A Domiciliary account is a foreign account purposely for easy international money transactions such as sending and receiving all kinds of money in various currencies. A domiciliary account can be of any generally known currency such as dollar, pounds, euros, etc.
You can open a foreign currency account in any Nigeria commercial banks, and it is possible to operate a domiciliary accounts apart from normal savings or Current account at a time.
Note this: You can conveniently open a domiciliary account with any of the top Nigeria commercial Banks without traveling aboard.
Opening a domiciliary account will give you access to debit cards, internet banking and mobile banks without having engaging you to go into any banking hall. It will help you make your transactions in standing orders.
If you have a company in Nigeria and you deal in foreign currencies, You will have to open a domiciliary account due to the nature of your business, am sure it will help your transactions.
In Nigeria, almost all the banks have two forms of domiciliary account. Both the ordinary residence and the cash residence.
Opening a bank account is fairly quick, particularly if you are sincerely ready to have it.
Top 10 Commercial Banks in Nigeria to open a domiciliary account
1. Zenith Bank
Zenith Bank is a leading bank in Nigeria and one of the most active banking supportive banks in Africa. It’s very easy to open a domiciliary bank account, particularly when you’re a customer.
You have 24/7 bank access through multiple e-channels. These are some of the benefits of having a Zenith Bank domiciliary account. It gives you access to move foreign currency funds from either branch of the GTBank to other banks ‘domiciliary accounts in Nigeria and outside Nigeria.
This process will require your documentation and might need you to supply the bank some of your details.
2. Guaranty Trust Bank
Guaranty Trust Bank is also one of Nigeria’s biggest banks that will provide you with value for your money and smart customer service. while opening your domiciliary account.
You can fund your GTBank domiciliary account through cash inflows and money deposits only in U.S. dollars, british pounds and euros.
To talk about some of the Advantages of opening a domiciliary Zenith account. It gives you access to internet banks.
It also enables you to access the internet through email / SMS notifications. Their internet banking service often offer you a debit cards (USD) You may only receive email / SMS Warnings Standing Orders.
3. UBA Bank
UBA bank is a pan-African bank which offers a broad range of international banking benefits to its customers. This is why you should open a home account, which is one of the strongest banks in Nigeria.
One of the benefits of having a domiciliary bank account with Uba bank is to conserve the cash with a domicile account of foreign currencies without the cash depreciating irrespective or how dysfunctional the banking structure is.
You will allow overseas purchases on a domicile account using your MasterCard. In foreign currency, you may also obtain capital.
4. Fidelity Bank
Fidelity Bank is one of the top leading Nigerian banks that provides domiciliary accounts of both ordinary residence and the cash residence.
Fidelity Bank will open a domiciliary account in a simple way. There is also a simpler manner in which the bank can transfer and collect money on its domiciliary account.
Here are some of the requirements you need to open a fidelity domiciliary account.
You need a Legitimate ID card, driver’s license, visa passport, National Identification Card or Voter’s Identity Card, public service receipt PHCN bill, bill of water cost, tenements cost, payment receipt, phone bill, etc.
5. Access Bank
Access Bank is a major commercial bank in Nigeria with a very strong customer base. Access bank operate domicile account.
Access bank is one of the most popular bank with many customers having access to foreign money transaction and exchange in Naira or any top currencies like Pounds, dollars, euro etc.
Things you need to open suitable domiciliary account in Access Bank:
Identity is mandatory, it may be a visa passport, National Identification card or the driver’s license.
Two referees with an active current account of up to six months of existing with up to $100 balance authentication number.
A new service receipt not longer than 3 months.
Ecobank is one of the top and biggest banks which Nigeria citizens prefer when it comes to international money transaction.
In Nigeria, Ecobank is also on the list of the top 10 best banks for which to open your domicile account. You can open an account with the most globally common currencies: US dollars, UK pounds and Euros.
The bank has a convenient way to open a domiciliary account with their fair processing.
It is profitable That you protect your assets with a domiciliary account in international currencies without the loss of value, despite the uncertainty of the currency.
Ecobank offers foreign purchases as a domicile account on your MasterCard.
7. Polaris Bank
Polaris Bank is one of the fastest growing banks in Nigeria. It provides an outstanding choice for someone who wants to establish a domiciliary account. Polaris bank do encourage their customers who are interested in International money transactions to open any of their domiciliary account which can either be in dollars, Ponds or euro.
To open a Polaris domiciliary account a Minimum opening and operational balance of $1,000, € 700 or € 600 is the redemption fee. Zero payment, as long as the balance of the deposits is up to a minimum operating balance; for conversion fee, zero costs, once the account balance is up to a minimum operating balance.
8. Stanbic Bank
Stanbic Bank is one notable commercial bank in Nigeria. It offers a domicile account for both dollars and pounds.
9. Keystone Bank
Keystone Bank is one of the most prominent commercial banks in Nigeria. It provides a reputable International bank transaction for it’s customers. It provides customers with dollars and pounds domiciliary account.
10. First Bank
First Bank is one of the ancient banks in Nigeria. First bank offers fast and easy way of making International money transaction with the use of any of the generally accepted currency like Pounds, dollars and Euro.