If you are a Nigerian and you engage in online business or you receive money from outside the country, then this is for you. In this post, you will be learning why you should open a domiciliary account.
What is A Domiciliary Account?
A domiciliary account is a bank account that operates in foreign currencies. Unlike the regular accounts where you have your naira, domiciliary can operate in dollars, pounds or euro.
Money received into domiciliary accounts are in a foreign currency which can be easily transferred, withdrawn or used online. As a Nigerian, you can fund your domiciliary account by yourself or use it to receive payment from anywhere in the world.
Besides, you can also make withdrawals from your bank in that currency it’s been operated simply by requesting for withdrawal from your bank.
To enjoy all the benefit of a domiciliary account, you should consider requesting a dollar card after opening the account to ease your transactions.
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Why Open A Domiciliary Account?
Receive Money from Anywhere in the World
A domiciliary account let you receive money from around the world. You can receive money from friends, relatives or people you engage in business with within or outside Nigeria.
Receive Money in Original Currency
Money received in a domiciliary account stays in the original currency. If you operate a dollar domiciliary account and you have some dollars sent to you, the money enters the account in dollars and not converted.
Freedom in Choosing Your Conversion
You can always make withdrawals from your account and make an exchange from anyone that offers you the best rate. All you need to do is go to your bank and request for a foreign currency withdrawal slip. Your money will be paid in dollars if you have a dollar domiciliary account and you can proceed to meet an exchanger with the best conversion rate.
Swift Online Payment
Also, you can easily make payments online and be saved from the unstable value of the naira. The Nigerian naira is being devalued and doesn’t have a stable value in the market. If you have a dollar domiciliary account with the ATM card, you can easily pay for goods online in dollars without any exchange since no conversion is necessary.
This gives you the chance to shop from international marketplaces without the need to confirm what the exchange rate at the moment is.
How to Open A Domiciliary Account
To get a domiciliary account, you only need to visit any bank of your choice and request for the form. You will be given the form alongside two reference form to be filled by two people operating current accounts within the country.
On the form, you need to specify the type of currency you want by ticking the box next to the available options. You can tick as many options as you like to open accounts in every currency available. Also, you may also request an ATM card when you tick the equivalent option on the form.
When the forms are properly filled, you will return it to the bank and further processing will be done. Your domiciliary account numbers should be ready within a week and will be sent to your registered mobile number once activated.
How to Make Withdrawals from A Domiciliary Account
To withdraw from your account, simply walk into any of your bank branch close to you and request for a foreign currency withdrawal slip. Fill the slip and pass across to the counter. Your money will be paid in the currency associated with the domiciliary account.
Other Things to Know
Not all Nigerian banks operate a zero domiciliary account. Some of them require that you have a minimum amount depending before you can operate the account. GTBank and some other few allow you to operate a zero domiciliary account where you can withdraw all your money entirely. Be sure to make findings from the bank before getting the form at all.
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