8 Best Banks To Open a Domiciliary Account with in Nigeria

What are the best banks to open a domiciliary account with in Nigeria?

We do hear people mentioning that they want to open a domiciliary or “Dom” account and we do wonder what they mean, before I begin to unveil the best banks to open a domiciliary account with in Nigeria, let’s start by knowing some important info about what a domiciliary bank account is all about.

Definition of a Domiciliary account

A Domiciliary Account is a type of account that’s operated in foreign currency. A Domiciliary account is a foreign currency account that allows you to carry out foreign or international transactions such as sending and receiving money in different currencies like Pounds, euros, dollars, etc.

Types of Domiciliary account

The name of the domiciliary account depends on the type of foreign currency you are using to operate or open it. If you are opening with the dollar, then it is a dollar domiciliary account, so as the others.

You can open a domiciliary account in any foreign currency you want but the major ones are

  • The dollar domiciliary account.
  • Pounds domiciliary account, and
  • Euro domiciliary account.

You can’t open a Naira domiciliary account since you reside in the country (Nigeria).

The functions of a domiciliary account

A domiciliary account enables one to perform international transactions without any problem. You can send or receive funds in international currencies from anywhere in the world using the domiciliary accounts operated in various banks across Nigeria. However, you can fund it with foreign currencies such as dollars, pounds or euros and also do your foreign transactions on that account.

A domiciliary (which is usually shortened to “Dom”) account can be operated from anywhere in the world with the use of MasterCard (The MasterCard will be given to you if requested) or internet banking. Opening a domiciliary account gives you access to debit cards, internet banking, and mobile banking.

General categories of Domiciliary account

Domiciliary account has two major categories:

  • The current domiciliary accounts and
  • Savings domiciliary account.

The Current domiciliary account is operated like the regular current account where you can make cash deposits and withdrawals in foreign currencies on the Counter. You can also issue cooperate cheques to third parties in foreign currencies. This category of domiciliary account is best opened and maintained by international businesspersons

A savings domiciliary account operates just like a local savings account. You can only make deposits and withdrawals in international currencies but cannot issue out cheques.

How to open a Domiciliary account today in Nigeria

To open a domiciliary account or foreign currency account, you have to open one in any of the local banks in Nigeria – GT Bank Plc, Zenith Bank, UBA, Access Bank, Ecobank, First Bank, Wema Bank, Sterling Bank, FCMB, Fidelity bank, Union bank, Stanbic IBTC, etc.

You can send and receive international currencies in the same currency in which the domiciliary account was opened. For example, if you open a dollar domiciliary account; you can only send and receive dollars in the dollar domiciliary account, Pounds in the pounds domiciliary account, and euros in the euro domiciliary account, the same goes for others.

Foreign transactions via wire transfer take a minimum of three to five working or business days before the transaction(s) is/are successful. Funds withdrawals can also be done using the domiciliary account card issued to you at various ATMs that dispense foreign currencies in Nigeria or better still you can also withdraw the fund in your bank branch.

Advantages of opening a domiciliary account

  1. You are opportune to save your money in foreign currency with a domiciliary account without the money depreciating irrespective of how unstable the currency is going to be. For instance, you can fund your dollar domiciliary account for the sole purpose of saving your dollars for future use.
  2. You can carry out international transactions with your given MasterCard on a domiciliary account.
  3. You can also receive money in foreign currency on a domiciliary account.

Disadvantages of opening a domiciliary account

  1. You are only permitted to operate one type of foreign currency per domiciliary account.
  2. You need two referees before you open a domiciliary account, which sometimes is difficult to get.
  3. Analyzing the charges the bank takes from the domiciliary account in transactions is quite high and also depends on the bank. However, due to CBN intervention with the new monitory policies, the cost of opening a domiciliary account for personal use has been reduced to be between $50 to $100 depending on the bank you decide to open with. On the other hand, the cost of opening a cooperate domiciliary account is now between $100 to $500 depending on the bank. While the cost of maintaining and renewing a domiciliary account as reviewed by the CBN in the new monitory policies is $10.

