A domiciliary account is a bank account opened in Nigeria which allows its user to make transactions in foreign currencies right in the comfort of their home or anywhere. If you open a domiciliary account with GTBank or other Nigerian banks, you can receive and make payments directly in foreign currencies (USD, Pounds sterling and Euro), you are paid by the bank in foreign currencies. The account can also be funded through cash foreign currency cheque lodgements, travellers’ cheques, cash inflows and deposits.

A domiciliary account could serve as an alternative to PayPal since Paypal at the moment legitimately do not allow Nigerians to receive payments in foreign currency. If you are also a blogger earning through Google Adsense you would know the importance of having a domiciliary account because it allows you to get your payment in foreign currency and changing for a higher rate in black market.

Requirements to Open a Domiciliary Account with GTBank & Zenith Bank

• A valid form of ID – This could be your driver’s licence, national ID card, international passport or any other acceptable identification document deemed fit by the bank.
• Two (2) recently taken coloured passport photographs.
• Two current account holders referee (preferably with the bank you are opening with), you will be given two forms by the bank which must be filled by these two persons.
• Photocopies of your utility bill issued within the last 3 months, such as water bill, PHCN bill, etc.

Once you’ve met all these requirements, visit the bank and tell customer care person you want to open a domiciliary account. You will be guided and given the forms to fill, you could also take them home and fill. Your account should be up and running within 48hrs. Your domiciliary account can be operated from anywhere through the online and SMS banking platforms.

Bank charges applicable on Your Domiciliary Account

• Negotiable 0.5% of transaction value on cash withdrawals
• 5% of transaction value or $10 or its equivalent + N4000 swift charge + optional $25 off-shore Bank standard fee on outward foreign currency transfers.

Requirements to Open a Domiciliary Account in Nigeria (First Bank)

The requirements for First Bank is slightly different from the other two above

• You must have a minimum opening balance (GTBank does not require any opening balance but other banks may) of &300, $500 or 500 euros. You could withdraw part of it later if you desire.
• Two current account holders referee (preferably with the bank you are opening with), you will be given two forms by the bank which must be filled by these two persons.
• Two (2) recently taken coloured passport photographs (If you do not have an account with the bank before).
• A valid form of ID – This could be your driver’s licence, national ID card, international passport or any other acceptable identification document deemed fit by the bank.
• Photocopies of your utility bill issued within the last 3 months, such as water bill, PHCN bill, etc.
• Duly completed specimen signature card given to you by the bank.
• Resident permit (Foreigners only).

Bank charges applicable on Your Domiciliary Account

• Cash withdrawals from a cash inflow or funds transfers (credits) attract a 1% commission.
• Cash withdrawals from an initially deposited cash will attract a 0.5% commission

Walk up to any First Bank branch closest to you, meet the customer care person to get started. To save you some stress you can download the account opening form and start filling to later proceed to the bank

For other banks such as Fidelity Bank, Diamond Bank, Access Bank and other not listed here, basically, the steps and requirements are the same to open a domiciliary account with GTBank.

DON’T MISS: How to Fund GTBank Domiciliary Account and Dollar MasterCard

Good luck!