How To Open A Dollar Domiciliary Account With First, Uba, Gtbank In Nigeria
by Anthony Young ·
Hello, we are going to see how a Nigerian can open a domiciliary account with most of the Nigerian banks today. We will cover the processes for most f the banks. At the end, you can be able to easily open yours with less stress. We are going to start by defining what a dollar account is and why you may need it.
What is a Dollar account? Is it the same with a domiciliary account?
A Domiciliary Account is a foreign currency account which you can open and operate as a Nigerian .
Learn how to get a Nigerian Google AdSense account: the story of how i got mine after years.
So, a dollar account is a foreign account, a type of domiciliary account which enables you bank in USD. there are other types of domiciliary accounts but the most common one as you will expect is the dollar accounts, that’s what we are going to be talking about today.
Domiciliary accounts are similar in that they are managed with lower operating limits.
Who needs a Dollar account?
Certainly, not everyone needs such an account and so, you need to have some solid reasons before you attempt to open one. they will ask you the same question when you get to the bank. so, some of thereasons why people open domiciliary accounts are:
- to receive money from their friends from abroad in dollar currency
- to be able to save money in dollars instead f a naira account. this has it’s own benefits.
Some benefits f a domiciliary account to a Nigerian
- One of the reasons why people opt for dollar accounts is that it enables them to receive money from abroad and cash it Nigeria all in dollars. so they can easily change the money in the local market and make some serious gain off the cash. This will result in a higher exchange rate than what the banks in Nigeria usually offer.
- Also, another reason why people may pen domiciliary account is because they make a lot of international payments and making such payments in naira can be a great loss most of the time so they opt to make it in dollars as this will save them much more money.
This is an illustration. Let’s say yu wants to buy goods from an online store like eBay. yu will certainly have to pay in dollars and if you attempt t make this payment with your naira account, you will be charged at about 340naira for one dollar but if you ,make it with a dollar account, you will be charged at $1 to $1 as it’s in the same currency.
so, now you understand how dollar accounts operate, let’s see how you can get one for yourself as a student, worker, etc.
What are the similarities and differences between the various domiciliary accounts operated by the different banks in Nigeria?
There is no much difference in terms of the items and requirements for this process. the major difference comes in the amount yu use to open the account.
First bank will open a dollar account for you with a minimum of $500 but GtBank will open it with 0 nairas! I think that’s why they are one of the very best in terms of online transactions. very easy to open a dom account with GtBank.
Requirements for opening a dollar account with Gtbank, First Bank, Zenith Bank, UBA bank, FCMB, Diamond
You will need the follow ing depending on whether you wish to open a personal account r a cooperate one
Proof of identity: An id card that can be
- International Id Card
- Drivers license
- National identity card
Proof of address
This means a Utility bill
- phone bill,
- waste bill,
- water bill
The bill must not be older than 3 months
Personal account details of 2 current account holders
This is the tough part and you need to be tough here too. you need the details of two people that have current accounts either in GtBank or in any other bank including their
- Name address
- account number
- contact telephone number
General Business details
- Business name
- address and contact numbers
- principal trading activity
- date the business commenced.
If you wish to open a dollar account for a company, it is slightly different. you will need
Requirements for opening domiciliary account for limited companies
- Copy of Certification of Incorporation
- Copy of form C07
- Printed copy of Tax Identification Number (TIN)
- Company seal
- Memo and Article of Association
- 1 passport photo of each signatory to the account
- Board resolution (signed by 2 directors/1 directors and Company Secretary)
So, that’s all you need to open a domiciliary account in Nigeria. once you have all those details, simply take them to the branch nearest to you and you will be assigned an account officer who will collect the details and process them. the two signatories who signed for you will be verified t make sure they are real people and after about 4 days, you will be contacted and your account number will be forwarded to you alongside a checkbook as the case may be. After that, you can fund your account and use it to do anything else as it pleases you.
If you have any questions about opening dollar accounts in Nigeria, you are welcome to ask them below.
Other info you may need as it has to do with dollar accounts include
There is No limit to number of withdrawals in a month
Online transactions are supported
Cash withdrawals from an initially deposited cash will attract a 0.5% commission
Cash withdrawals from a cash inflow or funds transfers (credits) will equally attract a 1% commission
Inter sol transactions (account owner only) are allowed.
More on DOM accounts with First herehttps://www.firstbanknigeria.com/products/personal-banking/domiciliary-accounts/domiciliary-account
You need an initial amount of $10 to open a domiciliary account
yu cannot have more than $5000 in this account else it will be frozen until you get a DOM advantage account
DOM accounts come with debit cards/visa cards
More about UBA DOM account opening here: https://www.ubagroup.com/countries/ng/personalbanking/domaccounts/fsd
Guarantee Trust Bank
You can open a Dollar account with GtBank free of charge without any initial deposits
All info abut opening a domiciliary account with Zenith bank can be found here https://www.zenithbank.com/dormaccountform.pdf