With the increasing strength of the dollar against the naira, a growing number of Nigerians are actively seeking avenues to earn foreign currencies while residing in Nigeria.
The burgeoning gig economy and the expanding landscape of remote work are proving to be viable options for achieving this goal.
As a result, the necessity of opening a domiciliary account in Nigeria has become more pronounced than ever. But what exactly is a domiciliary account?
A domiciliary account is a bank account designed to facilitate the holding and transactions of foreign currencies.
It proves particularly valuable for individuals engaged in receiving or sending money internationally, frequent travelers, or those conducting business with clients on a global scale.
This article aims to guide readers through the process of opening a domiciliary account in Nigerian banks, outlining the necessary requirements.
Key Requirements for Opening a Domiciliary Account:
To initiate the opening of a domiciliary account in a Nigerian bank, individuals typically need to provide the following documents:
- A completed domiciliary account opening form.
- A valid means of identification, such as an international passport, national identity card, or driver’s license.
- Recent passport photograph.
- Proof of address, which may include a recent utility bill.
- Two references, who can be friends, family members, or business associates with a minimum of two years of acquaintance.
In addition to the specified documents, certain banks may also mandate an initial deposit into the domiciliary account, the amount of which can vary depending on the bank.
Step-by-Step Guide:
- Choose a Bank: Research and compare different banks in Nigeria that offer domiciliary accounts to determine the one that aligns with your preferences.
- Visit a Bank Branch: Once a bank is selected, visit one of its branches to initiate the domiciliary account opening process.
- Complete the Account Opening Form: Fill out the domiciliary account opening form, providing personal details such as name, address, date of birth, and occupation. Submission of identification and proof of address documents is also required.
- Submit Documents and Make Required Deposit: Hand in the completed form, along with identification and proof of address documents, to a bank representative. Additionally, make the necessary deposit into the account.
- Wait for Account Activation: Following the submission of documents and the required deposit, the domiciliary account will be activated. Subsequently, a debit card and/or checkbook will be issued for account use.
It’s crucial to note that bank charges may be applicable to domiciliary accounts, underscoring the importance of researching various banks to identify the one offering the most favorable terms and conditions.
Prospective account holders are advised to inquire about any associated fees or charges from the bank representatives during the account opening process.