You need to have a domiciliary account with one of Nigeria’s commercial banks in order to conduct quick international transactions from the country. For those that deal in foreign currencies like as dollars, yen, euros, pounds sterling, dira, and other non-Nigerian currencies, this type of bank account is ideal.
Given that many foreign business owners still favour domiciliary accounts over other options, many people are curious about which Nigerian commercial banks offer the best domiciliary account services.
Remember that if you have a domiciliary account, you can receive foreign currency into your account from your business partners overseas as well as send money to them from Nigeria. You can use this kind of account to carry out international transactions using foreign currencies from anywhere in the globe.
Opening a domiciliary account to enable you to receive and pay USD (United States Dollars), Pounds, and Euros to your overseas business partners is one of the best decisions you can make as a businessperson in Nigeria.
The rationale is that you can pay your partners directly from your domiciliary account in foreign currencies when you are not in Nigeria, and you can receive payments in foreign currencies directly into your domiciliary account in Nigeria.
Nigerian requirements for establishing a Domiciliary Account
The prerequisites for creating a domiciliary account in Nigeria will only apply to the five banks that we believe to be the best at this service, even though there are other banks in the country that provide similar services.
Requirements from Zenith Bank for creating a Domiciliary Account
Only three foreign currencies are accepted by Zenith Bank: US dollars, British pounds, and euros. The prerequisites are listed below;
- One current photo from your passport
- A legitimate form of identity, such as a voter card, driver’s licence, national ID card, or foreign passport
- Any current utility bill
- Report on visits (only for residents)
Requirements from Guaranty Trust Bank for opening a domiciliary account
- Two completed reference forms
- A current utility bill
- One current photo from a passport
- Acceptable forms of identity include voter cards, driver’s licences, national ID cards, and international passports.
First Bank Prerequisites for creating a domiciliary account in Nigeria
- A completed form for starting an account
- Two current passport photos
- A valid identity card, such as a voter card, driver’s licence, national ID card, or international passport
- Latest utility bill
- A finished example of a signature card
United Bank of Africa’s requirements for opening domiciliary account
- Minimum opening balance of $1, 000, 700 Euros and 600 GBP.
- A mandatory swift communication charge of $25, 20euros and 15 GBP
- Recent utility bill
- Two recent passport photographs
- Valid ID Card ( International passport, National ID card, Driver’s License, voters card.
Fidelity Bank’s requirements for opening domiciliary account
- Account opening form
- Evidence of address
- Utility bill not older than 3 months
- Bank statement issued within the past three months.
In Conclusion
The prerequisites for establishing a domiciliary account with each of the five banks on this list are as follows. It’s fairly simple to open a domiciliary account in Nigeria. In a matter of days, you will receive your account provided you have all the necessary documentation.
Leave a Reply