Seeing as the value of the Dollar is rising against Naira, A lot of Nigerians are looking to earn in foreign currencies, even while they are still in Nigeria. And luckily, the gig economy and the growing remote work landscape are making things a lot easier.
Because of this, making a domiciliary account became necessary for Nigerians more than ever before. Now, what is a domiciliary account? In case you are not aware of it; it is a bank account that enables you to hold and transact in foreign currencies. It is very useful to have if you receive or send money abroad, travel more often, or even do business with international clients.
In this article, we will take you through all the processes involved in creating a domiciliary account in Nigerian banks and the requirements for doing so.
Requirements for Opening a Domiciliary Account
To create a domiciliary account in a Nigerian bank, you will need to provide all the following documents. They include:
- A Domiciliary account opening form, filled
- A valid means of identification, which includes your international passport, national identity card, or driver’s license
- Your recent passport photographs
- Your proof of address, such as a Recent Utility bill
- Two references can be friends, family members, or even business associates whom you have known for the last two years.
Some banks might require you to make an initial deposit into the domiciliary account. This amount usually varies in banks.
Once all these documents have been submitted, and you have made the deposit required, your account will be opened. You should be able to start receiving and sending money in foreign currencies.
How to Open a Domiciliary Account in Nigeria
Below I have put together the step-by-step process on How to Open a Domiciliary Account in Nigerian Banks. The steps include:
Select A Bank
Several banks in Nigeria are offering domiciliary accounts. Do your research to compare the different banks and choose the one that best suits you.
Find out the domiciliary Account Opening Form
The domiciliary account opening form would request your personal information, which includes your name, address, date of birth, and occupation. Also, it would request for a means of identification and proof of address documents.
Submit the Documents and Deposit the Required Amount
Once all the documents have been filled, submit them to the bank along with all the requested documents. Also, you would be required to deposit to the account.
Wait for the Account to be Created
Once the documents have been submitted and the required deposit made, your domiciliary account will be opened. Then you should receive a debit card and/or checkbook for the account.
Bank charges may apply to this account and this is why you must do your research about these banks and know the one with the best terms for you. It is best that you ask the bank representatives about any fees or charges that may be associated with the account.