If you transact business abroad from home that requires you to use foreign currency or you are finding it hard to send and receive foreign currencies such as Pounds, Dollars, Euros, etc, then you would need to open a domiciliary account to do such transactions.
Also note that exchange rates do not affect the money within your account. This post will show you the procedure on how to open a domiciliary account easily in Nigeria.
Steps For Opening A Domiciliary Account In Nigeria
1. Visit any bank that provides such type of account service and request for the domiciliary account opening form
2. Fill the form with your personal details and submit the following for valid identification
- National ID, drivers license, International passport, voters card or whatever the bank requests of you. This is used to verify your name.
- A copy of your electricity bill or water bill. This bill must have the same address you used in filling the domiciliary form as it will be used by the bank for address verification.
- Depending on the bank, you should be required to produce one or two reference letter from a current account holder or a previous domiciliary account holder.
- 2 (two) current passport photographs.
Note: If you have a current account in any other bank or with the bank you chose to open the domiciliary account, some of the requirements above might be skipped. The bank might require you to open either a savings or current account if you have none with them to use alongside your domiciliary account.
3. After meeting the requirements and filling the form, you would be required to make an initial deposit of one hundred US Dollars (varies according to bank). You may as well withdraw the money when you account is active.
4. Finally, within a period of 48-72 hours, you should receive your domiciliary account details.
Virtually all banks in Nigeria offer such account service.