How to open and use a domiciliary account in Nigeria

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Posted by Felix Okoli on Wednesday January 14, 2015 at 12:17:33:

A domiciliary account in Nigeria is a type of bank account that allows the holder to deposit and withdraw funds in foreign currencies and these are currencies other than the Nigerian Naira.

A Nigerian has a right to operate a domiciliary account even while he is in Nigeria and it's recommended for people who do international business or need it for one reason or the other.

A domiciliary account is held locally and is different from a foreign bank account which is normally held by foreign banks outside the shores of Nigeria.

There are 2 types of domiciliary account which a person can open operate in Nigeria they are - Savings domiciliary account and a current domiciliary account.

A savings domiciliary bank account is a foreign currency account that allows the person to save money in foreign currencies and also be able to withdraw it using a bank teller.

A current domiciliary bank account on the other hand is like a current account and it's normally used by businesses or business persons. It's a type of account that can do about the same things like a savings account and with the ability to also issue cheques to third parties. A current domiciliary account might attract more fees for usage than a savings domiciliary account

How does one open a domiciliary account in Nigeria? Well, it's quite easy.

Things you will need
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- Recent Passport photograph
- Valid form of identification e.g. International passport, driving license or National id card
- At least 2 references who are current account holders in any bank in Nigeria but preferably the same bank
- Proof of residence/Utility bill: e.g. PHCN bill, Waste bill or others
- Minimum Opening funds in Foreign currency e.g. USD, GBP or Euro. It can be at least $150

How to open a domiciliary bank account
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- Visit the bank branch you intend opening a domiciliary account in
- Request to open a domiciliary or foreign currency account
- Fill the form given to you and indicate your full correct details including your desired foreign currency
- Submit your required documents so that the bank can make a copy
- Make an initial deposit into an account provided for you
- The bank will check your details and also your references
- An account will be opened after about 1 or 2 weeks.
- You can start using the domiciliary bank account for receiving, saving or making payments in foreign currencies.

Some Questions and Answers
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Q: Can I receive money from abroad directly into my domiciliary bank account?
A: Yes, you can. Just give the sender your bank account number, your bank's name and country

Q: Can I transfer money abroad from my account?
A: Yes, you can. You can transfer to any other bank in the world using the transfer details given to you.

Q: Can I transfer money from my Naira account to my domiciliary account?
A: No. There are 2 different types of account.

Q: Can I link a Mastercard or Visa ro the account?
A: Yes you can

Q: How do i check the balance in my account?
A: You can check your bank balance by simply using internet banking, calling your bank, physically visiting customer service or just requesting for a bank statement of account

Q: Is there an interest paid for saving money in my domiciliary account?
A: Yes, you get to earn an interest like other saving account in banks

Q: How do i withdraw from my domiciliary bank account?
A: You can withdraw by simply filling and submitting a foreign currency withdrawal form or making use of a domiciliary bank account cheque

Q: Can I pay in foreign currency cheques into it?
A: Yes you can. This is what it's made for. Banks might also charge you a small fee for it.

Q: Is it free to transfer money from my domiciliary account to other countries like the USA or UK?
A: Now, for as with most bank transfers, there is normally a transfer charge placed on it. The fee is small and depends on the bank.

Q: Do I pay any fee for receiving fund transfer from abroad into my domiciliary account?
A: No. You don't have to pay any fee since you are just receiving. It is the sender that will pay a fee.

Got other questions or comments? Feel free to contribute using the comment box below.

Comments:
Re: How to open and use a domiciliary account in Nigeria Posted by mubarak idris on Wednesday February 25, 2015 at 11:3:49:

please can you help suggest? solution to my query?
I am an android developer in Nigeria and i want to start selling my apps at Google play store ! but from what I see Google is request me to pay $25 usd. to register my account as a developer and for me I don't even have a bank account! seriously! so if you don't mind can you suggest what type of bank account I should open to be able to pay that amount? should I open saving account? or current account and please don't forget am a student too I don't have much! and please after i register the Google developer account how can receive my revenue or money after selling my apps in Nigeria? please guide am new to this hope you don't mind?

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Wednesday February 25, 2015 at 11:3:49:

If you don't want to open a domiciliary account, you can get a non personalized Zenith bank buxd card. You don't need a bank account to pay with the card. You can also use a Naira savings account if you want as it's acceptable. The only thing is that your Google merchant account will be in USD and when your payment is sent by bank wire, it will be credited to your Naira bank account.

