A domiciliary account is a foreign currency-denominated bank account that allows individuals and businesses to hold, transact, and manage funds in foreign currencies, such as US Dollars, Euros, Pounds Sterling, or other major currencies. In this guide, we'll help you find the 10 best banks for domiciliary accounts in Nigeria to make informed choices for seamless international banking.
How domiciliary accounts work
Before opening a domiciliary account with any of the 10 best banks for domiciliary accounts in Nigeria, it's essential to review the terms and conditions, fees, and transaction limits.
This will help you make the most of its benefits while staying compliant with regulations.
Generally, here's how domiciliary accounts work:
● Regulatory guidelines
Domiciliary accounts are subject to regulations imposed by the Central Bank of Nigeria (CBN) and may have specific transaction limits and restrictions on certain transactions.
● Currency options
Most domiciliary accounts are available in various foreign currencies, and you can choose the currency that suits your needs.
Popular options include USD, EUR, GBP, and more. You can also have multiple domiciliary accounts in different currencies within the same bank.
● Account opening
To open a domiciliary account, you need to visit a bank that offers this service and complete the account opening process. You will need to provide the required documentation and make an initial deposit in the foreign currency of the account.
● Fund management
Once your account is active, you can deposit funds into the account through foreign currency transfers from overseas or by converting funds from your local currency account through the bank's exchange rate.
● International transactions
With a domiciliary account, you can conduct international transactions, such as sending and receiving foreign currency payments, wire transfers, and foreign remittances.
● Currency conversion
If you need to convert funds from one currency to another, you can do so within the domiciliary account. However, note that banks may charge currency conversion fees.
● Withdrawals and deposits
In some cases, you can withdraw foreign currency from your domiciliary account as cash or make deposits in foreign currency. Some banks also offer the option to withdraw foreign currency through their ATMs.
● Foreign currency debit card
Some banks provide a foreign currency debit card linked to your domiciliary account. This card allows you to make purchases and withdraw cash in foreign currency from ATMs worldwide.
● Interest rates
Domiciliary accounts may earn interest, but the interest rates are generally lower compared to local currency accounts due to lower investment opportunities for foreign currencies.
● Exchange rate fluctuations
The exchange rates for foreign currencies fluctuate daily, and the value of your funds in the domiciliary account may vary accordingly.
10 Best Banks for Domiciliary Account in Nigeria
When choosing a bank for a domiciliary account, it is important to consider your individual needs and preferences. Some factors to consider include the bank's fees, the features offered, and the bank's customer service reputation.
Below are 10 of the best banks for opening a domiciliary account in Nigeria:
1. Stanbic IBTC
Stanbic IBTC offers a wide range of personal, business and commercial banking products through our various branches spread across Nigeria. Among them are current, savings, and domiciliary accounts
Stanbic IBTC enables customers to do business internationally, facilitate business transactions internationally from Nigeria, transfer money and make global payments in foreign currencies with ease.
It is also easily accessible via the bank’s e-channels.
2. United Bank For Africa
The United Bank for Africa has 70 years of providing uninterrupted banking operations in Nigeria.
Its Freedom Savings Domiciliary Account is built to receive foreign remittances, with no limits, directly into your account.
Customers can receive foreign currency and Telex inflows directly into their account.
3. Zenith Bank
Zenith Bank is driven by a culture of excellence and strict adherence to global best practices.
The bank’s domiciliary accounts gives customers the opportunity to conveniently carry out foreign transactions wherever they are.
4. Access Bank
Access Bank delivers sustainable economic growth that is profitable, environmentally responsible and socially relevant.
Its Domiciliary Current account is designed to enable customers carry out local or international transactions from the comfort of your home, office or abroad. The account is funded in Pounds, Euros, Dollars and Yen.
5. First Bank of Nigeria
First Bank of Nigeria is the premier Bank in West Africa with its impact woven into the fabric of society.
The bank has a foreign currency (FCY) denominated account that allows customers save and carry out transactions in US Dollar, GBP, Euro, and CFA currencies.
6. Ecobank Nigeria
With a pan-African presence, Ecobank delivers the very best value to stakeholders.
Ecobank Diaspora Banking, offers a suite of tailor-made services to help its customers manage their money both at home and away stress free.
The products and services include savings and current accounts, investments, digital banking and financial advisory services.
7. Sterling Bank
Sterling Bank is a full service national commercial bank in Nigeria.
The bank offers a wide range of Domiciliary (Dom) accounts to meet customers’ needs. The Dom accounts are managed based on how funds are received.
This means, a cash inflow account can only accept cash deposits while an electronic inflow account can only accept electronic transfers.
8. Union Bank of Nigeria
One of Nigeria’s longest serving banks, Union Bank’s Domiciliary Savings is a foreign currency account that gives customers the option to save in any of the three global currencies (US Dollars, Euros and GB Pounds) while earning interest.
With an account opening balance of $50 or its equivalent in Pounds and Euros, customers can earn up to 1% interest per annum.
It also has a Domiciliary Current account that gives customers the option to bank in any of the two global currencies (Euros and GB Pounds).
9. Polaris Bank
This Bank was established by the Central Bank of Nigeria (CBN) on September 21, 2018, to offer commercial banking services to the Nigerian public.
Polaris Domiciliary Account is a foreign currency account for Corporates that offers the convenience of carrying out transactions in foreign currency (USD, GBP and EUR).
10. First City Monument Bank
A member of FCMB Group Plc, First City Monument Bank (FCMB) Limited is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.
FCMB’s Domiciliary Savings Account is designed to help develop savings habits in foreign currency for those customers who regularly receive or need to make payments in British Pound Sterling (GBP) and the United States Dollar (USD).
Requirements for opening a domiciliary account
It is important to note that the requirements for opening a domiciliary account vary from bank to bank.
The specific requirements for opening a domiciliary account in Nigeria may vary slightly from one bank to another, but generally, the following documents and information are typically required:
- Completed Account Opening Form
- Valid Identification
- Proof of Address
- Passport-sized Photographs
- Tax Identification Number (TIN)
- Initial Deposit
- Source of Funds
- Business Documentation (For Corporate Accounts)
It is essential to contact the bank directly or visit their website to confirm the specific requirements for opening a domiciliary account as these requirements can change over time and may vary among different financial institutions.
Additionally, be aware of any fees associated with the account, including maintenance fees, transaction charges, and currency conversion fees.
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