Best banks to open domiciliary account with in Nigeria (2022)

Best banks to open domiciliary account with in Nigeria

Searching for the list of top best Nigerian commercial banks to open your domiciliary account with? In this post, we will list and explain to you top 12 best banks in Nigeria which you can feel free to open domiciliary with in 2022.

As you may know, domiciliary account is a type of account which was mainly introduced in order to help people send and receive international currency at the comfort of their home free of charge.

Many commercial banks in Nigeria allow their customers to carry out domiciliary transaction with them. Want to see the top best ones? Please continue reading for more important step by step information.

The purpose of every one who is intending to open a domiciliary account is different, for example, you may intend to open it in order to receive money from abroad while other are intending to open it to transfer money to abroad while other want to open to receive and send money internationally (business).

Hence, if your aim of opening a domiciliary account is to be using it to receive money from abroad, then which bank is the best for your to open with? Or if you want to open your own in order to use it do business, which banks is recommended for you to open your domiciliary account?

Now, let’s start!!

Read this also: recharge code of all banks in Nigeria for data and airtime (step by step).

List of top best banks for domiciliary account

The list of top best banks to open domiciliary account with in Nigeria for this year (2022) are explained below with their respective method of opening, opening fee, and many more.

1. Union bank

Union bank domiciliary account is a foreign currency account that gives customers the option to save in any of the three global currencies (US Dollars, Euros and GB Pounds) while earning interest.

At Union bank, if you are searching for the list of top best banks to open domiciliary account with, then your search will stop.

Union bank has three different types of domiciliary account introduced for specific purpose by purpose and they are:

A. Domiciliary Savings

Domiciliary Savings one of the three types of Union bank domiciliary account. In other word, it is explained as a foreign currency account that gives customers the option to save in any of the three global currencies (US Dollars, Euros and GB Pounds) while earning interest.

Some of its features are:

  • Account opening balance of $50 or its equivalent in Pounds and Euros
  • Up to 1% interest per annum (interest will be forfeited when withdrawal is more than 4 times in a month)
  • 0.05% is charged on cash withdrawals (maybe change to – Discounted charges on cash withdrawals)

While some of its benefits are:

  • Account opening balance of $100 or its equivalent in Pounds and Euros
  • Charge of 0.05% on amount withdrawn
  • Interest earned is 0.2% p.a (interest will be forfeited when withdrawal is more than 4 times in a month)
  • 05% is charged on cash withdrawals

To open Union bank Domiciliary Savings account, the requirements are:

  • 2 passport photographs
  • Valid means of identification: international passport or Driver’s license/National Identity card
  • Current Utility bill (not more than 3months old) or signed tenancy agreement
  • BVN
  • CIU Form
B. Domiciliary Current

Union bank Domiciliary Current is a type of domiciliary account operated by Union bank makes their customers bank in any of the three global currencies (US Dollars, Euros and GB Pounds).

Some cool feature of Union bank’s Domiciliary Current are:

  • Account opening balance is the equivalent $100 in Pounds and Euros
  • Access to international transfers
  • Swift charge is the equivalent of 22USD in GBP & 18EUR for transfer. (If this is a discounted offer, can you rephrase)
  • Transfer charge of 0.5% of principal amount
  • 0.05% is charged on cash withdrawals.

While some of its benefits are:

  • Account opening balance of $100 or its equivalent in Pounds and Euros
  • Swift charge of 22USD, 15GBP & 18EUR for transfers
  • Access to International transfer
  • Transfer charge of 0.1% of principal amount (2% when cash deposits are transferred)
  • 0.05% is charged on

To be able to open Domiciliary current with Union bank, the requirements are:

  • 2 passport photographs
  • Valid means of identification: international passport or Driver’s license/National Identity card
  • Current Utility bill (not more than 3months old) or signed tenancy agreement
  • BVN
  • 2 valid references
  • CIU Form

If opening domiciliary current with Union bank is your goal, then you have to get the account opening, signature form and reference form.

Please click the links shared below for downloading all the three forms to use to open Union bank Domiciliary Current account today.

See this also: Zenith Bank domiciliary account form (step by step guides).

C. UnionAce

UnionAce is a Dollar-denominated account runs by Union bank which aims to give you the opportunity to earn up to 3% p.a on your dollar deposits. It also comes with a card that gives you the freedom to shop globally.

Features of UnionAce:

  • Account opening balance of $100
  • Up to 3% interest rate p.a. on your dollar deposits.
  • Easy payments abroad using the UnionAce MasterCard via POS and Web. No charges apply.
  • Card is valid for 3 years
  • Annual card maintenance of $10.

Benefits of UnionAce domiciliary account:

  • No limit on card spend
  • Card is valid for 3 years
  • Annual card Maintenance of $10
  • Account opening balance of $100
  • Up to 3% interest rate p.a on your dollar deposits.
  • Over the counter transactions are permitted
  • Discount on travel tickets from select airlines

Requirements of opening UnionAce domiciliary account with Union bank:

  • BVN
  • CIU Forms
  • 2 valid references
  • 2 passport photographs
  • Valid means of identification: international passport or Driver’s license/National Identity card
  • Current Utility bill (not more than 3months old) or signed tenancy agreement.

