What is Domiciliary (dom) Account ? Domiciliary Account is a special account in foreign currency especially in US dollars opened in a local bank that allows you to make international bulk payment in form of bank wire transfer for goods or services online. Dom account comes handy when dealing in Mega transactions which your MasterCard or VisaCard might not handle.
However, charges emanating from wire transfer in Dom account can be very high. This also varies from bank to bank. Love to engage in business with a company in China, USA etc ?, then Dom account is for you.
Types of Dom Account
Current Dom account and Savings Dom account are the basic two types of Dom account being operated upon by some Nigeria Banks. Current Dom account is operated like a normal current account, however, you are issued cheque booklet denominated in dollars. The minimum balance is usually $100 in most Nigerian banks. No cheque booklet is issued for Savings Dom account.
What are the requirements for opening a Domiciliary Account?
Requirements for opening a Dom account varies from bank to bank, but the basic things you must have are highlighted below:
1. 2 referees whom have operated Current account for at least 6 months with the bank or any other bank. Usually it is better and faster to get referees from the same bank so that confirmation will take place as early as possible.
2. Utility Bills like PHCN bill etc
3. National ID card, International Passport, Driver's License for proper identification.
4. About $100 for minimum balance. You might be charged extra fee for MasterCard or VisaCard.
I think you can get MasterCard from Intercontinental Bank without opening a domiciliary account but always try and make more enquiries from your bank. You can talk with the Customer care agents of your bank and they will brief you more about their bank's current policies with regards to Domiciliary accounts.
Which Banks Operate Domiciliary Account In Nigeria?
Examples of popular banks operating this kind of Account in Nigeria are Guaranty Trust Bank (GTB), Intercontinental Bank Plc, Zenith Bank Plc, Equitorial Trust Bank, First City Monument Bank (FCMB). The list is by no means complete, nor does the order of the banks indicate any preference or affiliation. You should carefully make enquiries from those banks, compare fees, rates and then go for the one that suits you most.
If you have anything to say about this or you have questions to ask, feel free to use the comment form below this post.
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its nice to know
ReplyDeletethanks tho...
Is there a bank fee to open a Dom account in Lagos my email address is meril71@embarqmail.com I have read all above and it didn't say ? thank you in advance M. Smith
ReplyDeleteNo bank fee. You might be told the minimum account opening balance. If you have a savings account with GTBank, your dorm account will be opened for you Free of charge
ReplyDeleteNice one. Really helpful. Thanks dude.
ReplyDeleteThanks for the insight bro,you've completely clarify what may have seem confusing to me...The Domiciliary Account,can it be use virtually for all online businesses or will i need to seek for a Paypal account too
ReplyDeleteANYBODY THAT WANT TO OPEN A DOMICILIARY ACCOUNT SHOULD NOT NEAR FCMB, IF IT DON'T TAKE THEM 3 WEEKS OR MORE OPEN TO YOUR ACCOUNT , THE WILL NOT HAVE DOLLAR TO PAY YOU WHEN YOU WANT TO WITHDRAW , I WENT TO LIKE 3 BRANCHES IN LAGOS THE DON'T HAVE DOLLAR TO PAY ME . I CAN ADVICE MY ENEMY TO EVEN OPEN DOM ACCOUNT WITH FCMB. GTB IS BEST
ReplyDeleteCan I also us it to subscribe for a dating site
ReplyDeletei dont know what is wrong with UBA Bank for over 2 months now i have submitted all the document they required from me to open domiciliary acc even deposited some dollar till date they are still telling me they are yet to get reply from the bank of the person that reference me, is that how it works for God sake
ReplyDeletesome banks are part of the problem we have in nigeria how can one be expecting just to have his domicilary acc set up from the bank you have giving all your document to open domicilary acc, for up to a month & some days, i was told thay still hoping to get fill back from the bank of one of my surety who stood for me as referee, are they not suppose to go the bank and sort out things, this is the work of the marketers, i want to know were am heading after collecting my document and my dollar they keep me waiting over a month, pls that acc is business acc which should have yielded me some income, i can just explain why UBA Bank is acting in way that portray enemy of progress, y y y uba y you people are deleyer to people's progress
ReplyDelete