Best Banks To Open A Domiciliary Account With In Nigeria

Almost every bank in Nigeria opens domiciliary accounts for their customers. But there are top ones that make the operation of the account more worthwhile for their customers. In no particular order, here are the top best banks to open a domiciliary account with in Nigeria. There are other good banks, but this list is the top.

  1. Zenith bank
  2. Guaranty Trust (GT) Bank
  3. First Bank
  4. UBA
  5. Access Bank
  6. Fidelity Bank
  7. Union Bank
  8. FCMB

Zenith bank

Zenith bank is one of the leading commercial banks in Nigeria with good customer service and products. The main difference between an Ordinary domiciliary and a Cash domiciliary account is that you can transfer funds using an ordinary domiciliary bank account. transfer transactions are not permitted for the Cash domiciliary account, and, similarly, with a Cash domiciliary account, you can access EazyMoney as one of the channels available.

Features and Benefits of opening Zenith bank domiciliary account

  1. It has zero opening balance
  2. Zenith bank offers internet banking
  3. It also issues debit cards for USD only
  4. Your access to mobile banking
  5. You can receive email/SMS alerts when you perform any transaction
  6. Standing orders
  7. The available currencies on Zenith Bank’s domiciliary accounts are USD, EUR, and GBP.

Requirements for opening Zenith bank domiciliary account

  1. First, you need an account opening form
  2. One passport photograph of authorized signatories
  3. Valid ID (Driver’s License, International Passport, National Identity Card or Voter’s Identity Card)
  4. Public Utility Receipt dated within the last 3 months example is PHCNbill, water rate bill, tenement rate, rent receipt, telephone bill, etc.
  5. Visitation Report (Residence)

Guaranty Trust (GT) Bank

Guaranty Trust Bank fondly called GT Bank or GTB is one of the top commercial banks in Nigeria that will give you value for your money when it comes to domiciliary account opening. GT Bank domiciliary account is available only in US Dollars, British Pounds and Euros and they can be funded through cash inflows and cash deposits.

Benefits and features of GT Bank domiciliary account

  1. You have 24/7 banking services via various e-channels.
  2. You can transfer money easily in many top foreign currencies to other bank’s domiciliary accounts in Nigeria and outside Nigeria
  3. You can also withdraw cash in foreign currency at every GT Bank branch.

Requirements for opening GT Bank domiciliary account

  1. A Filled and signed Domiciliary Account opening form.
  2. You need a copy of your identification card (Driver’s License, International passport, National I.D Card, or any other acceptable by the bank).
  3. A single passport clean photograph.
  4. Two completed reference is needed to sign on your forms.
  5. A utility bill issued within the last 3 months

 First Bank

First Bank is one of the most reputable commercial banks in Nigeria that provides excellent services and customer support. Domiciliary accounts with First Bank enable you to ease your international transactions. These accounts are available through money deposits in cash, currency check payments or traveller’s checks.

Types of First bank domiciliary account

The first bank has two kinds of domiciliary accounts;

  • FirstDom Plus and
  • Primary Domiciliary account.

FirstDom Plus

FirstDom Plus is an account to deposit foreign currency which is exclusively targeted at those who are domiciliary customers with balances of at least $5,000. It is a domiciliary bank account that is designed to maximize the advantages. The interest rate is appealing and it has lower fees for banks. Only corporate and individual customers are eligible to make an application for this bank account.

Benefits and features of First bank domiciliary account

Benefits and features FirstDom Plus account

  1. The account is operated with a specialized non-clearing chequebook
  2. Foreign draft issuance is allowed on the account
  3. No charges on over-the-counter cash withdrawals
  4. Transfer charges on account as low which are 0.25% flat

Primary Domiciliary account

A Domiciliary primary account is an account that lets you keep your money in dollars and Euro, or Pounds Sterling, or Euro with your money being worth based on the current exchange rate. This account assists in International business dealings. Only corporate and SMEs can use this account.

