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Best Steps to Open a Domiciliary Account in Nigeria

Best Steps to Open a Domiciliary Account in Nigeria| Requirements and Guides

Domiciliary Account in Nigeria| How to Open a Domiciliary Account| Domiciliary Account How it Works| Best Domiciliary Account in Nigeria

I personally wrote this article that will give a full guide to anybody that wishes to open a domiciliary account right here in Nigeria with ease.

Let me briefly give you a brief definition of a Domiciliary Account- a Domiciliary Account is a type of account that helps one have access to foreign currencies e.g. Pounds, Euro, Yen, and Dollars from anywhere.

A Domiciliary account helps its users to have an account that is in foreign currencies other than the Naira. You can pay and withdraw from these accounts through cash deposits, traveler’s cheques or foreign currency cheque deposits.

How to Open a Domiciliary Account in Nigeria

For you to open a domiciliary account, the Bank which you would want to operate the account with would need some documents stated below;

  1. Personal details: This includes Name, contact mobile number, and contact or residential address.
  2. Evidence to show Nigerian Address: This includes Utility Bills (such as electricity bills, water bills and so on)
  3. General Business details: This includes Business names, principal trading activity and date you started your business, Nigerian address and contact numbers. Some banks would also want to see proof of business registration to know if it’s a Limited Company or Limited Liability Partnership. Proofs include
    1. Printed copy of Tax Identification Number (TIN)
    2. Memo and Article of Association
    3. Copy of form CO7
    4. Board of director purpose (signed by 2 directors/1 directors and Company Secretary)
    5. Company seal
    6. One passport photograph of each signatory to the account
    7. Copy of Certificate of Incorporation
  4. Evidence to Show identity: The Bank will want to see some of the below-listed documents
    1. National identity card
    2. Driver’s License – Nigeria or International
    3. A valid international passport

How to Withdraw Money from a Domiciliary Account in Nigeria

  1. Wire transfer: With Wire transfers, one can easily transfer money to or from abroad and your money will be transferred within a week.
  2. ATM Cards: If your Domiciliary Account is linked to your ATM card which can be MasterCard or visa
  3. A Written Application for Withdrawal: By writing and submitting a detailed application for withdrawal you can withdraw from your domiciliary account. Remember that the application will be addressed to your Bank branch manager and you will be paid as soon as possible.
  4. Withdrawal Slip: Just like every other method of using our savings or current account withdrawal slip to withdraw money. Using the same method, you can also use it to withdraw from your domiciliary account.
  5. Bank Cheque

Issues You May Encounter while Opening a Domicile Account

The following are situations that may disqualify you from opening a domiciliary account in Nigeria:

  • If you don’t have an official ID card.
  • No current account holders to stand for you.
  • Your date of birth in the existing account doesn’t match with the one in your ID card.
  • Your names are different.
  • The electricity bill with you is more than three months.
  • Your address doesn’t match.

If your search falls between this queries;

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About Teachfold

I love to impact my knowledge to people around me and also care and help who needs it.

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