So many times people have been asking me questions on how to open a domiciliary account in Nigeria especially now that it's more expensive to pay online with your Naira debit card; no thanks to USD Naira exchange rate.
Here, I have shared the guide on the requirements banks expect you to meet up with before they approve and assign a domiciliary account number to you for foreign currency transactions.
Let's start with what a Domiciliary account is. A Domiciliary account, also know as Dom Account, is an account that's denominated in a foreign current; USD, Euro, GBP or any other currency aside from the Naira. You operate it the same you have been running savings or current account; from the deposit, withdrawal, and fund transfer to similar account. You can even apply for a credit or debit card attached to the account which is easier for online payments and withdrawal at ATM terminal.
Why you need a Dom Account? When you make a purchase online banks are now bent on applying a higher exchange rate that's way beyond what you expect. But, when you pay with your dollar card, it's a direct transaction that doesn't need exchange rate.
Best banks you can open a domiciliary account with: Here are top banks you can open an account with First Bank, FCMB, GTBank, Fidelity, Zenith Bank, EcoBank, Heritage Bank and Access Bank.
How to Open a Domiciliary Account;
Whether it's a US Dollar, Euro, Pounds or whatever currency account you are opening, here are key requirements you should have before walking into a bank to get your account opened:
- Minimum opening account deposit balance of $100, £100 available for initial funding.
- Valid means of identification: International passport, National ID, or Drivers licence.
- Two referees who are current account holders: but it will be faster if those referees are from the same bank you want to open the domiciliary account.
- Two recent passports.
- Utility bill to verify your home address (not older than 3 months)
- For Non-Nigerians, get a resident permit.
Once you have them,
- head to First Bank, FCMB, GTBank, Fidelity, Zenith Bank, EcoBank, Heritage Bank and Access Bank.
- visit the customer service desk and tell whoever is in charge that you want to open a domiciliary account.
- if you already have a current account with the bank, the processes will be faster as the requirements are already the same as what you have already presented when opening the account. You just need to write a request letter to the branch manager asking him to open a domicilary account for you.
- you will also be given a foreign currency account opening form with specimen signature and referee form to complete and submit.
- you will also be asked to present the $100 or £100 deposit for onward processing.
- within 48-72 hours, your account number will be sent to you via SMS.
This is the exact guide on how to open a domiciliary account in Nigeria with First Bank, FCMB, GTBank, Fidelity, Zenith Bank, EcoBank, Heritage Bank and Access Bank.