Benefits and features of Primary Domiciliary Account

  1. A minimum opening balance of $500, €500 or £300
  2. Minimum operating balance of $100, €100, or £50
  3. There is no limit to the number of withdrawals in a month
  4. Your cash withdrawal is at 0.5% flat per transaction
  5. Inter sol transactions (account owner only) are allowed.
  6. A Guaranteed Foreign currency deposit
  7. A pool for interest on bank fund
  8. There are no restrictions on the number of withdrawals
  9. Inter sol withdrawal (account holders only) allowed

Requirements for opening First bank domiciliary account

Requirements for opening a FirstDom Plus account

  1. Individual Account Opening Form
  2. Completed Specimen Signature card
  3. Two recent passport photographs
  4. Valid means of identification e.g. International Passport, Driver’s License or National I.D. Card (Original to be sighted)
  5. Utility Bill, e.g. NEPA, NITEL Bill, etc

Requirements for opening Primary Domiciliary account

  1. A completed account Opening Form
  2. A completed specimen signature card
  3. Your two (2) recent passport photographs
  4. An address verification document: Utility Bill
  5. A valid means of identification e.g. International passport, Driver’s license or National ID card.

UBA

United Bank for Africa (UBA) is a pan-African bank that allows its customers to enjoy many international banking benefits and it’s another bank in Nigeria where you can open a domiciliary account with. This bank gives you a wide range of options to choose from when opening a domiciliary account with them. It also operates in major foreign currencies such as US Dollar, Pound Sterling, Euro, etc.

Types of UBA domiciliary account

UBA has the following domiciliary accounts;

  • Dom Advantage account and
  • Freedom Domiciliary Account or Freedom Dom account

Dom Advantage Account

Dom Advantage is a current or savings domiciliary account denominated in foreign currency – US Dollar, Pound Sterling, EURO etc

Benefits and features of Dom Advantage account

  1. It has an Interest rate that is payable on the account balance
  2. It has a zero-transfer charge
  3. It has zero withdrawal charge
  4. Also has an unlimited number of withdrawals
  5. For withdrawal Charge: there are zero charges once your account balance is up to the minimum operating balance
  6. Also, for transfer charges: there are zero charges once the account balance is up to the minimum operating balance

Requirements for opening a Dom Advantage Account

  1. A minimum Opening balance: $100, or €70 or ₤80
  2. Minimum operating balance of $1,000.00 or its equivalent
  3. Valid Identification (International Passport, Driver’s License, National ID card, Voter’s card)
  4. Two Passport photographs

Freedom Domiciliary account

Freedom Domiciliary Account or Freedom Dom account is a USD foreign currency account with lower operating limits, for those who want to start saving in dollars. Maximum operating balance of $5,000 or its equivalent. Foreign currency cash deposits can be used to fund the account and Foreign currency inflows & cheques deposit are not allowed in the account

Benefits and features of Freedom Domiciliary Account

  1. Zero Opening Account Balance
  2. A serialized non-clearing cheque-type withdrawal booklet used for withdrawal by the account holder only
  3. Interest bearing account

Requirements for opening a Freedom Domiciliary account

  1. Minimum Operating Balance of $10 or it’s equivalent
  2. Completed account opening form
  3. 2 passport photographs
  4. International passport or Driver’s License or National ID card Voters Card, Student ID card or Association ID card or Town Union ID card or Residential Estate ID card or Resident Permit (for immigrants)

U-Care Plus Domiciliary Account.

The U-Care Plus Domiciliary Account is a variant of a U-care plus savings account, it is an FCY account denominated in USD, GBP, & EURO meant for parents who want to save for children’s secondary/tertiary education abroad.

Requirements for opening U-Care Plus Domiciliary Account

  1. A minimum Opening: $100, or €70 or ₤80
  2. Minimum operating balance of £350 or its equivalent.
  3. Valid Identification of Parent/Guardian
  4. Two Passport photographs of the Child and the Parent
  5. Child’s birth certificate
  6. Address verification of the parent/guardian

Benefits and features of U-Care Plus Domiciliary Account

  1. It has an Interest rate of 0.1% that is payable on the account balance
  2. It has an unlimited number of withdrawals
  3. Withdrawals: 0.5% + VAT on the amount withdrawn
  4. Telex Transfer: 0.5% +VAT or US$10 or it’s equivalent whichever one is higher + Communication charge of US$25 or Euro 20 or £ 15
  5. Draft request: 0.5% +VAT or US$10 or it’s equivalent whichever one is higher + communication charge of US$25 or Euro 20 or £ 15

ACCESS BANK

Access bank also offers the best domiciliary accounts in Nigeria. Being one of the most popular banks and also having a great number of customers, Access Banks allows its customers to transfer and receive money in currencies other than the Naira.

