How to Open GTBank Domiciliary Account

A Domiciliary account is a bank account in Nigeria that allows both individuals and companies to operate in foreign currency. This account allows customers to save their funds in US Dollars, Pounds, and euros.

GTBank domiciliary accounts make foreign currency transactions convenient from the comfort of your office, home, or anywhere in the world. Customers can deposit to this account through cash inflows, travelers Chequers, and other methods.

Furthermore, customers can also make cash withdrawals in foreign currency from any nearby GTBank branches and offer 24/7 banking services through e-channels.

In this article, I will discuss how to open a GTBank domiciliary account and the reason why you should open a domiciliary account.

Read my post on how to fund GTbank domiciliary account

The requirement to open Guaranty Trust Bank Domiciliary Account

GTBank has made it easy for its customers to open a domiciliary account by visiting any nearby GTBank branch. However, here are some requirements needed to create the domiciliary account. They include;

• A valid ID Card: voters card, driver’s license, national identification card, or international passport is required.
• Fill and sign the domiciliary account opening form.
• One recent passport photograph is required.
• A recent copy of the utility bill, i.e., Nepa bills not less than 3 months, is required.
• BVN is required
• Two references’ signature with a GTBank current account is required.
• The minimum opening balance for the account is $50.

Features of GTBank Dollar Debit MasterCard?

Dollar debit MasterCard is an international debit card issued in partnership with MasterCard worldwide and is directly linked to your MasterCard account.

However, it is denominated in US Dollars but can also be used to pay for purchases in other foreign currencies. Here are some features of Dollar debit MasterCard;

• The card uses chip and pin technology to guard against unauthorized transactions.
• The card can be used to pay for goods and services worldwide.
• The card has validity for 3 years.
• The card can be issued with a minimum of N1000.

Why you should open a domiciliary account in Nigeria?

Read my post on how to open GTbank account

You can open a domiciliary account with most of the commercial banks in Nigeria to perform your foreign transaction. However, the benefit of having a domiciliary account varies from one bank to the other.

Here is some reason you should create a domiciliary account;

• International Transaction: Domiciliary account has made it easy for customers to send and receive money in foreign currency from their friends and family aboard. Also, it enables businesses to make domestic and international transactions.
• Saving account: This  account can be used to save money in foreign currency and earn monthly interest. Especially, now dollar rate tends to be increasing every day.
• Rates: Each bank provides attractive interest rates for domiciliary accounts and has a lower transfer charge rate than other monetary apps.
• Availability: Customers have complete access to their accounts 24/7 via online banking.

About Guaranty Trust Bank

Guaranty Trust Bank was established in 1990. Its headquarters is located in Victoria Island, Lagos State, but have several branches in every city in Nigeria and Africa.

GTBank is one of the leading African banks that offers retail banking, Corporate banking, online/internet banking, and investment banking.

FAQs

How long does it take GTBank to open a domiciliary account?

Technically, it takes 48-72 hours to activate a domiciliary.

How to fund GTBank Dollar MasterCard?

• Log in on your mobile or internet banking, and click “Transfer and withdrawals.”
• Select “own accounts.”
• Click on “current account.”
• Enter the amount you want to transfer and select OK.

How long does it take to get a GTBank dollar card?

You no longer have to wait 3 – 5 business days to get your card. You get your card immediately after applying for it in any GTBank branch.

How much do you need to open a dollar account?

Depending on the bank, the minimum opening balance is $50 – $500.

Conclusion

A Domiciliary account is very important, especially for individuals or companies transacting in foreign currency.

I hope you got a lot of useful information from this article on how to open GTBank domiciliary accounts.