What is a Domiciliary Account?
A Domiciliary Account is an account that enables you to possess accounts in currencies aside the Naira currency. With domiciliary account, the account holder will be able to pay into these accounts via cash deposits or inflows, foreign currency deposits as well as traveler’s cheques.
In addition, domiciliary Account enables customers to possess and maintain accounts in a foreign currency. Through this account, you can make transfers, withdraw cash or payments to suppliers or business counterparts offshore.
How To Open A Domiciliary Account
To open a domiciliary account in Nigeria, you will need to have some documents. You can open the domiciliary account at any of the Nigerian Banks at home but you will have to provide the supporting documents as required by the bank from which you want to open one.
Although, most of the banks have similar requirements for opening the domiciliary account but it is best to visit any branch of the bank you wish to open its domiciliary account for details.
You will be required to write an application and complete an account opening form which is downloadable at the websites of most Nigerian Banks or you may simply walk in to any branch and ask a form at the customer service desk. Once you have filled the form, you will be asked to submit with supporting documents. Below is a list of supporting documents as required by some banks;
Requirements For Opening A Domiciliary Accounts In Different Banks
First Bank Requirements
Duly completed Account Opening Form.
Duly completed specimen signature card.
Two (2) recent passport photographs.
Address verification document: Utility Bill.
Valid means of identification e.g. International passport, Driver’s license or National ID card.
Zenith Bank Requirements
Account Opening form duly completed & signed.
Two (2) specimen signature cards duly completed.
Two (2) recent clear passport size photographs with your name and signature written on the reverse side.
Residence permit (where applicable).
A valid form of I.D. (International Passport, Driver’s License or National I.D.)
A copy of a Public Utility Receipt (not older than 3 months).
Two (02) References.
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3. GTBank Requirements
One passport photograph.
Valid ID card (International passport, Driver’s license or National ID card).
Copy of any utility bill issued within the last 3 months.
Two references from current account holders within GTBank or other banks.
The minimum opening balance is $100.
Valid Identification (International Passport, Driver’s License, National ID card, Voter’s card)
Two Passport photographs
Any Utility bill within the last three consecutive months
Two satisfactory references from current account holders for Current Dom Advantage Acct.
Other KYC documentation required for each target market
Stanbic IBTC Requirements
Two reference forms.
A valid copy of a form of ID (original must be shown to your account manager).
Two passport photographs.
A filled in “Know Your Customer” (KYC) form.
Certification of registration (for business owners).
Search report and partnership deed agreement (if any).
Valid residence permit for non-Nigerians.
Depending on the bank you open its domiciliary account, once you provide the application form with the account opening form and the supporting documents, it will take between 24 – 72hours to open the account.
Ways To Withdraw From The Domiciliary Account
There are few ways to withdraw from your Domiciliary account and they include;
- Through Withdrawal Slip.
- Through a written cheque.
- Through a written application.
- Through Wire transfer.
- Through the use of ATM Card.