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How to open UBA Domiciliary account?
Read all about how to open UBA domiciliary account.
The world is constantly developing, and the need to have foreign currencies to complete payment is as important as ever.
Receiving money for completing work for a foreign client, sending money to friends & relatives abroad, paying for foreign courses online and more, means that it is very necessary for one to own a domiciliary account.
The UBA Domiciliary account allows you to send money to your friends & family abroad, while also allowing you to receive money in foreign currency
UBA operate three different types of domiciliary account called Freedom Dom Account, Dom Advantage Account and UBA Kiddies Domiciliary Account.
In this post, I am going to be writing about all you will need to know about how to open UBA domiciliary account and more.
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Let’s get into it then…
What is a Domiciliary Account?
A domiciliary account, popularly called a ‘Dom Account’, is any account type that is run in foreign currency. It could be a savings or a current account, but it is in every other currency but Naira
How to open UBA Domiciliary account?
Freedom Dom Account
You can open the Freedom Savings Dom account with zero balance. The only requirement for this account is BVN.
It allows you to receive remittances directly into your account. You can check your account balance and transaction history via the mobile app and internet banking platform. You can access your cash when you visit any UBA branch. With the Freedom Savings Domiciliary account, you enjoy the following benefits
Features & Benefits
- 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
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.
With a minimum opening balance of $ 50, € 50 or ₤ 50 you can open a Dom Advantage Account. This account can be the Savings variant or the Current account variant. It is available in USD, GBP and EURO
- 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
- Valid Identification (International Passport, Driver’s License, National ID card, Voter’s card)
- Two Passport photographs
UBA Kiddies Domiciliary Account
Kiddies Domiciliary Account was created for parents who want to save for their children’s secondary/tertiary education abroad.
With more and more students trooping overseas to study, the best way to secure you child’s future financially is to save in a foreign currency which isn’t prone to depreciation.
With an opening balance of $100 or £70 or its equivalent and an operating balance of £350 or its equivalent, you’re good to go.
- Valid Identification of Parent/Guardian
- Two Passport photographs of Child and Parent
- Child’s birth certificate
- Utility bill of the parent/guardian
- BVN of the parent/guardian
Fees & Charges
Withdrawals: 0.5% + VAT on amount withdrawn
Telex Transfer: 0.5% +VAT or US$10 or its equivalent whichever one is higher + Communication charge of US$25 or Euro 20 or £ 15
Draft request: 0.5% +VAT or US$10 or its equivalent whichever one is higher + communication charge of US$25 or Euro 20 or £ 15
Frequently asked questions (FAQs)
How to open UBA domiciliary account online?
You will need to visit the nearest UBA bank branch with all the required documents in order to open a domiciliary account.
How to check UBA domiciliary account balance?
You can check your account balance and transaction history via the mobile app and internet banking platform.
UBA has been offering outstanding services to African households, businesses, and societies since 1949.
Following Nigeria’s independence from the United Kingdom, UBA was formed on February 23, 1961, to take over BFB’s operations. In 1970, UBA became the first Nigerian bank to list its shares on the Nigerian Stock Exchange, becoming the first Nigerian bank to do so (IPO).
In 2007, UBA completed another successful joint public offering rights issue and acquired three liquidated banks: City Express Bank, Metropolitan Bank, and African Express Bank.
Afrinvest UK was also bought by the bank, which was renamed UBA Capital, UK. In 2008, UBA stepped up its efforts to develop a strong local and African brand by acquiring two more liquidated banks, Gulf Bank and Liberty Bank.
With the above information, you should now know that you need to know about opening a UBA domiciliary account.
If you require further help, then don’t hesitate to visit our contact us page and send us an email or leave us a comment below and we will get back to you as soon as possible.
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