Re: How to open and use a domiciliary account in Nigeria Posted by chiemerie on Tuesday June 16, 2015 at 4:13:39:

if i want to pay in a domicilary account from abroad how can i go hence the particular bank is not in my residing country where can i go and pay it?

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Tuesday June 16, 2015 at 4:13:39:

You can open a bank account in that foreign country, deposit some money into the account and then tell them to do a wire transfer to your domiciliary bank account in Nigeria.

Re: How to open and use a domiciliary account in Nigeria Posted by Pam on Monday June 29, 2015 at 19:34:41:

you said the domiciliary are of two types, saving and current. can I used the savings to send or receive money oversea?

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Monday June 29, 2015 at 19:34:41:

Yes, you can use it to send and receive money overseas.

Re: How to open and use a domiciliary account in Nigeria Posted by Kolade Obafemi on Thursday July 2, 2015 at 17:7:59:

This really pertains to United Bank For Africa Plc. I have a domiciliary acct opened and used for more than 2 years. Wanted to pay in just One Hundred Pound cash,surprisingly they said one can no longer pay cash into a Dom account, and that the only way to fund it is through transfer? I asked where will I be transferring from? i think if it is another CBN policy it need to be immediately reversed.

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Thursday July 2, 2015 at 17:7:59:

I don't think it's CBN policy because I know people pay in cash into their GTBank and Access bank domiciliary accounts.

Re: How to open and use a domiciliary account in Nigeria Posted by E.C Okpara on Sunday July 26, 2015 at 5:35:37:

Can you open domiciliary account with naira instead of dollar

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Sunday July 26, 2015 at 5:35:37:

No you need dollars to open a domiciliary account. You can bring a foreign cheque or cash with you.

Re: How to open and use a domiciliary account in Nigeria Posted by kings on Wednesday July 29, 2015 at 6:42:1:

in case I want to transfer or do some payments from my domiciliary account ....after I am being charged 0.5% of the amount I wish to transfer ....is there any other charges like swift charge, commission or vat pls??

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Wednesday July 29, 2015 at 6:42:1:

I think the 0.5% is the commission, other charges if any would just be fixed cost and you don't have to worry about it.

Re: How to open and use a domiciliary account in Nigeria Posted by obed Oghenegare on Sunday August 23, 2015 at 11:10:36:

I just opened a domiciliary account.so what are the embargoes/restrictions on domiciliary accounts in Nigeria?

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Sunday August 23, 2015 at 11:10:36:

The only thing I know is that you cannot deposit money into it for now except to receive foreign fund transfers and to make them. You can also pay in foreign cheques into it and withdraw cash from it.

Re: How to open and use a domiciliary account in Nigeria Posted by Saviour on Friday September 4, 2015 at 18:59:36:

Please can I use my naira current account with swift and sort code combined together to receive funds in dollar? I just approached a bank and they said it's possible.
However, i am in need of the bank that has the best domiciliary so that I can open dom accnt with them b/c I dnt want my account to be frozen anyhow.
To be sincere, I've a Facebook friend who said he want to help me with 100,000USD. Checking such amount in naira is a big money, so I'm still looking for a way to receive such funds.
Pls do you advice me to use domiciliary, western union or naira current account? Thanks

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Friday September 4, 2015 at 18:59:36:

You can still receive the money in your Naira account without a domiciliary account. However, it's better to open a domiciliary account rather than using Western Union. Just give him your bank account details and swift code for the transfer to be made.

Re: How to open and use a domiciliary account in Nigeria Posted by J on Tuesday September 22, 2015 at 7:29:54:

What are the steps and charges involved in transferring funds from my GTbank domiciliary account to my savings account?

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Tuesday September 22, 2015 at 7:29:54:

It may be possible through internet banking but I don't think it's wise since the bank will give you a lower rate that what you'd get from the black market.

Re: How to open and use a domiciliary account in Nigeria Posted by prince on Tuesday September 29, 2015 at 24:27:43:

u said there are two types of dom acct, which is savings and current. pls I want to Knw, like normal savings acct there is a limit amount u can save is it the same with savings Dom acct?

another thing is, if u deposit a cheque from abroad to ur Dom acct in ur local country will it clear immediately into cash in ur acct or how will it reflect in ur Dom acct?

