Best domiciliary accounts in Nigeria 2022

Read all about the best domiciliary accounts in Nigeria.

A domiciliary account is an account that operates in foreign currency like dollar, pounds, euros etc. When you open a domiciliary account in Nigeria, you will be able to receive money in foreign currency and also save money in foreign currency.

You can receive wire transfers from your friends abroad into your domiciliary account, you can also deposit foreign notes to your account.

Almost all the commercial banks in Nigeria allow you to open a domiciliary account with them, each of these banks have different features and benefits that come with opening a domiciliary account.

In this post, I am going to be writing about the best domiciliary account in Nigeria 2022. Remember to leave us a comment after you finish reading and also share with your friends on social media.

Let’s get into it then…

What is a domiciliary account?

A domiciliary account is an account that operates in foreign currency like dollar, pounds, euros etc. When you open a domiciliary account in Nigeria, you will be able to receive money in foreign currency and also save money in foreign currency.

United bank of Africa (UBA) domiciliary account

Freedom Dom Account

Freedom Savings Domiciliary Account. This domiciliary savings account is built to receive foreign remittances, with no limits, directly into your account.

Features

Easy documentation requirements

• Zero balance account opening
• Free access to check account balances via our Mobile App and the Internet banking platform
• Receive foreign currency and Telex inflows directly into your account
• No withdrawal charges

Requirements

• BVN only

Dom Advantage Account

Dom Advantage is a current or savings domiciliary account denominated in foreign currency – US Dollar, Pound Sterling, EURO etc, but operated by in Nigeria as Domiciliary Account.

Features

Minimum opening balance of $ 100, € 80 or ₤ 70 or its equivalent in other currencies Account is operated in any of the major currencies- US Dollar, GBP, Euro etc Foreign Cheques/Instruments can be credited to the account Can be used as a channel for Investments in securities and real Estate in home & abroad.

Requirements

• Valid Identification (International Passport, Driver’s License, National ID card, Voter’s card)
• Two Passport photographs

Zenith bank domiciliary account

Zenith bank domiciliary accounts give you the opportunity to conveniently carry out foreign transactions wherever you may be. With access to the debit cards, internet banking, and mobile banking application, your transfers, payments, standing orders etc. can be done without you walking into the banking halls.

Features

• Internet Banking
• Debit Card (USD)
• Mobile banking
• Email/SMS Alerts
• Standing orders
• USD, GBP & EUR

Requirements

• Account opening form (existing account holders with full
  documentation only require a written letter or completion
  of account opening form without the provision of any other
  documentation).
• One passport photograph of authorized signatories
• Valid ID (Driver’s License, International Passport, National Identity Card or Voter’s Identity Card)
• Public Utility Receipt dated within the last three months
  (PHCNbill, water rate bill, tenement rate, rent receipt, telephone bill etc.)
• Visitation Report (Residence)

Guaranty trust bank (GTbank) domiciliary account

Make foreign currency transactions conveniently from the comfort of your home, office or anywhere in the world with your GTBank Domiciliary Account. Available in US Dollar, Pounds or Euro, you can fund your account via traveler’s cheques, foreign currency cheque lodgments and cash inflows and deposits. You can also make withdrawals from any GTBank branch.

Requirements

• Filled and signed Domiciliary Account opening form.
• A copy of identification document (Driver’s License, International passport, National I.D Card, or any other acceptable by the bank).
• One passport photograph.
• Two (2) completed reference forms.
• Utility bill issued within the last 3 months.

Read my post on GTbank cardless withdrawal

First bank domiciliary account

First bank primary domiciliary allows you save in US Dollars, Pounds Sterling or Euro. Your money will be valued at the prevailing exchange rate. It facilitates your international business transactions.

Features

• Minimum opening balance of $500, €500 or £300
• Minimum operating balance of $100, €100, or £50
• No limit to number of withdrawals in a month
• Cash withdrawal is at 0.5% flat per transaction
• Inter sol transactions (account owner only) are allowed.
• Guaranteed FCY deposit
• Attractive pool for interest on bank fund
• No restrictions on number of withdrawals
• Inter sol withdrawal (account holder only) allowed.

