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How To Fund Domiciliary Account in Nigeria?
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A domiciliary account allows you to receive, send and transfer foreign payments from your local country. This type of account allows you to save your funds in US Dollars, Pounds, and euros.
Dom accounts make it easy to perform foreign currency transactions from the comfort of your office, home, or anywhere in the world. However, funding a Dom account is a little different from a normal account because you can’t fund the account with a naira deposit.
Many people do find it difficult to fund their domiciliary but there are easy ways to fund the account. with the recent change from CBN, before you can use the cash deposit option, you need to change your naira at Bureau De Change to the currency you would like to deposit before going to the bank.
In this article, I will discuss how to fund a domiciliary account and how to create a Domiciliary account in Nigeria.
How to fund a Domiciliary account in Nigeria?
In Nigeria, one of the advantages of using a Dom account is that you wouldn’t be affected by the under $20 monthly spending limit implemented on normal naira debit accounts. With the Dom card, you are allowed to purchase anything online. Below are ways to fund a domiciliary account in Nigeria.
You can fund your Dom account by using the cash deposit method. unlike before, you can’t go to the bank to deposit your naira in a Dom account anymore. Firstly, you need to visit Bureau De change to exchange your naira for a foreign currency using the black-market exchange rate then you can deposit the foreign currency into your account.
For example, if you want to deposit N200,000 naira in your Dom account, you need to visit Bureau De change to exchange your naira for a dollar using the black-market exchange rate then you can deposit the dollar into your account from the bank.
Most Nigerian use this method to fund their Dom account and this involves the use of Western Union, World Remit, and MoneyGram. The process is very simple, all you have to do is to create an app with Western Union and fill in your Domiciliary account detail when you want to send money to the account.
Moreover, if you have a friend or family aboard, you can use the western Union to receive the dollar and then later transfer it to your Dom account.
PayPal is another method of funding your Dom account. if you are one who earns in the dollar and your money is paid into your PayPal, you can transfer the dollars directly to your Dom account.
The requirement to open a Domiciliary account
The minimum requirement to open a Dom account is the same but the process may differ in each bank.
- Means of Identification such as Voter Card, NIN, international passport
- A recent passport photograph is required.
- A recent copy of the utility bill such as BEDC bills not less than 3 months is needed.
- Bank Verification Number is required
- One or Two references’ signature is required depending on the bank
- The minimum opening balance for the account is $10 or more is required depending on the bank
How to open a Domiciliary account
- Make research on the requirement to open a Dom account for different bank
- Visit the bank branch of your choice
- Request for opening Domiciliary account form
- Fill it out properly and return it to the customer care representative alongside the required document.
- When your information is verified, your account number would be sent to your phone number.
How do I pay into a domiciliary account in Nigeria?
Methods on how to fund your Dom account in Nigeria
- Cash Deposit
- Western Union
Can I fund my dollar card with naira?
No, you can’t fund your dollar card with your naira saving account. firstly, you need to have a Dom account and then use any of the depositing methods to fund your account.
What is the minimum deposit for a domiciliary account?
The minimum deposit for a domiciliary account is zero.
Conclusion: How To Fund Domiciliary Account in Nigeria
The above mention methods are the easiest way to fund your domiciliary account in Nigeria. Note, you can’t deposit naira or transfer funds from a naira saving account to fund a Domiciliary account.
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