How To Open A Domiciliary Account in Nigeria- Why and All you Need To Know

Due to the recent ban of our dear Naira cards, internet based hustlers and other businesses that require transaction in foreign currencies, now face general difficulties in either purchasing of product or paying of bills.

A good answer to this question is the creation of domiciliary accounts, which varies in types and opening routines across many banks in Nigeria. I have a domiciliary account here in Nigeria, and it has been my aid in promoting my work here on the internet. Here, you are going to know that basic things you need to have in order to create one.

Please note: These features and processes may differ, as it depends on the bank and the type of Domiciliary accounts you intend to open

Here are the features if the domiciliary account

No limit to number of withdrawals in a month

Cash withdrawals from an initially deposited cash will attract a 0.5% commission

Cash withdrawals from a cash inflow or funds transfers (credits) attracts a 1% commission

Inter sol transactions (account owner only) are allowed.

Benefits Of Domiciliary Accounts

Guaranteed FCY deposit

Attractive pool for interest on bank fund

No restrictions on number of withdrawals

Inter sol withdrawal (account holder only) allowed

Documents Needed To Create A Domiciliary Account

Duly completed Account Opening Form

Duly completed specimen signature card

Two (2) recent passport photographs

Address verification document: Utility Bill

Valid means of identification e.g. International passport, Driver’s license or National ID card

Resident permit

 

Thinks You May Do Now:




To open an Individual Domiciliary account,

Download the Individual Account Opening Form

For joint account holders, download the Joint Account Holder Form

Complete the form and submit at the nearest FirstBank branch

I hope this served. If you are still finding this topic hard to understand, maybe you need to visit your bank for more. But for the interest of all, share your experience or need on the comment section. You will surely see help here

Valentine
Connect @

Valentine

Founder at WeUseNaira Blog
Val is a passionate blogger, digital marketer and a pro web developer. He's a tech enthusiast, lover of craft and Freelance coach +2348066538123
Valentine
Connect @

About the author

Valentine

Val is a passionate blogger, digital marketer and a pro web developer. He's a tech enthusiast, lover of craft and Freelance coach +2348066538123

Leave a Reply