If you are doing international transaction, firstly, you must have domiciliary account in order to make you receive and send money internationally. As a result of this, I will show you all the processes you should take note of while opening domiciliary account.
By opening domiciliary account, you will can transact fund on the go at anytime. At the same time, you will also be allowed to receive fund (money) from any person in outside of the country you are living in.
For the purpose of this article, I will show you how to open domiciliary account with top best commercial banks in Nigeria in 2021 step-by-step.
Now, the top best commercial banks in Nigeria in this year, 2021 are:
Opening domiciliary account needs different documents and each bank may not require the same thing. As a result of that, I will show you account opening processes for every underlisted bank above.
Domiciliary account opening processes of top best banks in Nigeria
The general requirements or documents which person should present to the bank for domiciliary account opening are:
- Make sure that you are an existing customer of the which you want to open domiciliary account with, otherwise, the account opening will not be processed
- If you’re on saving account, migrate to current account. In this case, customer care staffs will help you very fast in the bank hall
- You must have got national identification number (NIN). For more information on how to get your NIN very fast, click here
- Also, you must have an active telephone number
- It’s very important to go along with your birth certificate, however, some banks don’t request it
- Minimum two (2) numbers of references (the person who’ll sign the form for you)
Below are the step-by-step guides on how to open domiciliary account with every five (5) commercial banks I listed above.
Domiciliary account of UBA
To open domiciliary account with United Bank for Africa, UBA, below are the opening procedures you should observe. Note if you’re opening domiciliary account with UBA, the name of it is Dom Advantage.
Dom Advantage is a current or savings domiciliary account denominated in foreign currency – US Dollar, Pound Sterling, EURO etc, but operated by UBA in Nigeria.
Minimum opening balance is $100, €80, ₤70 or its equivalent in other currencies.
Foreign Cheques/Instruments can be credited to the account which can be used as a channel of Investments in Nigeria and abroad.
Valid Identification (International Passport, Driver’s License, National ID card, Voter’s card) Two Passport photographs are the documents you should use to open domiciliary account with UBA.
First Bank domiciliary account
Opening a domiciliary account with First Bank, the following are the benefits and document you should have to have.
Features or advantages of opening domiciliary account with First Bank are:
- Minimum opening balance of $500, €500 or £300
- Minimum operating balance of $100, €100, or £50
- No limit to number of withdrawals in a month
- Cash withdrawal is at 0.5% flat per transaction
- Inter sol transactions (account owner only) are allowed.
- Guaranteed FCY deposit
- Attractive pool for interest on bank fund
- No restrictions on number of withdrawals
- Inter sol withdrawal (account holder only) allowed.
- Duly completed Account Opening Form
- Duly completed specimen signature card
- Two (2) recent passport photographs and
- Address verification document: any of (Utility Bill Valid means of identification e.g. International passport, Driver’s license or National ID card and voters card).
To open it, kindly visit any nearest branch of First Bank for more information. Thank you.
Domiciliary account of Zenith Bank
Zenith Bank is one of the best commercial banks in Nigeria which you can open a domiciliary account with. The following are the list of documents to open Zenith bank domiciliary account:
Documents & Benefits:
- 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 otherdocumentation).
- 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 (PHCN bill, water rate bill, tenement rate, rent receipt, telephone bill etc.)
- Visitation Report (Residence)
- Minimum opening balance is $100, £90 and €90
For more information, walk into any hall of Zenith Bank
Guaranteed Trust Bank (GTB) domiciliary account
Make foreign currency transactions conveniently from the comfort of your home, office or anywhere in the world with your GTBank Domiciliary Account.
Available in US Dollar, Pounds or Euro, you can fund your account via traveler’s cheques, foreign currency cheque lodgments and cash inflows and deposits.
You can also make withdrawals from any GTBank branch.
To open domiciliary account with GTB, please read the following:
- Filled and signed Domiciliary Account opening form.
- A copy of identification document (Driver’s License, International passport, National I.D Card, or any other acceptable by the bank).
- One passport photograph.
- Two (2) completed reference forms.
- Utility bill issued within the last 3 months
Union Bank domiciliary account opening processes
In this step, I will explain to you everything about domiciliary account opening processes with union bank.
UnionAce, a USD-based domiciliary account powered by Union Bank which enables you to transact United State Dollar easily.
Features and Benefits
- 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
Documents to open:
- Bank Verification Number, 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
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I’m Abdulrazaq Yahaya. I am one of the content writers at Fastknowers blog, here.
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