Wednesday, February 8, 2017

How To Open A Domiciliary Account in Nigeria

If you are a Ngerian, or you live in Nigeria, and for one reason or the other you recieve money from overseas to Nigeria. It could be from a friend, or colleague, of from family, it could be payment or a job done, but for for one reason or the other, you get paid in foreing currencies like the US Dollar while your're in Nigeria. Then you definitely need to open a Domiciliary (Foreign) so that you can be getting paid in full.

How To Open A Domiciliary Account in Nigeria, How To Open A Domiciliary Account with any bank in Nigeria

Why Did I say Get Paid in Full?
As we know, banks in Nigeria doesn't and won't give you money in Dollars, evne if that money is rightfully yours. hey will first convert it to our local currencey which is Naira, and the pay you. But the most annoying and unpleasant experince in all this is that they won't pay you the exact Naira equivalent of your money (which is in Dollar). For instance, if the market value of US Dollar is 500 naira for 1 dollar, the banks will pay you about 320 naira for 1 Dollar. And guess what? there is definitely nothing you can do about it.

But today, the case is deffernt, because with the right information, you will recieve money from overseas in dollars here in Nigeria, and then get paid in full with dollars while your'e still here in Nigeria. All you need to do is to read this article, apply the knoledge and then you're good to go. But before we do that, let me tell me what a dom account basically is.

What is A Domiciliary Account:
Domiciliary account, just like everyother bank accounts is an account in Nigeria that is operated with foreign currency. This account allows you to save your money in foregin currencies like Pounds Sterling, US Dollars, or even Euro. The most beautiful thing with a dom account is that your money will be valued at the prevailing exchange rate. A DOM account is funded through bank deposits, traveller’s cheques, cash inflows and lodgement of foreign currency cheques.

Several Banks in Nigeria do offer a DOM Account holding services, but I will just discuss on 2 banks which are First Bank PLC and GT Bank.

How to Open a Domiciliary Account in Nigeria With First Bank:

1.     Minimum opening deposit of of $100

2.     Valid and nationally recognized means of Identification: It could be International passport, National ID or Drivers lincence.

3.     Two (2) independent and satisfactory references from current account holders. (you can always get the bank workers to assit you with this)

4.     Two (2) recent passport sized photographs

5.     Utility Bill, to verify your address (Your electricity bill or evidence of tax payment will do)

6.     Resident permit (this is only reqiured for non-citizens of Nigerian)

Once you've gotten all these:-
==>>     Visit any Firstbank of Nigeria building closest to you

==>>    Go to to any available customer service desk and request that you wish to open a domiciliary account.

They might ask you if you already have current or savings bank account with them before. But do not worry If you don’t,  because they will open one (either current or savings) while opening the DOM account.

==>>    You will be issued a foreign currency account opening form, and specimen signature card to complete and sign.

====>>    If you wish, you can go home with the forms, fill them properly and return back with them to the bank for submission.

==>>    Then after the due screening and everything checks out fine, you will be asked to go home and await response via any means of contact you filled out in the form you were given.

==>>    Within 48-72hours of submission, you will be contacted via email or SMS indicating that your domiciliary account has been opened.

==>>    Go back to FBN, pay in the minimum deposit to activate the account..... and that's all

How to Open a Domiciliary Account With GTBank

Opening a DOM account with GTB is almost the same procedures with openng with First Bank, you will need to provide:-

1.    A valid and Nationally recognized means of Identification Card.

2.    Two clear passport-sized photos recently taken
3.    2 referees:  If the both referees already own and operate a current account with GTBank it will speed-up the process of opening of the account.

4.    A Utility Bill.

Important Things to Note:
Note that you can always and easily transfer money from your DOM account to another DOM account, But you cannot transfer money from a naira account to a dollar account. 

2.    If you wish to withdraw your money and in dollars, and then exchange it it naira, you are free to do so.

3.    DOM account need to be used and operated at least once before the end of every 6 months, else it'll become dormant. (other banks may differ on this)

So if you are seroius with your online transactions, I suggest you get a DOM account today if you already have 1, and if you have any question, please feel free to ask.
Fiannly, please keep it real and legal.

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