Have you been thinking of how to send money to your loved ones in Nigeria? If yes, a domiciliary account is the best option for you!
What you need is information on why you need to open a domiciliary account, how to use it, and which bank of your choice you would like to open.
This is why this article will be containing the top 10 banks with domiciliary accounts in Nigeria. Information guides Nigeria
What is a Domiciliary Account?
A Domiciliary account is an account that accepts only foreign currencies like pounds, euros, dollars, and many more. It however does not accept Naira, which is Nigeria’s currency.
Why do You need a Domiciliary Account?
You might think you do not need a domiciliary account because you do not have a relative outside Nigeria, but what if your children or children-in-law travel abroad, how will you make transactions then?
You also need a domiciliary account for the following benefits:
- You can use this domiciliary account to save money just like the savings account, it will be useful for you if you want to save money for a project or anything.
- You can also save money in a domiciliary account without it depreciating regardless of how unsteady the currency might be.
- You will also have the chance to access online banking.
Top 10 Banks with a Domiciliary Account in Nigeria
Many banks in Nigeria have the option of domiciliary account, there are some outstanding banks that fall at the top of the list. They give great benefits to their customers. That is why they are listed at the top of the list of the best domiciliary account in Nigeria. jamb result
However, the following are the best bank with domiciliary accounts in Nigeria.
1. ZENITH BANK
Zenith bank has been one of the best banks in Nigeria with good customer service. You can open an account with zero balance. Zenith bank has two types of domiciliary accounts; the ordinary domiciliary account and the cash domiciliary account. NNPC recruitment
The ordinary account allows for transfer and to carry out foreign transactions without stress irrespective of where you are. You have the access to internet banking, mobile banking application, and many more.
You do not need money before you can open an ordinary domiciliary account, you can have zero balance with an ordinary domiciliary account. The ordinary account can be done without moving out of your comfort zone, which simply means you can make transactions online.
The cash domiciliary account does not allow transfers, you can only cash in and cash out. Banks with the Best Domiciliary Account
Criteria to Open a Zenith Bank Domiciliary Account
- Have an account opening form.
- Valid means of identification, be it voter’s card, national identity card or other valid means of identification
- Where you live i.e. residence.
- And Public Utility Receipt i.e. PHCH, telephone bill, etc.
2. GUARANTY TRUST BANK
Guaranty trust bank is also one of the best banks with domiciliary accounts. It operates in US Dollars, British Pounds, and Euros currencies. You can also make an easy transaction from the comfort of your home.
GTBank domiciliary account allows you to make cash withdrawals in its limited foreign currencies from any GTBank branch. It is a 24/7 banking service. 4 Disadvantages of Treasury Bills in Nigeria
Criteria to Open a GTBank Domiciliary Account
- Valid means of identification, international passport, voters card, or other ID
- An account opening form.
- A recent passport photograph.
- Recent public utility receipt.
3. FIRST BANK
Another best bank with a domiciliary account is First Bank. It allows their customers to make international transactions. And this domiciliary account allows cash deposit, traveler’s check, or foreign currency.
This bank also has two forms of domiciliary account.
- The FirstDom Plus
- Domiciliary account
The FirstDom plus has a high-interest rate, no bank charges are reduced. It is also for users with balances of $5,000. dollar to Naira rate
Domiciliary account is limited to SMEs and corporate organizations. It keeps only US Dollars, Pounds and Euros.
Criteria to Open a First Bank Domiciliary Account
- A valid ID card
- An account opening form
- A recent passport
- Public utility bill
4. United Bank for Africa (UBA)
It is of the best banks in Nigeria. It has a lot of options when opening a domiciliary account. It has a Dom Advantage account, Dom Advantage plus account, Freedom Dom account, and U-Care Plus domiciliary account.
Features of United Bank For Africa Domiciliary Account:
- UBA domiciliary account has a limited withdrawal.
- It allows internet banking.
- Zero charges for both transfer and withdrawal.
- There are bank statements and SMS alerts.
- It operates majorly in currencies like US Dollars, Pounds and Euros, etc.
Criteria to Open a United Bank For Africa Domiciliary Account.
- A minimum openings balance of $1000, €700, or £600
- There is a compulsory communication charge, €20, £15.
- With other needed documents required for opening a domiciliary account. Fruit Juice Production Process and Packaging
5. Fidelity Bank
This bank offers good customer service and reasonable benefits for their customers. That is why it is rated as the top list of the banks with the best domiciliary account. It also has limited currencies its customers can use; Pounds, US Dollars, and Euros. JAMB CAPS
Features of Fidelity Bank Domiciliary Account
- The minimum opening balance for US Dollars, Pounds, Euros is $€£.
- Minimum operating balance of $€£.
- It has the privilege of internet banking.
- It gives interest rates, etc.
Criteria to open a Fidelity Bank Domiciliary Account
- An account form
- A valid ID card (National Identification Card, voter’s card, and other identification accepted by the bank)
- Utility bills
- A recent passport
- Bank statement issued recently
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6. Access Bank
This bank is one of the best banks with the domiciliary account. It also has many good options for their customers. They allow transactions of foreign currencies like Pounds, Yen, US Dollars, and Euros.
There are two types of access bank domiciliary account; the domiciliary current savings account.
In the domiciliary current account, checkbooks are available. You can withdraw a lot of money need, no limitation, and a maintenance fee is not required. There are many benefits of domiciliary current account.
For a domiciliary savings account, the cheque is not required, the flexibility of opening an account, and many more are features of a domiciliary savings account.
Criteria to Open a Domiciliary Account with Access Bank
- Have a valid ID car.
- Passport required.
- As a foreigner, you must have a residence permit and some other requirements.
7. Union Bank
Union Bank also has different domiciliary accounts, whichever the customers want; there is a domiciliary savings account, current account, and travel card US Dollars domiciliary account.
Criteria to Open a Union Bank Domiciliary Account
- Valid Identification card
- Current pay bill
- And a CIU form
8. First City Monument Bank (FCMB)
This also falls to one of the best banks with the domiciliary account. Like other domiciliary banks, you can also make foreign transactions without stress and with comfortability.
This bank also has a domiciliary current and saving account. A domiciliary saving account allows saving money while a domiciliary current account helps to carry out foreign transactions anywhere.
Criteria to Open a Domiciliary Account
- You need an account opening form
- A passport photograph
- Valid ID card
- Residence permit.
9. Stanbic IBTC Bank
As part of the best domiciliary accounts, you should reconsider opening an account with Stanbic IBTC.
You can make transfers and also receive money in currencies but not in Naira. To open a domiciliary account, have;
- a minimum deposit of $100 for a person and $500 for your business
- your means of identification and other things asked for.
10. Polaris Bank
Polaris bank allows international transactions. It makes transactions easy to make at your convenience. You can pay your bills, save money for your children, and many other things to do with your domiciliary account when acquired.
Criteria to Open a Polaris Bank Domiciliary Account
- Your valid ID card
- Your pay bill
- Passport photograph, any other banks requirements.
This article has succeeded in showing you the top 10 best banks with a domiciliary accounts. However, it is left to you to make your choice on which to open.
Check and Confirm: How much is Dollar to Naira today.
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