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HOW TO OPEN A DOMICILIARY ACCOUNT IN NIGERIA
by Shikenan Staff Writer   on Sun, September 25, 2011  - 5 COMMENTS
 
How to Open a Domiciliary Account in Nigeria

A domiciliary account is a foreign currency dominated account. All Nigerian banks offer services in domiciliary accounts, and opening an account is fairly easy. Guaranty Trust Bank (GTB) opens more domiciliary accounts than any other bank in Nigeria. To open a domiciliary account with GTB, follow the instructions below.

WHY SHOULD A NIGERIAN HAVE A DOMICILIARY ACCOUNT?

A domiciliary account makes it easier to transfer money to your loved ones at home. You simply instruct your bank to transfer the desired amount of money to another account within the bank or to an account at another bank.

HOW TO OPEN A DOMICILIARY ACCOUNT IN NIGERIA

You will need the following documents in order to open a domiciliary account:

  • MEANS OF IDENTIFICATION -  international passport, driver’s license, national identification card, tax clearance card.
  • REFERENCE LETTERS - You must bring two letters of reference. The people who write these letters must already have domiciliary accounts established with the bank.
  • UTILITY BILS - You must also bring utility bills (which include PHCN, water or Nitel Bills).
  • Two passport photographs
  • At least 100 dollars or 50 pounds

FILLING OUT THE FORM

When filling out the form, make sure that you check off all of the available currencies. This way, you won’t have to  fill out a new form every time time you need a transaction in new currencies.

IF YOU HAVE A CURRENT ACCOUNT

If you already have a current account with GTB, they should already have your information on file, and you will only need your two passport photographs in lieu of all the other documents.

TRANSACTION CHARGESBank charges vary from one institution to another. GTB charges 1% of any transaction.

MINIMUM BALANCE: GTB allows for zero balance, which means that you can withdraw all your money.

BENEFITS OF A DOMICILIARY ACCOUNT

  • You can use it for international transactions
  • You can use the account for forex trading
  • A credit card will also be issued to you for making online purchases anywhere in the world.
  • You have an interest rate of 0.35% per annum as long as the account balance is not lower than 100 dollars.
  • You can transfer money to any bank account in the world.
  • It makes conversion of currency easy as you can withdraw your money in any currency you want.

Visit the bank website, www.gtbplc.com for more information.

Do you have a domiciliary account? What else should our readers know about opening a domiciliary account? Comment below with your experiences, comments, or questions!

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