How to open a domiciliary account in Nigeria includes the while processes involved in open and running a domiciliary account in any Nigerian bank of your choice. This is a comprehensive tips on how to open and run a domiciliary account anywhere in Nigeria.
What is a Domiciliary Account?
And for definition sake, a domiciliary account is an internationally accepted means of bearing another currency in a certain country. And in Nigeria, almost all the banks can create and operate a domiciliary account for customers.
There are many known and unknown reason for creating a domiciliary account, but for being here, I assume you are in a need of one.
Who Needs a Domiciliary Account in Nigeria?
Reason varies but there are basically two types of people that need a domiciliary account in Nigeria.
A domiciliary account does no magic, but for certain reason we see it as a great preference to our domestic account. One; because of the recent CBN policies that placed some kind of bans on our local accounts from transacting with certain foreign sites. This is the reason why online experts and social media marketer prefer a domiciliary account to pay for ads and other services on the internet.
Another set of people who needs a domiciliary account is the international business people. Instead of travelling with cash, a domiciliary account will, as a matter of convenient, help you make withdrawal in foreign countries.
So, I believe you are now aware of the needs of having at least one domiciliary account here in Nigeria. But there is a need to know either your destination country and currency or your preferred sites and the means of payments. That will be your guide in making choices in the next sections of the tips.
Which Banks to go for a Domiciliary Account in Nigeria
This depends on your personal reasons but the truth is that almost all Nigerians banks run domiciliary accounts for customers. The features of a domiciliary account in one Nigerians Bank is almost the same in another. And here is the list of all the banks in Nigeria:
List of Banks in Nigeria
Diamond Bank PLC
FIrstBank Nigeria LTD
First City Monument Bank.
Click>> here for more other banks in Nigeria
Currencies to Choose from While Creating a Domiciliary account in Nigeria
Domiciliary accounts are used for varied reasons, as I have pointed out before, and that will be the reason to choose the right currency for the right mean of payment. This will also determine the nature and type of the credit and debit card you might chose, but meanwhile, there are whole lot of other things to not while opening a domiciliary account in Nigeria.
However, the most common Domiciliary accounts in Nigeria are that of Dollars and Euros, while there are tons of others to go for; ranging from Indian lark to UAE Dirhams. There are about …….currencies in the world and that is also the possibilities of creating their domiciliary in many other countries including Nigeria.
How to open a domiciliary account in Nigeria-Overview of requirement/Procedures.
- Choose your Bank for Domiciliary Account
- The Physical Requirements
- Choose your Card Type
- Know Your Banking Limits
- Proceed with the Procedures
- Wait for cards and Activations
#1. Choose your Bank for Domiciliary Account
For some banks in Nigeria, you must have an existing account before creating a new domiciliary account, but for the sake of knowledge, you might want to read more on the policies governing that. It might not be a criteria for all the banks in Nigeria. But popular trend is that a domiciliary account must be an extension of an already running account.
However, from the list of banks above, you can make your choice. I’m not affiliated to any Nigerian bank and neither is my work is, but I have a reason to recommend any bank around you.
#2. The Physical Requirements
Before creating a domiciliary account in Nigeria, you must enter your bank with all the means of identifications, financial and reference requirements before the banker attends to you. They are quite polite but might not be of help is any of the documents is missing.
Here are the needful to carry along with you:
- Two referees who has at least a current account in the bank
- A valid mean of identification; Drivers License, National ID card or a Voters card. Although I prefer the international passport for this.
- The Minimum deposit for the account; My Dollar denominated account cost me initial deposited of $100 and might be more for other currencies(There are different currencies and each currency have her own minimum amount to be deposited for the Domiciliary account can be created. This is why you may need to consult your bank for more details).
- Recent Passport Photograph
- A utility Bill; preferably the PHCN Bill or any Power distribution bill in your area.
#3. Chose a Card Type
You may not even be familiar with the types of card to be selected for your transactions, but you don’t need to worry. Your chosen bank is in the right position to elaborate on this (because there are myriads of card types that determine the number of weeks it might take to be delivered to your).
But for bloggers and other internet users like me, my FirstBank Visa Prepaid card is bae and still my favorite international card till date.
#4. Know Your Banking Limits
There is a limit placed on both your initial deposit and your daily and monthly transactions. That is what determines the type of account to be opened. As a banker, you need to ascertain the limits placed on each domiciliary account you open. For accounts holder, your bank determines almost all the features.
#5. Proceed With the other Processes
With the above criteria, you can create a domiciliary account in any bank of your choice. But remember, you need to visit the nearest bank branch to complete the processes. There are banking procedures you can initiated and complete online, but I’m not too sure if a domiciliary account is among, in Nigeria.
My Personal Experience; was that it was created within hours, but the verification and addresses took more than three weeks to get ready. But before then, I had to wait for my card.
#6. Waiting for your Card
Some credit and debit cards associated with the domiciliary account lingers to up to months to be delivered to your local bank branch. That is why it is recommended to be aware of the delivery time, to continue with your activities online or in your destination country.
There is no gain saying more about a domiciliary account in Nigeria. It is as easy as the normal accounts you already have. And the processes are almost the same. There are more you can learn or add to this post. This is why you can make use of the comment box if you have anything in your mind.