HOW TO OPEN DOMICILIARY ACCT
Account ?Domiciliary Account is a special account in
foreign currency especially in US dollars
opened in a local bank that allows you to make
international bulk payment in form of bank wire
transfer for goods or services online. Dom
account comes handy when dealing in Mega
transactions which your MasterCard or
VisaCard might not handle.
However, charges emanating from wire transfer
in Dom account can be very high. This also
varies from bank to bank.
Dom account is funded and operated ONLY in dollars and is convertible to other foreign
currencies. Love to engage in business with a company in China, USA etc ?, then Dom
account is for you.
Types of Dom Account
Current Dom account and Savings Dom account are the basic two types of Dom account
being operated upon by some Nigeria Banks. Current Dom account is operated like a
normal current account, however, you are issued cheque booklet denominated in dollars.
The minimum balance is usually $100 in most Nigerian banks. No cheque booklet is
issued for Savings Dom account.
What are the requirements for opening a Domiciliary Account?
Requirements for opening a Dom account varies from bank to bank, but the basic things
you must have are highlighted below:
1. 2 referees whom have operated Current account for at least 6 months with the bank or
any other bank. Usually it is better and faster to get referees from the same bank so that
confirmation will take place as early as possible.
2. Utility Bills like PHCN bill etc
3. National ID card, International Passport, Driver's License for proper identification.
4. About $100 for minimum balance. You might be charged extra fee for MasterCard or
VisaCard.
I think you can get MasterCard from Intercontinental Bank without opening a domiciliary
account but always try and make more enquiries from your bank. You can talk with the
Customer care agents of your bank and they will brief you more about their bank's current
policies with regards to Domiciliary accounts.
Which Banks Operate Domiciliary Account In Nigeria?
Examples of popular banks operating this kind of Account in Nigeria are Guaranty Trust
Bank (GTB), Intercontinental Bank Plc, Zenith Bank Plc, Equitorial Trust Bank, First City
Monument Bank (FCMB). The list is by no means complete, nor does the order of the banks
indicate any preference or affiliation. You should carefully make enquiries from those
banks, compare fees, rates and then go for the one that suits you most.
If you have anything to say about this or you have questions to ask, feel free to use the
comment form below this post.
In my future posts, I will share with you how you can use your MasterCard to buy anything on
the internet and how you can withdraw money from your Mastercard/VisaCard at ATM
locations.