Do you want to open a domiciliary account but don't know the requirements? I will explain everything you need to know about dollar domiciliary account terms and conditions.
I believe that I am in a better position to answer any questions you have regarding domiciliary accounts because I have been operating such an account since 2015, and I know exactly how it works. I am going to assist you in opening yours in this guide.
We have all seen how useless the Nigeria Naira has become recently. When you save 100k in Naira, my dear, you have nothing because it can't sustain you, especially when you have children to feed and pay their school fees, but with only $500, you have up to N275,000.
The only currency that works these days is the US dollar, Euro, and Pounds, and if you have or receive money in such cash, you can easily succeed in Nigeria. However, opening a dollar account in most Nigerian banks is not an easy task.
The requirements for opening a domiciliary account differ from bank to bank, but there are general requirements for opening a dollar account in Nigeria. Below are the requirements for opening and operating a dollar account in Nigeria.1. Domiciliary Account opening form
: You must pick a domiciliary account request form from any of your desired banks like GTBANK, ZENITH, UBA, FIRSTBANK, ACCESS, etc. Carefully read and fill the form as required.2. Means of Identification
: You need to have any of this, an international passport, National ID, Drivers license, or permanent voter's card. This is normal whenever you try to open a new account from any bank.3. Minimum of $50 - $100
: Like a regular savings account, you must open an account with some money, but when it comes to a dollar account, you don't need Naira but a dollar. Some banks require that you have at least $50 or $100, while some might ask for a lot more for you to open and operate a domiciliary account in Nigeria.4. Two references
: I opened a dollar account with GTBANK in 2014, and one of the requirements is to provide two references. It simply means that I must get 2 current account holders who can sign and stand for me, preferably from the same bank, but you can use other banks. It was a big task for me, but it's a must for GTBANK.5. Two recent passports photos
: Your current passports will be needed to profile your details
Utility bill: Since you are opening a new account, your home address needs to be verified, and your NEPA bill will help them with the information they need.
These are the general requirements from the Nigerian banks, but it all depends on the bank. Some banks might request that you come with your account statements, while some will not ask for them. However, you must be up to 18 years of age to open and operate a dollar account in Nigeria.
Benefits of Domiciliary dollar account
Do you even need a domiciliary account? Well, I guess the answer is yes,, and that's why you are searching for the requirements. However, you shouldn't open a dollar account for fun because it comes with some charges but the advantages are notable.
Receive and Withdraw in Dollars
You will be able to receive and withdraw dollars in Nigeria. If you don't have a dollar account and allow the bank to convert the currency for you, you are losing a lot of money.
For example: if you receive $100 from abroad but don't have a dollar account, the bank will convert it for you at the rate of N412 per dollar, which is a total of N41,200. With a dollar account, you will receive it in dollars and withdraw it in dollars, then exchange it for N560 per dollar, which means you have N56,000. Do you see the difference?56,000 - 41,200 = (14,800)
Buy and pay in dollars with ease
When you open a dollar account, you will be given a dollar MasterCard that enables you to buy and pay in dollars. Whether you use your naira or dollar card to shop is entirely your decision to make because you are fully ready to shop with any of them.
However, when Nigerian banks convert less when paying for goods and services, you use a Naira card, but when it's not favorable, you use your dollar card, and that's the benefits and power you have.
Provides alternative means of payment while abroad
It's now a must for those traveling out of the country to open a domiciliary account to make life easier for them while away from their country. You can use the dollar MasterCard given to you to withdraw dollars from any dollar ATM in the world. That's the power of this dollar MasterCard.
The dollar is widely recognized and accepted as a means of payment in most countries of the world so you won't get stranded, all you need is to load some dollar into your domiciliary account and hold your dollar card tight then you are ready to fly high and safely to your destination.
You can save for tomorrow in dollars
There is no fixed exchange rate for the dollar presently, it goes open and down but saving in hard currency is always better than committing in Nigerian Naira.
However, we hope for a better tomorrow when dollars will be exchanged at a fair rate that will be good for an ordinary person. Still, then it's under probability we don't know what tomorrow holds and what the Nigerian economy will become. Still, with the US dollar, you are in control.
Makes online shopping easier
Whether you are in Nigeria or living abroad you can quickly pay for products and services using your Dollar debit card linked to your dollar account. You can bypass most restrictions set by certain platforms to prevent Nigerians from paying for products and services online since you pay in dollars and not in Naira.
Questions and Answers (FAQ)
I have seen most of the questions people ask about Domiciliary accounts s, and I will help answer them. I have been using the dollar account since 2014, and I stand in a better position to answer most of your questions.How much do I need to open the domiciliary account?
Yes, you must have some funds in the same currency of the account you wish to open, but the amount you need differs from bank to bank. With $100 you are good to go.Can I withdraw the money I used to open the account?
Yes, you can withdraw it once the account is fully opened and activated but you must find out more about the minimum balance from your bank.Are there any charges that I have to pay for operating a domiciliary account?
Yes, to get a dollar MasterCard you will be charged $20 or more. That is not all, you will be paying maintenance fees annually, but it all depends on the bank you operate.Which bank is the best to open a domiciliary account in Nigeria?
Find out what works for you. It will be better for you to ask questions. However, you can open a dollar account in any Nigerian commercial bank, but GTBANK is suitable for dollar account opening.How many percent interests rates do I get while saving in dollars?
To my understanding, a domiciliary account is seen as a current account and not a savings account but you can verify from your bank because I heard that certain banks can pay interest when you save and don't withdraw from the account.Conclusion
Opening a dollar account is not that hard but only open it when you need it and not just for fun. If you receive money regularly abroad or from Google Adsense,, then it's a must for you to open a domiciliary account.
I have been using it for years now, and I can help you with any questions you might have about opening and operating a dollar account in Nigeria.