Requirements

• Duly completed Account Opening Form
• Duly completed specimen signature card
• Two (2) recent passport photographs
• Address verification document: Utility Bill
• Valid means of identification e.g. International passport, Driver’s license or National ID card.

Access bank domiciliary account

The Domiciliary Current account is designed to enable you carry out local or international transactions from the comfort of your home, office or abroad. The account is funded in Pounds, Euro, Dollars and Yen.

The account can be opened by Individuals, Business Owners, Small and Medium scale enterprises, corporate organizations

Features

• Opening balance of $100, £100 & €100
• No minimum balance required
• No Account maintenance fee
• Cash handling charge (COT equivalent) of 0.5% on withdrawals
• Interest rate 0.01% p.a. (above 100,000 $,£,€)
• No restriction on number of withdrawals
• Different variants of Debit Card based on the customer’s preference
• Access to alternate channels e.g. Internet and Mobile banking
• Availability of cheque book
• Allows direct debit instructions
• Third party transactions allowed

First city monument bank (FCMB) domiciliary account

Foreign currency account with lower operating limits, for those who want to start saving in FX and salary

The Domiciliary account is designed to help develop savings habits in foreign currency for those customers who regularly receive or need to make payments in British Pound Sterling (GBP), the United States Dollar (USD) and European Euro

Features

• Opening balance of 10 GBP, 10 USD, 10 EUROS
• Interest bearing account but forfeited once there are more than 3 withdrawals in a month.
• A serialized non-clearing cheque-type withdrawal booklet used for withdrawal by account holder only.
• Allows for Foreign Currency Salary payments and cash lodgement.
• Account can be operated either as an individual or a joint account
• NO charge on cash withdrawal.
• Offers Issuance of foreign currency denominated drafts
• Free E-mail transaction notifications
• Free monthly electronic statements

Read my post on How to block fcmb atm card

Requirements

• Completed account opening form
• 1 passport photograph
• Minimum of 18 years-old and provide the following:
• International passport or Driver’s License or National ID card or Voters Card or Resident Permit (for immigrants)
• Address verification e.g. Utility bill, recent bank statement or local authority tax bill etc.

Union bank domiciliary account

This is a foreign currency account that gives customers the option to bank in any of the three global currencies (US Dollars, Euros and GB Pounds

Features

• Account opening balance of $50 or its equivalent in Pounds and Euros
• Up to 1% interest per annum (interest will be forfeited when withdrawal is more than 4 times in a month)
• 0.05% is charged on cash withdrawals (maybe change to – Discounted charges on cash withdrawals
• Account opening balance of $100 or its equivalent in Pounds and Euros
• Charge of 0.05% on amount withdrawn
• Interest earned is 0.2% p.a (interest will be forfeited when withdrawal is more than 4 times in a month)
• 05% is charged on cash withdrawals

Requirements

• 2 passport photographs
• Valid means of identification: international passport or Driver’s license/National Identity card
• Current Utility bill (not more than 3months old) or signed tenancy agreement
• BVN
• CIU Form

Fidelity bank domiciliary account

Fidelity bank offer you a foreign currency account back home that enables you to do international transactions from wherever you are.

This account offers you the unique flexibility of operating in US Dollars, British Pounds, and Euros. Depending on the currency you prefer, inflows can hit designated accounts without being subjected to variations in the local exchange rate.

Features

• Minimum account operating balance of $30, €30, £20
• Attractive interest rates on-call/demand and fixed deposits
• Access to Internet banking, email transaction alerts, and statements
• Option of a Nominee Resident Joint Signatory in Nigeria (e.g. spouse, parent, etc.)
• Standing orders
• Investment facilitation services for shares traded on NSE
• Draft issuance in foreign currency
• You can also open a Domiciliary and a Naira current/savings account

Wema bank domiciliary account

Wema non-export domiciliary account

Carry out all your foreign currency transactions with a Non-Export Domiciliary account. Save, transact, and withdraw

Wema domiciliary plus account

This is a Domiciliary Account that allows you to carry out all your foreign currency transactions in USD, GBP, and Euro with an interest incentive. Account can be opened by individuals and non-individuals.

Wema domiciliary lite account

This is a foreign currency account with minimal account opening documentation and can be opened in USD, EURO, or GBP.

Conclusion

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