What Is A Domiciliary Bank Account?
There are several ways for Nigeria to receive money from abroad. You can use your bank account, online payment platform, cryptocurrency or remittance services.
Read also: How To Transfer Money From Nigeria To Other Countries.
Your decision to use any of these platforms depends entirely on your budget, needs and choices. Bank accounts are considered one of the most secure ways to receive money from abroad, because of the authorities involved like the Society for Worldwide Interbank Financial Telecommunication (SWIFT). And, the only way to receive money from abroad into a Nigerian bank account is through your domiciliary account.
What is a domiciliary account?
A domiciliary account is a type of bank account that allows you to send and receive all kinds of foreign currencies in your home country.
It is also known as a foreign currency account. With a domiciliary account, you can deposit, send, and receive foreign currencies in Nigeria, such as dollars, pounds, and euros. The money in a domiciliary account is valued at the current naira exchange rate.
Read also: The Best Mobile Apps for Pounds to Naira Currency Conversion.
What do you need to open a domiciliary account?
A domiciliary account can be opened by both individuals and corporate entities as long as you have the required documents. The documents required to open a domiciliary account depend on the Nigerian bank you intend to open the account with, but typically the following will be required;
- Completed account opening form
- Filled signature cards
- Recent Passport photographs
- Current utility bill (for address confirmation)
- Valid means of identity (National ID card, International passport, Voter's card or Driver's license)
- 2 completed reference forms (filled by two people who have known you for at least two years)
NB: Some Nigerian banks require that you pay an initial deposit into your domiciliary account, during the opening process.
How to open a domiciliary account in Nigeria
- Decide your preferred bank: So many commercial banks in Nigeria make provisions for domiciliary accounts services. You need to carry out your own research to compare their services, charges and requirements for you to decide on the one that is suitable for you. Once you decide on the bank you want, visit one of their branches and begin the account opening process.
- Fill out the account opening form: You will be required to provide your personal details, residential address and occupational information on the form, after which you will submit it with copies of the required documents.
- Documents verification and payment of initial deposit: Some banks will need you to present the original of the required documents for the bank staff to verify. After which you will be asked to make an initial deposit.
- Account Activation: Once you have carried out all the necessary processes, you need to wait for 48-72 hours for your domiciliary account to be activated. When your account is set, you will get your account number, bank SWIFT code, and debit card/chequebook
Read also: How to Transfer Money to A Foreign Bank Account.
Wrapping Up
As you know by now, bank accounts are the most secure way to receive money from abroad in Nigeria. However, you must ensure that the details you send to the sender are accurate with your domiciliary bank and valid ID.
If you’d like to send money anywhere in the world and prefer fast transfers at great rates, we recommend the OhentPay money transfer service. Create an account here to get started.
Share this post with a friend you think might need this.
