Opening and maintaining a domiciliary account is very easy especially if you transact online business that involves foreign currency like some of us. If you receive money in foreign currency like US Dollars, Pound Sterling, Euros, then there is need to have a domiciliary (foreign) account.
If you receive money in foreign currency from a client abroad into your Naira account, your bank will convert it and pay you in Naira at the bank official rate which is usually low.
The bank rate is not the same as the black market rate.
As at today 30/01/2016, dollar exchange rate from black market is N500/$
while inter-bank exchange rate is pegged at N330. You see the difference? This means your money will be converted at N330/$ instead of you selling it at black market price at N500/$ if you have a domiciliary account.
So What is Domiciliary Account?
A domiciliary account is a current bank account in Nigeria that is operated in foreign currency. With a domiciliary account, you can save money in US Dollars, Pounds Sterling or Euro with your money valued at the prevailing exchange rate. This current account is funded through bank deposits, traveller’s cheques, cash inflows and lodgement of foreign currency cheques.
As a Google Publisher, the best way to receive your payment is through a domiciliary account. If you still don’t have one, then follow this steps below to open a domiciliary account from any convenient bank of your choice.
How to Open a Domiciliary Account in Nigeria
With these steps below, you can open a domiciliary account with any bank in Nigeria but i will just focus on these four banks. GTBank, Diamond Bank, First Bank and Zenith Bank.
How to Open a Domiciliary Account With GTBank Nigeria
Requirements
1. Identification Card: You need to provide a valid Identity card like International passport, drivers license, National ID card or any other Government approved ID Card.
2. Two clear recent passport photograph
3. Two referees that owns an active current account with GTBank. Each of the referees will have to fill the referee forms that will be issued to you.
4. Utility Bill: A photocopy of your Utility bill issued in not more than 3 Months.
Once you have the above requirements, then you proceed to any GTB branch closest to you and walk straight to their customer service department and request for the domiciliary account opening forms. You can ask them any question to guide you through if you are confused.
How to Open a Domiciliary Account with Diamond Bank
Requirements
1. Minimum opening deposit of at least $100, €100 or
£100 which you can withdraw some after opening the account.
2. You need to provide a valid means of Identification: e.g International passport, National ID or Drivers license.
3. Two (2) independent and satisfactory references with active current account with the bank or any other bank.
4. Two (2) recent passport photographs.
5. Utility Bill, to verify your address
6. Resident permit (for non Nigerians)
Once you have all these documents ready, walk into any diamond bank close to you and request for the Domiciliary account opening form. Fill it and submit to them.
How to Open a First Bank Domiciliary Account
Requirements
1. Minimum opening deposit of of $500, €500 or £300 (you can always withdraw some part of the money leaving a minimum of $100 or £50)
2. Valid means of Identification: e.g International passport, National ID or Drivers license.
3. Two (2) independent and satisfactory references (For Checking account only)
4. Two (2) recent passport photographs are required
5. Utility Bill, to verify your address
6. Resident permit (for non Nigerians)
Once you have all these documents in place, just visit any Firstbank of Nigeria close to you and walk straight to the customer care desk. Request for a domiciliary account opening form.
You might be asked if you already have a current or saving account with them before. If you don’t, they will open one (current or saving) alongside with the domiciliary account.
After that, you will be given a foreign currency account opening form, you will have to fill them properly and return them to submit. You will then be inform via SMS when your account is ready for use.
How to Open a Zenith Bank Domiciliary Account
Requirements
1. Account Opening form duly completed & signed.
2. Two (2) specimen signature cards duly completed.
3. Two (2) recent clear passport size photographs with your name and signature written on the reverse side.
4. Residence permit (For Non-Nigerians).
5. A valid form of I.D. (International Passport, Driver’s License or National I.D.)
6. A copy of a Public Utility Receipt (not older than 3 months)
7. Initial Deposit.
8. Two (2) References that own an active current account with the bank.
9. Make sure you have an active account with the bank operating in not less than 6months.
Once
you have the above in place, walk in to any Zenith bank and request for
Domiciliary account opening. You’ll be guided on what next to do.
This process is quite simple but along the line, you might experience some delays with other banks like when i was struggling to open a domiciliary account with GTBank, i had to report the staff’s nonchalant attitude to the bank’s official Twitter handle and the issue was solved within a week.
Receiving money in US dollars, British pounds and Euro to your domiciliary account is very important if you are a blogger, online entrepreneur, PR or a freelancer. If you are yet to open one, i advice you to do so today.
I hope this info helps? feel free to share your experience opening a dom account with any bank not mentioned here, we will be glad to help you. Thanks.
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