Most interestingly, the minimum opening balance of any three of them is $100 or its equivalent and their requirements are the same as well.

Please anytime you are going to open your domiciliary account with Union, consult the staff at the bank about what you came to do and your aim of opening it in order to let them decide the one you should open.

In our point of view, UnionAce is the recommended Union bank domiciliary account that you should open if your aim is to use it do international business (sending and receiving international currency).

How to open domiciliary account with Union bank
  • To open a UnionAce domiciliary account, first click here
  • Enter your name, email address and telephone number
  • Finally click ”Submit” to send your details to Union bank UnionAce domiciliary account department
  • Please note that through the email address you enter, Union will send you their domiciliary account opening form to you to fill
  • Hence, make sure to correctly enter your email address as best as you can
  • After downloading the domiciliary account which you received via email from Union bank, now scan and resend its fully filled one one to them on email: [email protected] for review
  • After reviewing your form, you will be contacted via email address or telephone number which you earlier provided to go to any of their nearest branch for further process

Alternatively, do not fill any form online and simply visit any of their branches with your identity document such as voter’s card, driver’s license, international passport, etc.

Please note that to open any type of Union bank domiciliary account, the requirements are:

  • BVN
  • CIU Forms
  • 2 valid references
  • 2 passport photographs
  • Valid means of identification: international passport or Driver’s license/National Identity card
  • Current Utility bill (not more than 3months old) or signed tenancy agreement

For more information, please visit Union bank’s website.

See this also: how to check your National Identifiction Number (NIN) with tracking ID.

2. Zenith bank

top best Nigerian banks to open domiciliary account with

If you are looking for the top best Nigerian banks to open domiciliary account with, then Zenith bank is the one. With Zenith bank domiciliary account, you can send and receive any international currency directly into your bank account here in Nigeria.

Zenith bank’s domiciliary account is categorized into two types which are:

  • Ordinary Domiciliary Account
  • Cash Domiciliary Account

Now, what are the requirements and how to open any of the two types of Zenith bank domiciliary account listed above?

Please let’s start!!

A. Ordinary Domiciliary Account

Do you need to have a foreign currency account? Zenith bank Ordinary domiciliary account gives you the opportunity to conveniently carry out foreign transactions wherever you may be.

By opening Zenith bank ordinary domiciliary account, you will have access to debit cards, internet banking, and mobile banking application, hence, your transfers, payments, standing orders etc. can be done without you walking into Zenith bank’s halls.

Benefits of Zenith bank Ordinary Domciliary Account:

  • Internet Banking
  • Debit Card (USD)
  • Mobile banking
  • Email/SMS Alertz
  • Standing orders
  • USD, GBP & EUR

Requirements to open Zenith bank Ordinary domiciliary account:

  • Account opening form (existing account holders with full
    documentation only require a written letter or completion
    of account opening form without the provision of any other
    documentation).
  • One passport photograph of authorized signatories
  • Valid ID (Driver’s License, International Passport, National Identity Card or Voter’s Identity Card)
  • Public Utility Receipt dated within the last three months
    (PHCNbill, water rate bill, tenement rate, rent receipt, telephone bill etc.)
  • Visitation Report (Residence)

For you to conveniently open this type of domiciliary account with Zenith bank, simply click here to download the form and submit it to Zenith on email address: [email protected] or just visit any nearest Zenith bank branches and make the request with any staff.

Read this also: list of all Nigerian banks and their headquarters address.

B. Cash Domiciliary Account

Cash Domiciliary account is another type of domiciliary account established by Zenith bank to enable its customers receive and send international currency at the comfort of their home without visiting using the service of mobile money operator.

The benefits of Zenith bank Cash domiciliary account are:

  • Zero opening balance
  • Internet Banking
  • Debit Card (USD)
  • Mobile banking
  • Email/SMS Alertz
  • Standing orders
  • USD
  • No transfers allowed. (Cash in and cash out only)

While the requirements to open are:

  • Account opening form (existing account holders with full documentation only require a written letter or completion of account opening form without the provision of any other documentation).
  • One passport photograph of authorized signatories.
  • Valid ID (Driver’s License, International Passport, National Identity Card or Voter’s Identity Card).
  • Public Utility Receipt dated within the last three months
    (PHCNbill, water rate bill, tenement rate, rent receipt,
    telephone bill etc.)
  • Visitation Report (Residence).

How to open?

To open any type of domiciliary account with Zenith bank especially this one (Cash domiciliary account), please just simply download the form, fill it, scan it and finally send it to Zenith bank online or submit it to any of their nearest branch.

Moreover, Zenith bank domiciliary account opening form can be downloaded by clicking here.

