While your normal bank account can help you save and withdraw money from your local bank account, your domiciliary account can do even more to help you save and withdraw money from foreign currencies, like Dollars, Pounds and Euros. But how can you really do this?
How to Open a Domiciliary Account in Any Nigerian Bank
Every Nigerian has the right to operate a domiciliary account, even while he or she is in Nigeria and it is recommended for those who engage on international business or need it for one reason or the other.
A domiciliary account is held locally and is different from other foreign bank accounts, which is normally held by foreign banks outside the shores of Nigeria.
The information written here is aimed at giving general guidance on how to open a domiciliary bank account in Nigerian banks and also why you need to afford yourself one.
Before I start, I would like to explain what a domiciliary account is, and what it is used for. This is for the benefit of those who have never heard of it before.
What is a Domiciliary Account?
A domiciliary account is a special bank account which operates just like the normal bank account except for the fact it only accepts foreign currencies. In other words, while your normal bank account helps you save and withdraw money in your local currency from your local bank, a domiciliary account is used for saving and withdrawing money in foreign currencies, like Dollars, Pounds, Euros, etc.
What Can I Do With a Domiciliary Account?
With your domiciliary account, you can send and receive foreign currencies from anybody, anywhere in the world.
You can use it to clear your Google Adsense and Affiliate Marketing Cheques.
You can also use it to do wire transfers
You have a choice of saving all your money in foreign currencies with your domiciliary account.
How Can I Open a Domiciliary Account?
Opening a domiciliary account in Nigeria is as simple as working into any bank of your choice and filling a domiciliary bank account form. But hold on a minute, before you do that, you must make sure you go along with some basic requirements.
Means of Identification. This could be any of the following;
i. Driver’s License.
ii. National ID Card.
iii. International Passport.
Utility Bill. This could be any of the following;
i. Water Bill.
ii. Electricity Bill.
Activation Bills. (in dollars).
Note. If you already operate a savings or current account with your bank, you might not need to produce all of the above requirements.
I would like to recommend GTbank for your domiciliary account, though you still have other great options. To activate your GTbank domiciliary account, you have to pay the sum of $100 dollars into it, while for other banks, like Zenith Bank, it costs $120. Before going to the bank, do well to buy the dollars from any Bureau De Change office around you.
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