A domiciliary account in Nigeria is a specific type of account that operates in foreign currencies. That is, it allows to make transactions, receive and make payments in foreign currencies, such as pounds, euros, dollars, etc. You can open a domiciliary account in Nigeria and easily manage it from any country of your choice, even in Nigeria. Domiciliary accounts are not just used for savings but are important for businesses. Having a domiciliary account allows you to carry out business transactions in foreign currencies. You can use this account to transfer money to another country as well as receive money from other countries in their own currencies. With a domiciliary account, you can make use of foreign currencies such as Dollars, Pounds, or Euros. A Domiciliary account also gives you access to debit cards and mobile banking, with which you can make transfers, standing orders, payments, etc. This article covers the banks with the best domiciliary accounts in Nigeria.
Read on below:
Zenith Bank Account
Zenith Bank offers two types of household accounts which are, the ordinary Domiciliary account and the Domicilary Cash Account. Both accounts give you the opportunity to conveniently carry out foreign transactions at whatever location. You also have access to a debit card, internet banking, and mobile banking application with which you can make transfers, payments and standing orders without going to the bank. The Cash domiciliary account can be started with a zero balance. This account operates without transfers (cash in-cash out). You also get a debit card for the only USD account. The currencies available on the domiciliary accounts of Zenith Bank are USD, EUR, and GBP.
Features of Zenith Bank domiciliary account are:
- Internet Banking
- Debit Card (USD)
- Mobile banking
- Email/SMS Alerts
- Standing orders
- USD, GBP & EUR
GT Bank Domiciliary Account
Guarantee Trust Domiciliary Account allows you to bank in all major foreign currencies so you can carry out business transactions anywhere else in the world. GT Bank domiciliary account is available in US dollars, British Pounds and Euros. It can be funded through cash inflows, traveler’s cheques, cash deposits, foreign currency cheque lodgement. You can withdraw funds from your GT Bank Domiciliary account at any GT Bank branch and make transfers to people all over the world.
Features of GT Bank Domiciliary Account are:
24/7 banking services through the bank’s e-channels
Cash withdrawals in foreign currency from any GTBank branch
Transfer funds in foreign currency to other bank’s domiciliary accounts both in Nigeria and abroad.
Fidelity Diaspora Domiciliary Account
Fidelity bank offers you a foreign currency account in Nigeria that allows you to make international transactions not only in Nigeria but anywhere else in the world. The Fidelity Bank Domiciliary account is flexible enough to allow you to operate in US Dollars, British Pounds and Euro depending on your preferred currency. Cash inflows to your domiciliary account are not subjected to variations in the local exchange rate. You can open both a domiciliary and naira current account.
Features of Fidelity Bank Domiciliary Account
- Minimum account opening balance of $50, €50, £50
- Minimum account operating balance of $30, €30, £20
- Attractive interest rates
- Access to Internet banking
- Option of a Nominee Resident Joint Signatory in Nigeria
- Standing orders
- Investment facilitation services for shares traded on NSE
- Draft issuance in foreign currency
United Bank of Africa, Diaspora Account
United Bank of Africa operates four domiciliary account options.
Freedom Dom Account
This account is designed to help you receive limitless foreign remittances directly into your account. Freedom Savings Domiciliary account
The Freedom Savings Domiciliary account runs on a zero balance account opening. With this account, you have free access to account balance checks on the bank’s mobile app and internet banking platform. You can also receive foreign currencies directly into your Freedom Savings Domiciliary account.
Dom Advantage Domiciliary Account
This is a current or savings domiciliary account denominated in any foreign currency such as US Dollar, Pound Sterling, Euro. It is however operated in Nigeria as Domiciliary Account. It runs on a minimum opening balance of $ 100, € 80, or ₤ 70 or its equivalent in other currencies. Dom Advantage Domiciliary Account can be used to make investments in any industry, both home and abroad. The account is operated in any of the major currencies- US Dollar, GBP, Euro, etc and can be credited with foreign cheques or instruments.
U-Care Plus Domiciliary Account
U-Care Plus Domiciliary Account is designed for parents who are saving for their ward’s education abroad. The account is dominated in all major foreign currencies, USD, GBP and EURO.
First bank Domiciliary Account
First Bank Domiciliary Accounts allows individuals and businesses to make and receive payments in foreign currencies so you can make international transactions. First Bank Domiciliary accounts can be accessed through cash deposits, traveler’s cheques and foreign currency cheque deposits. The bank runs two types of domiciliary accounts which are the Primary Domiciliary account and FirstDom domiciliary account. The Primary Domiciliary account allows you to save in foreign currencies such as US dollars, Pound sterling and Euros while your funds are valued at the prevailing exchange rate at any point in time.
Features of First Bank Primary Domiciliary Account
- Minimum opening balance of $500, €500 or £300
- Minimum operating balance of $100, €100, or £50
- Limitless monthly withdrawals
- Cash withdrawal is at 0.5% flat per transaction
- Guaranteed FCY deposit
- Attractive interest rates
- Inter sol transactions
The First Bank FirstDom domiciliary account is designed for customers with balances of $5, 000 and above.
Stanbic IBTC Domiciliary Account
Stanbic IBTC Domiciliary Account makes business transactions easier by offering one account that operates all the world’s major currencies. You can operate the Stanbic IBTC Domiciliary account from anywhere in the world.
Features of Stanbic IBTC Domiciliary Account
- Opening deposit of USD 100
- Cash withdrawal from anywhere in the world
- Transfer money globally
- Make global payments in foreign currencies with ease
- Easy access to the account via e-channel products
- Bank in all major international currencies
- A cash withdrawal fee of 0.05% of transaction value or $10
A domiciliary account makes it easier for you to make international transactions at lower costs from Nigeria. You can easily open an account with any of the banks in the article.