Please note that Zenith bank domiciliary account opening balance is $100 or its equivalent in other currency. It can only be opened by a citizen who is above 18 years of age.

Read this also: what is the current price of Dollar to Naira in Nigeria.

3. UBA

UBA domiciliary account is useful when you are travelling or sending money to relatives abroad or as an online international entrepreneur and want your customers to pay you in any foreign currency such as Dollar, Pound, Euro, etc.

UBA as one of the best banks to open domiciliary account with, it came with three different types of domiciliary account which are:

  • Freedom Dom Account
  • Dom Advantage Account
  • U-Care Plus Domiciliary Account

Each of the three types of UBA domiciliary account listed above is created for specific purpose, for example, U-Care Plus UBA domiciliary account is meant for parents who want to save for their children’s secondary/tertiary education abroad.

Now, let’s start discussing all three types of UBA domiciliary account with you and how you can open any of them.

A. Freedom Domiciliary Account

With the introduction of UBA Freedom Savings Domiciliary Account, you can use it to receive foreign remittances, with no limits, directly into your account.

Please some important things to take note about UBA Freedom domiciliary account are:

  • The minimum operating balance for FSDOM account is zero (0) USD
  • The minimum opening balance for Freedom Savings Domiciliary account is Zero.
  • The only documentation required for FSDOM is the BVN
  • There is no maximum cumulative balance for the FSDOM. However, customers will upgrade their accounts as soon as they exceed a debit turnover limit of $2,000.
  • The account does not allow the use of cards.
  • It is a zero interest paying account.
  • Customers can only access their cash through in-branch cash withdrawals.

The requirement to open Freedom domiciliary with UBA bank is your BVN only and you will enjoy the following benefits:

  • Easy documentation requirements
  • Zero balance account opening
  • Free access to check account balances via our Mobile App and the Internet banking platform
  • Receive foreign currency and Telex inflows directly into your account
  • No withdrawal charges

Read this also: list of all approved Microfinance banks in Nigeria and their locations.

B. Dom Advantage Account

Dom Advantage is both a UBA current and savings domiciliary account denominated in foreign currency (US Dollar, Pound Sterling, EURO etc.) but operated by in Nigerians as Domiciliary Account.

  • The minimum opening balance is $100 for Dollar account, €80 for Pounds account and ₤70 for Euro domiciliary account or its equivalent in other currencies
  • Note that this type of account can be operated in any of the major currencies- US Dollar, GBP, Euro etc.
  • Foreign Cheques/Instruments can be credited to the account Can be used as a channel for Investments in securities and real Estate in home & abroad.

To be eligible to open this type of domiciliary account with UBA, you need to have:

  • Your opening balance
  • Two Passport photographs
  • Valid Identification (International Passport, Driver’s License, National ID card, Voter’s card)
  • Must provide birth certificate.

Read this also: top best ways to transfer money internationally.

C. U-Care Plus Domiciliary Account

The U-Care Plus Domiciliary Account is a variant of U-care plus savings account, it is an FCY account denominated in USD, GBP, & EURO meant for parents who want to save for children’s secondary/tertiary education abroad.

UBA charges or fees aligned with this type of domiciliary account are:

  • Withdrawals: 0.5% + VAT on amount withdrawn
  • Telex Transfer: 0.5% +VAT or US$10 or its equivalent whichever one is higher + Communication charge of US$25 or Euro 20 or £ 15
  • Draft request: 0.5% +VAT or US$10 or its equivalent whichever one is higher + communication charge of US$25 or Euro 20 or £ 15

To open it successfully, some of the requirements are:

  • Valid Identification of Parent/Guardian
  • Two Passport photographs of Child and Parent
  • Child’s birth certificate
  • Address verification of the parent/guardian

Please note that the minimum opening balance is $100 or £70 or its equivalent while the minimum operating balance is £350 or its equivalent and its interest Rate is 0.1% payable on the credit balance.

By banking any type of domiciliary account with UBA, you have access to get an instant transaction notifications (AKA, alert), use UBA Internet Banking, you enjoy a very secure transactions, get 24/7 support, etc.

Most interestingly, if you don’t chance to visit the UBA bank, the an Online Account can be created for you to do every banking service yourself at the comfort of your home.

Note the UBA Online Account is a unique account which can be designed for you if you desire to carry out their banking activities completely online yourself without visiting a bank branch.

By creating UBA online account for your domiciliary account, you will enjoy the flexibility of banking on the go with UBA electronic channels (internet banking, mobile banking, ATM outlet, POS machine, etc.).

Nigerian banks recommended for opening domiciliary account with

The list of all top best Nigerian banks recommended for opening domiciliary account with in 2022 are:

  1. First bank
  2. GTB
  3. Access bank
  4. Stanbic IBTC bank
  5. Heritage bank
  6. Keystone bank
  7. Polaris bank
  8. Jaiz bank
  9. Wema bank
  10. Unity bank
  11. EcoBank

Conclusion

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Read this also: how to open Access Bank Dollar account step by step.

One Response

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