The available currencies on the Access Bank domiciliary account are dollar (USD), Pound (GBP), Yen and Euros. The account is opened by individuals, business owners Small and Medium-sized corporations, and corporate entities.

Types of Access bank domiciliary account

Access bank has two types of domiciliary account

  • Domiciliary Current account
  • Domiciliary Savings account

Domiciliary Current account

Benefits and features of Domiciliary Current account

  1. Access to overdraft and loan facilities for qualified customers at very competitive rates.
  2. Access your account at the bank.
  3. Monitoring of your account’s activities at the convenience at your desk or home using the Internet, phone as well as mobile banking.
  4. Third-party withdrawals
  5. No minimum balance required
  6. No Account maintenance fee
  7. Convenient & flexible account opening requirements.
  8. Sends account information updates via SMS or email alerts.
  9. Access to cash anytime, anywhere with debit cards on ATMs
  10. Use of Mastercard, Visa and Verve debit cards on POS terminals
  11. No restriction on the number of withdrawals
  12. Different variants of Debit Card based on the customer’s preference
  13. Access to alternate channels e.g. Internet and Mobile banking
  14. Cheque book. Direct debit instructions
  15. Third-party transactions
  16. Third-party transactions allowed
  17. All other transactions are charged at banks approved rate
  18. Cash handling charge (COT equivalent) of 0.5percent on withdrawals
  19. Interest rate 0.01% per. a. (above 100,000 $,£,€)

Requirements for opening Domiciliary Current account

  1. Opening balance of $100, £100 & €100
  2. Means of address verification
  3. 2 references
  4. 2 Passport photographs
  5. Valid ID of each signatory
  6. Residence Permit (Foreigners)
  7. Forms CO7 and CO2 as applicable for companies
  8. Certificate of Incorporation / Business Registration for companies
  9. Memorandum and Article of Association as applicable for companies
  10. Board resolution as applicable
  11. Search report as applicable

Domiciliary Savings account

Benefits and features of Access bank domiciliary savings account

  1. Convenient & flexible account opening requirements
  2. Remote access to your bank account with our channel platforms.
  3. You can monitor your account activity from the comfort of your home or office via phone, internet and mobile banking
  4. Provides account information updates via SMS/Email alerts
  5. No monthly maintenance charge on the account
  6. $10 issuance of debit card
  7. Free debit card for Dom Plus
  8. The rate of interest is 0.1 per cent and 0.2 per cent for Dom Plus Interest rates of 0.1% and 0.2%. But they pay but paid monthly (Classic and, respectively)
  9. There are various variations of Debit Card depending on the preferences of the consumer
  10. Access to alternative channels, e. for example. Mobile banking and internet banking are two examples.
  11. Non-chequing account (No cheque deposits allowed)
  12. All other transactions are charged in line with the Banker’s tariff.

Requirements for opening a domiciliary savings account

  1. Opening balance and daily balance of [$, £,€] 500 for Classic
  2. Opening balance daily balance of [$, £,€] 10,000 for Dom Plus
  3. Means of address verification
  4. 2 references
  5. 2 Passport photographs
  6. Valid ID of each signatory
  7. Residence Permit (Foreigners)
  8. Forms CO7 and CO2 as applicable for companies
  9. Certificate of Incorporation / Business Registration for companies
  10. Memorandum and Article of Association as applicable for companies
  11. Board resolution as applicable
  12. Search report as applicable

Fidelity Bank

Fidelity bank provides you with a foreign currency account to do international transactions. It operates in US Dollars, British Pounds and Euro. It enables inflows to hit designated accounts without being subjected to variation in the local exchange rate, depending on the currency you are operating.

