If you are looking forward to creating a Domiciliary bank account, then expect steps on How to Open a Domiciliary Bank Account in Nigeria. A domiciliary account happens to be the type of account created in a foreign currency. Creating a domiciliary account in any currency is very possible, but the major and most created account are the dollar domiciliary account, pounds domiciliary account, and euro domiciliary account.
Domiciliary Bank Account
A Domiciliary account works just like your normal savings or current account, the difference is that you only get to transact foreign currencies. The account usually goes by a different name, some call it Dom account, while others call it Dollar, etc. there are lots of reasons why people make use of this account in Nigeria, and one of the reasons is that it aids the running of international business transactions to run smoothly.
And one of the reasons for that is that it helps any international business transactions run smoothly. It helps international business owners mostly and individuals to send and receive money in US Dollars and other currencies for which the account is created.
Types of Domiciliary Account
Before we get to how to create a domiciliary account, first let get to the types of account. there are basically two types of Domiciliary account. the two accounts is the same as the regular type of account which is the saving and current account. you can make use of the two accounts for sending and receiving money in other currencies but the difference is that the current account enables users to make use of cheques to do transactions. This means you get to issue cheques when you run the current types of accounts.
How to Open a Domiciliary Bank Account in Nigeria
Opening a domiciliary account in Nigeria is not so difficult. Go to the nearest bank of your choice and request to open a foreign account. the bank would issue you a form that you would have to file and then submit for processing. Once you have submitted the necessary requirements are also submitted, you would be issued a new account number within a few days. With the account number, you can forward it to whoever wants to send you money abroad. Having said that, you can also use it to deposit foreign Money.
Requirements
The requirements for opening a domiciliary bank account in Nigeria is almost the same as opening a regular bank account. it will be an easy process if you already have a bank account with the bank. The requirements:
- 2 Passport recent photograph
- Valid Means of Identification (Driver’s License, International Passport, Voter’s Card)
- And a recent utility bill, NEPA Bill is accepted, etc.
With the above requirements, you can open a domiciliary account in GTBank (Guaranteed trust Bank) Skye Bank, UBA, Zenith Bank, First Bank Nigeria, and access Bank, etc.