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Tuesday September 29, 2015 at 24:27:43:

There is no limit to how much you can save. If you deposit a foreign cheque into it, it can take up to 21 working days to clear.

Re: How to open and use a domiciliary account in Nigeria Posted by Ruth on Saturday November 7, 2015 at 7:30:41:

Now that CBN has stopped cash deposits into dom accts what is the best way to make payments abroad for business people that brings in goods into the country?

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Saturday November 7, 2015 at 7:30:41:

You can use your Naira account to make fund transfers. You can also use your Visa or Mastercard.

Re: How to open and use a domiciliary account in Nigeria Posted by Dman on Wednesday December 2, 2015 at 18:14:29:

What is the minimum amount required to open a dollar domiciliary account?

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Wednesday December 2, 2015 at 18:14:29:

I think $150

Re: How to open and use a domiciliary account in Nigeria Posted by Judith on Thursday December 31, 2015 at 7:58:40:

So can i use it for any kind of payment?like if im asked to be paved through paypal(which i don't have an account or ever will coz it passes me off)can i just send the dom.acct.number instead?will it be accepted?can it be used as a sub for other forms of payment?

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Thursday December 31, 2015 at 7:58:40:

You can't use it for Paypal payments as you still need to open a paypal account and link it to your bank's card. Domiciliary account allows you to save money in foreign currency and also receive income from abroad.

Re: How to open and use a domiciliary account in Nigeria Posted by Abdulazeez kazeem on Monday January 18, 2016 at 22:56:51:

I wish to know if one could open a domiciliary account with Chinese yaun(RMB) in Nigeria. You swift response will be appreciated.

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Monday January 18, 2016 at 22:56:51:

I've not heard about domiciliary account in RMB. The more popular ones are Euro, US dollars and British Pounds. It is at the discretion of your bank and you can ask them.

Re: How to open and use a domiciliary account in Nigeria Posted by sunday on Saturday February 13, 2016 at 11:6:6:

please like how much can one pay in a domiciliary account for firstbank,and like how much can one withdrawl from the domiciliary account?,thank.

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Saturday February 13, 2016 at 11:6:6:

I think you can make an initial deposit of say $200 and you can always withdraw it to at least $50.

Re: How to open and use a domiciliary account in Nigeria Posted by Balo on Sunday February 14, 2016 at 21:19:28:

How long will it take me to have the money sent into my domiciliary account from cashier for black market and how lo g will the money get to Nigeria

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Sunday February 14, 2016 at 21:19:28:

If you mean how long it will take for a bank wire to get credited to a domiciliary account in Nigeria, then it's about 5 to 7 working days.

Re: How to open and use a domiciliary account in Nigeria Posted by Juliet on Friday March 11, 2016 at 22:59:42:

In savings domicilliary account how much do i need to open it?and can someone transfer money into my account from abroad?

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Friday March 11, 2016 at 22:59:42:

You can open account with $150 to $200 only

Re: How to open and use a domiciliary account in Nigeria Posted by nessa on Thursday March 31, 2016 at 15:38:19:

can you please help with most important things to look out for while choosing a bank to open a domiciliary account with in nigeria..

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Thursday March 31, 2016 at 15:38:19:

I'm not sure what you mean but I think it depends on your needs. Personally, for me, I prefer a bank that has a good customer service and doesn't look desperate for my money. So, I go for a bank with a big capital base and good customer service.

Re: How to open and use a domiciliary account in Nigeria Posted by Tmdoa on Wednesday June 29, 2016 at 17:51:21:

Please I will like to know if I can transfer naira to someone in Canada with my domiciliary account

Re: How to open and use a domiciliary account in Nigeria Posted by Felix Okoli on Wednesday June 29, 2016 at 17:51:21:

You can transfer money to someone in Canada but it will not be in Naira but in Canadian dollars

Re: How to open and use a domiciliary account in Nigeria Reply by Spencer ojeaby on Tuesday October 11, 2016 at 24:23:41:

Can i receive money through PayPal into my dormiciliary account in Nigeria?

Re: How to open and use a domiciliary account in Nigeria Reply by Felix Okoli on Tuesday October 11, 2016 at 24:23:41:

You can't receive funds into a Paypal Nigeria account but you can receive money into your domiciliary account in Nigeria from a foreign country.