Features and Benefits of Fidelity Diaspora domiciliary account

  1. A minimum account opening balance of $50, €50, £50
  2. A minimum account operating balance of $30, €30, £20
  3. An interest rates on call/demand and fixed deposits
  4. You have access to Internet banking, email transaction alerts and statements
  5. Also, you have the option of a Nominee Resident Joint Signatory in Nigeria (e.g. spouse, parent, etc)
  6. Standing orders
  7. There are investment facilitation services for shares traded on NSE
  8. A draft issuance in foreign currency
  9. You have the privilege to open a Domiciliary and a Naira current account

Requirements for opening a Fidelity Diaspora domiciliary account

  1. A Diaspora Account Opening Form
  2. You need one Passport Photograph (digital passports allowed)
  3. A valid identification card; Valid Nigerian passport, valid driver’s license, valid national ID card or voter’s card, Valid foreign passport/driver’s license supported by proof of Nigerian Nationality (either birth certificate, expired/valid Nig. Passport, driver’s license or Voters card)
  4. Proof of address. A certified or notarized duplicate of one of these: Bankers confirmation stamp utility bill that was issued within the three (3) months of the last months of statements from credit or bank accounts made within the last 3 months and receipts for tenancy agreements/rent.
  5. Additionally, you require two Nigerian Bank references from active domiciliary, corporate or current account holders (for domiciliary and current accounts only). When the certification of documents is done by one of the following: Notary Public/court/lawyer/Solicitor, Nigerian Embassy/High Commission/Consulate in customer’s country of residence, your Foreign bankers, government Security Agencies, commissioner for Oath

UNION BANK

Union Bank offers you a variation of domiciliary accounts, depending on the needs of customers.

Types of Union bank domiciliary accounts

The different types of domiciliary accounts available at Union Bank Nigeria are:

  • Domiciliary Savings account
  • Domiciliary Current account
  • Travel Card USD Domiciliary account/ Unionace USD Domiciliary Account

These accounts are designed to fit the needs of customers and place Union Bank’s domiciliary account as one of the bests in Nigeria. The available currencies on the Union Bank domiciliary accounts are USD, GBP and Euro.

To open a domiciliary account with Union Bank, you need a minimum of $100 across these account types.

Domiciliary Savings account

This is a foreign currency account that gives customers the option to Save on any of the three currencies of the world (US Dollars Euros, US Dollars as well as GB Pounds) while earning interest.

Benefits and features Domiciliary Savings account

  1. Account opening balance of $100 or its equivalent in Pounds and Euros
  2. The charge of the amount you withdraw is 05%
  3. The interest earned is 0.2 per cent per. An (interest is forfeited if the withdrawal exceeds four times within one month)
  4. 0.05% is charged on cash withdrawals

Requirements for opening a Domiciliary Savings account

  1. 2 passport photographs
  2. Valid means of identification: international passport or Driver’s license/National Identity card
  3. Current Utility bill (not more than 3 months old) or signed tenancy agreement
  4. BVN
  5. CIU Form

Domiciliary Current account

This is a foreign currency account that lets customers fund their account with any three currencies (US Dollars Euros, GB and US Dollars).

Benefits and features of Domiciliary Current account

  1. Account opening balance of $100 or its equivalent in The Euro and Pounds
  2. Swift charges 22USD,15GBP and 18EUR for transfers. Access to International Transfer
  3. Access to International transfer
  4. Transfer charge of zero point one per cent 1.1% of the principal amount (2 per cent when transfers of cash are made) Zero.
  5. 0.05% is charged on

Requirements for opening Domiciliary Current account

  1. Two passport photos
  2. Valid proof of identification: International passport or driver’s license/national identity card
  3. Current utility bill (not more than 3 months old) or signed tenancy agreement
  4. BVN
  5. 2 valid references
  6. CIU Form

Unionace USD Domiciliary Account/ Travel Card USD Domiciliary account

Unionace is dollar-denominated and it is directly linked to your Travel USD domiciliary account. All transactions carried out using the card reflect on the dollar account instantly.

