What are the top 10 best banks to open a domiciliary account in Nigeria? If you’re interested in opening a domiciliary account in Nigeria and you’re not sure which bank to make use of, then this guide is for you. This guide aims to discuss the top 10 best banks for domiciliary accounts in Nigeria. Meanwhile, a domiciliary account only takes foreign currencies like euros, dollars, and pounds. It does not accept Nigerian currency, which is known as the Naira.
In addition, this type of account is an exclusive account that is used only for commercial transactions. While the other regular accounts cannot be used to send and receive foreign currency, with this type of account, you can perform these transactions with ease. Hence, if your transactions are always in foreign currencies, then you should open a domiciliary account here in Nigeria. But first, you need to know the best banks that allow you to open a domiciliary account.
Why Do I Need a Domiciliary Account?
There are many reasons why you need a domiciliary account. Even if you do not think it is important to open a domiciliary account, these reasons will shed more light. Here is why you need to open a domiciliary account:
- A domiciliary account can be used for savings in foreign currencies, and no matter how the dollar rate goes up and down, your foreign currencies will never depreciate.
- You will be given the opportunity to access online banking at your fingertips.
- If you have important projects to carry out or a new business you want to start. You can make use of the domiciliary account to save up money so that you can do the things you want to do.
- With a domiciliary account, you can transfer money abroad and also receive money abroad.
Opening a domiciliary account might not be important to you now, but it will be someday. Just like you would save money with a Nigerian savings account, you can also save with a domiciliary account.
How Much Does it Cost to Open a Domiciliary Account in Nigeria?
It doesn’t cost much to open a domiciliary account in Nigeria. However, this depends on the bank you are opening the domiciliary account with. But the cost of opening a domiciliary account here in Nigeria is in the range of $50 to $100. Note that the price depends on the bank; some banks might charge less or more.
10 Best Banks For Domiciliary Accounts in Nigeria
Have you been searching for the top 10 best banks for domiciliary accounts in Nigeria? Well, search no more. Below are the best banks where you can open a domiciliary account.
First City Monument Bank is one of the best banks you can open a domiciliary account with. They allow you to keep an account in foreign currency, and the currencies you can keep are GBP, EUR, and USD. For FCMB, you must have a minimum opening balance of $100, £70, and €60. A debit card is also required for your transactions. Internet banking, email, SMS, and bank statements are all available as well.
Guaranty Trust Bank
Guaranty Trust Bank is another bank that allows Nigerians to open a domiciliary account. To open a domiciliary account with them, you need to fill out and sign a domiciliary account opening form; a copy of your driver’s license. Also, an international passport or national ID will be needed. Aside from these, you will bring along with you one passport photograph, two reference forms, and utility bills issued within the last 3 months. Once you are able to provide all of these, they will open a domiciliary account for you.
Zenith Bank Plc.
You can open a domiciliary account with Zenith Bank plc. They have two types of household accounts: the ordinary domiciliary account and the domiciliary cash account. Accounts with no balance can be created. Note: You can only make a transfer with the ordinary account and not the cash domiciliary account.
Both Nigerians and Nigerians living in the diaspora can open a domiciliary account with Fidelity Bank; if you are a Nigerian living in the diaspora, you can open a domiciliary account by submitting some necessary documents. However, you must be a Nigerian citizen who is legally staying abroad to qualify for a domiciliary account. If you want to know the requirements needed to open a domiciliary account, then you can visit the nearest fidelity bank close to you.
First Bank has two different types of domiciliary accounts: the FirstDom Plus and the domiciliary account. These two accounts were created for different kinds of customers. Customers with a balance of $5,000 or more are to use the FirstDom account, while the domiciliary account allows you to put in currencies like Euro, USD, and GBP.
Union Bank is another bank that allows customers to open domiciliary accounts, and they also offer different domiciliary accounts for their customers. To suit the needs of their clients, Union Bank has created three different accounts, which include a domiciliary savings account, a dollar current account, and a domiciliary travel card account in US dollars. All of these accounts have different functions.
UBA Domiciliary Account
United Bank for Africa is a very popular bank in Nigeria, and it is one of the best banks for creating a domiciliary account. UBA has different types of Dom accounts to suit the needs of their clients, and they include Dom Advantage Plus, U-Care Plus domiciliary accounts, Dom Advantage, and Freedom Dom.
Access Bank Domiciliary Accounts
Creating an Access Bank domiciliary account will do you so much good because they offer amazing choices to their clients. Access Bank domiciliary accounts accept foreign currencies like Yen, Pounds, Euros, and US Dollars. The requirements needed for opening a domiciliary account include a vehicle with a valid ID, a residency permit, meeting certain additional conditions if you are a foreigner, and finally, having a passport.
When you open a domiciliary account with Polaris Bank, you will be able to pay your bills, save money for your children, and do other important things. However, international transactions are allowed at Polaris Bank. They allow you to do transactions whenever you want.
Stanbic IBTC Bank
With a Stanbic IBTC domiciliary account, you can send and receive money in different currencies aside from the Nigerian currency. If you want to open a Stanbic domiciliary account, you must have a $100 deposit for a person and $500 for a form, including your forms and means of identification.
Now that you know the top 10 best banks for domiciliary accounts in Nigeria, you can choose from any of these banks to open a domiciliary account with. Their services to domiciliary account users are top-notch, and I am certain you will not regret opening an account with them. However, if you need more information about how the domiciliary account works, you can go to any of the banks listed above.