A Domiciliary Account is a foreign currency that allows you to carry out transactions abroad, such as sending and receiving money in various currencies, such as pounds, euros, dollars, etc.
You can open a Domiciliary account in Nigeria and easily manage it from any country of your choice, even in Nigeria.
Opening a Domiciliary account is not only a matter of saving money but also of doing business.
This helps you to carry out business transactions in foreign currency.
A Domiciliary Account allows you to finance foreign currencies such as dollars, pounds, or euros, enabling you to carry out transactions abroad with this account.
You can use the Domiciliary account to transfer money to another country or receive currency from other countries.
Opening a Domiciliary account allows you to access debit cards, the Internet, and mobile banking.
So you can make transfers, stand orders, payments, etc., without entering the bank passages.
Domiciliary Bank to Open in Nigeria
The Best Domiciliary Bank to Open in Nigeria Includes:
1. Zenith Bank Account
Zenith Bank is Nigeria’s first commercial bank to manage two household accounts: the ordinary Domiciliary account and the Domicilary Cash Account.
These accounts can be created with a zero balance, and you will receive a debit card for only USD.
The currencies available on the parent accounts of Zenith Bank are USD, EUR, and GBP.
2. GTBank Account
Another on the list of the best banks to open an account in Nigeria is the Guaranty Trust Bank.
GTBank’s Domiciliary Account is also available in the most popular currencies in the world – US dollars, British pounds, and Euros.
While managing this account, you will have 24/7 access to the available electronic channels and can transfer cash to other national accounts in Nigeria.
Withdrawal is also not a problem; you can withdraw from any GTBank branch nationwide.
3. Fidelity Bank Account
With a Fidelity bank account, you can also make international transactions.
They are also available on the list of domiciliary accounts in Fidelity USD, GBP, and Euro Bank.
To open an account with Fidelity Bank Nigeria, you need at least £50, $50, or $50 in working currency.
You must maintain a minimum operating balance of $30, £20 and €30.
Your personal Fidelity bank account will allow you to access alerts, online banking, account statements, and other services.
4. UBA Bank Account
UBA is a pan-African bank that allows its customers to benefit from several international banking advantages.
It is, therefore, one of the best Nigerian banks that can open a Domiciliary Account.
United Bank of Africa, UBA, offers its customers a wide range of options when it comes to choosing the origin of the account.
The bank manages the following Domiciliary accounts:
- Dom Advantage Account
- Freedom Dom Account
- Dom Advantage Plus Account
- U-Care Plus Domiciliary Account
The accounts listed above are created according to the varying financial capacity of different customers.
The operating currencies of this Domiciliary Account executed in UBA are USD, FCY, GBP, Euro, etc.
5. First Bank Account
As one of the smartest commercial banks in Nigeria, First Bank has also been listed as one of the high-class banks that can open a Domicile Account.
With these phone bills, you can facilitate international transactions on the Internet.
The First Bank manages two types of Domiciliary Accounts:
- FirstDom Plus
- Domiciliary Account
Both are designed for different kinds of customers. FirstDom is intended for customers with a balance of $5,000 or more.
A Domiciliary Account in the First Bank allows you to hold currencies like USD, GBP, and Euro.
6. Stanbic IBTC Bank Account
If you are a natural or professional person who needs to carry out international transactions, the DOomiciliary Account in Stanbic IBTC bank may be all you need.
You can receive and transfer money in currencies other than naira. To open a Domiciliary Account with Stanbic IBTC, you need a minimum deposit of $100 for an individual and $500 for a business.
At Stanbic IBTC Bank, you can open different accounts for currencies such as USD, GPB, and Euro.
7. Access Bank Account
The Membership Bank of Nigeria also offers the best Domiciliary Accounts in Nigeria.
Being one of the most popular and with many customers, Access Banks allows customers to transfer and receive money in different currencies.
The currencies available in the main access bank window are USD, GBP, yen, and euro.
The Domiciliary Accounts required for a private account with Access Bank in different currencies are $100, €100, and £100.
You will have access to the Internet and Mobile Banking Services. Depending on customer preference, you will also get different debit card variations.
8. Union Bank Account
Union Bank offers a change of Domiciliary Account according to the client’s needs.
Different types of Domiciliary Accounts are available at Union Bank Nigeria:
- Domiciliary Savings
- Domiciliary Current
- Travel Card USD Domiciliary Account
These Union Bank Domiciliary Accounts are among the best in Nigeria.
The currencies in the Union Bank’s Domiciliary Accounts are USD, GBP, and Euro.
To open a Domiciliary Account at Union Bank, you need at least $100 for these accounts.
9. Polaris Bank Account
The Polaris Bank’s initial account allows you to store and transfer luxury money in USD, GBP, and EUR.
It will enable you to pay bills, school fees, and other foreign currency transactions from your comfort zone.
The opening balance of the Polaris Bank Nigeria Domiciliary Account is 100, 50, and 50 euros.
You will also receive the debit card required for your transactions. This type of account can be used as collateral for a naira loan.
10. FCMB Bank Account
First City Monument Bank is the second bank in Nigeria to open its best Domiciliary Account.
Like any other Domiciliary Account, the FCMB Domiciliary Account allows customers to keep an account in foreign currency.
The currencies available on the main FCMB accounts are USD, GBP, and EUR. The minimum balances for the first account with FCMB are $100, €70, and £60.
Requirements to Open a Domiciliary Account in Nigeria
Account opening requirements in Nigeria may differ from those of banks, but there are few. These main requirements are:
- Bank verification number (BVN)
- Referees
- Passport photos
- Valid identities such as driver’s license, registration card, or NIN.
- A permanent public service account in your residence
- Form of a collective investment company (UCI).
- Foreign currency return form
- $100 or equivalent
Thanks for explaining
That’s nice.
Thanks for your efforts.
Thanks for the information, it was very explanatory.
Thanks and well done. Although the best is not even in the list and that’s Standard Chartered bank. Foreign transactions are processed through a third-party bank such as Citi Bank. When you have a Standard Chartered domiciliary account, Standard Chartered being an international bank processes directly with their US, UK or other countries’ office and you get your money much quicker. Sometimes within hours. With all other banks, it’s processed either through Citi Bank or even Standard Chartered and it takes 2 days for you to receive the money in Nigeria.