send the Money. 

How do I pay into a domiciliary account in Nigeria?

You can pay into a domiciliary account through cash deposits, traveler’s cheques or foreign currency cheque deposits.

Can you transfer naira to a domiciliary account?

No. A domiciliary account is a type of account that doesn’t accept Naira (Nigerian currency), and only accept foreign currencies such as euros, dollars, pounds, etc

Conclusion

A domiciliary account, commonly called a “dom account,” is a type of current account you can fund with foreign currencies such as dollars, pounds, or euros and use in doing foreign transactions. This type of account can be used to receive and transfer money to another country. 

To transfer money from a naira account to a Domiciliary account in Nigeria, you will need to provide some important details like account number, name of account, Swift Code e.t.c and then make use of online Banking or your local bank to send the money. Information on how to open a Domiciliary account in Nigeria and the best Domiciliary account in Nigeria are also included in this article.

If you have any more questions on how to make transactions into a domiciliary account in Nigeria, drop a comment below. 

Johnson Ndubuisihttps://techpanda.com.ng
Johnson is passionate about tech and covers the latest updates in the tech industry, from the latest gadget launches to technology trends. Catch him online at @techpanda, or email him @jinosneh@gmail.com
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