Benefits and features of Unionace USD Domiciliary Account/ Travel Card USD Domiciliary account

  1. The Card has no limit
  2. Validity is for 3 years
  3. Annual Maintenance of $10
  4. The account Opening balance is $100
  5. Up to 3% interest rate p.a on the domiciliary account
  6. Discount on travel tickets from some selected airlines
  7. On the Counter, the transaction is allowed on the account
  8. The cost per person per visit at VIP lounges is capped at $32
  9. Issuance of Priority Pass for access to VIP lounges around the world

Requirements for opening a Unionace USD Domiciliary Account/ Travel Card USD Domiciliary account

  1. BVN
  2. CIU Forms
  3. 2 valid references
  4. 2 passport photographs
  5. Valid means of identification: international passport or Driver’s license/National Identity card
  6. Current Utility bill (not more than 3 months old) or signed tenancy agreement

FCMB (First City Monument Bank)

The First City Monument Bank is another bank in Nigeria and when it comes to opening a domiciliary account with them, they are part of the best banks to open a domiciliary account with. Like every other domiciliary account, the FCMB domiciliary account allows customers to maintain accounts with foreign currencies.

Types of FCMB domiciliary account

FCMB offers 2 types of domiciliary accounts

  • FCMB Domiciliary savings account
  • FCMB Domiciliary current account

FCMB Domiciliary savings account

A foreign currency account with lower operating limits, for those who want to start saving in FX and salaries

 Domiciliary Account is designed to assist in developing savings habits when it comes to foreign currency for those who have it those who frequently receive or require to pay who regularly receive or make payments British Pound Sterling (GBP) as well as which is the United States Dollar (USD) and European.

Benefits and features of FCMB domiciliary savings account

  1. Opening balance of 60 GBP, 100USD, 70 Euros
  2. An account that is interest bearing, but will be cancelled when there are more than 3 withdrawals within a month.
  3. A non-clearing, serialized book for withdrawals used by the account holder alone.
  4. Allows Foreign Currency Salary payments as well as cash deposits.
  5. Accounts can be used as an individual accounts or jointly operated account
  6. There are no charges for cash withdrawal.
  7. Offers Issuance of foreign currency denominated drafts
  8. Free E-mail transaction notifications
  9. Free monthly electronic statements

Requirements for opening FCMB domiciliary savings account

  1. Completed account opening form
  2. 1 passport photograph
  3. Minimum of 18 years old and provide the following:
  4. International passport, Driver’s license National ID card or Voters Card or Resident Permit (for immigrants)
  5. Verification of address like a utility bill, recent bank statement or local authority tax bill etc.

FCMB Domiciliary current account

The FCMB Domiciliary current account allows customers to maintain accounts in foreign currencies. It is designed to enable customers conveniently carry out foreign currency transactions irrespective of where they are.

The features and benefits of Domiciliary Current Account

  1. A low open balance of 60 GBP, 100 USD, and 70 EURO
  2. There is no minimum operating balance
  3. Personalized non-clearing Cheque book for the counters withdrawals
  4. Access to internet banking
  5. No limit on the frequency of monthly withdrawals
  6. No account maintenance charge
  7. Interest of 0.05% p.a for $4,000
  8. No losses from verse movements in exchange rates

Requirements for opening FCMB Domiciliary current account

  1. Completed account opening form
  2. 1 passport photograph
  3. Minimum of 18 years old and provide the following:
  4. International passport Driver’s License National ID card or Voters Card or Resident Permit (for immigrants)
  5. Address verification e.g. Utility bill, recent bank statement or local authority tax bill etc.

Conclusion on best banks to open a domiciliary account with in Nigeria

It is very important to know the best banks to open a domiciliary account within Nigeria. Different banks have different features, different transaction rates, etc. So, don’t just decide to open a domiciliary account without knowing what the bank is going to offer you in return and how they operate these accounts.

Please don’t forget to share our list of the best banks to open a domiciliary account within Nigeria and if you have any enquiries, please feel free to make use of the comment box below.

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