How to open a Nigerian domiciliary account

Making and receiving payments in a foreign currency is easier with a domiciliary account, whether you’re an individual or a corporation. Having a domiciliary account is critical, especially in Nigeria, where the economy is volatile, necessitating people to save in a foreign currency to prevent their funds from losing value.

A domiciliary account (sometimes known as a “Dom Account”) is a form of current account that allows you to make and receive foreign currency payments. It accepts euros, dollars, and pounds as well as other foreign currencies. The domiciliary account functions in the same way as any other savings account. If the account is in dollars, the money will be sent in dollars; similarly, if the account is in Euros or Pounds, the money will be sent in Euros or Pounds. You can also withdraw foreign money from your bank and exchange it in the bank or on the parallel market at bank rates.

What are the benefits of having a domiciliary account?

If you wish to start receiving money from abroad, you’ll need a domiciliary account. Most Nigerian banks make it simple to open a dom account, which allows you to:

• Payment in foreign currencies is accepted (USD, EUR, GBP).
• Transfer money from one country to another.
• Obtain enticing interest rates while also protecting against inflation.
• Make local and international transactions with ease. This is a wonderful alternative for those who handle worldwide business.
• It can be used to make purchases on any internet platform.

Steps in domiciliary account in Nigeria

The conditions for opening a domiciliary account vary for each bank, but they are essentially the same. The following are the fundamental items that your bank will most likely require from you.

1. Two current account holders (ideally from the same bank) are needed to sign the reference forms.
2. Form for starting a domiciliary account that is completely filled out.
3. A bank account in naira is required. It might be a savings account or a current account.
4. An international passport, a permanent voters’ card, a National ID card, or a driver’s license are all acceptable forms of identity.
5. Photograph for a passport.
6. Utility bill from the previous three months

Finally, different banks may want more information from you, but the requirements specified above are the bare minimum that must be met in order for your Dom Account to be opened.