What comes to your mind when you hear of the two words Domiciliary Account. To some its just another account type use to make daily deposit and withdrawal transactions. In part they are right but Domiciliary Bank Account is much more.
Domiciliary Bank Account give you something extra from the regular Savings and Checking(Current Account). Lets get you to know what Domiciliary Account means then you’ll understand why it has something extra to offer.
What Is Domiciliary Account
Domiciliary Account is a type of Bank Account(Mostly used in Nigeria Banks) that allows you(Nigerians) to have local bank accounts that can be used locally and internationally.Domiciliary Bank Account can accept the local Nigeria Naira currency, the Pounds Sterling, Euro and Dollar.
The Domiciliary Bank Account comes in two types. The Savings Domiciliary Bank Account and the Current Domiciliary Bank Account. The first have the features of savings account but accepts Pounds, Euro and Dollar. The latter also have the features of checking account(Current Account) but accepts Pounds, Euro and Dollar.
Who Can Apply For A Domiciliary Bank Accounts
- Business owners can apply for this type of account.
- Sole proprietors.
- Workers can also apply who own SMEs.
- Relatives living abroad(outside the country) with business in their home country can also apply.
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General Benefits Of Domiciliary Bank Account
- Access to overdraft and loan facilities for qualified customers at very competitive rates.
- Remote access to your bank account.
- Monitoring of account activities from the comfort of your home/office via internet, telephone and mobile banking.
- It allows third party withdrawals.
- Convenient & flexible account opening requirements.
- Provides account information updates via SMS/Email alerts.
- Access to cash anytime, anywhere with debit cards on ATMs.
- Use of Mastercard, Visa and Verve debit cards on POS terminals.
- Account is operated with a specialized non-clearing cheque book
- Foreign draft issuance is allowed on the account
- No charges on over-the-counter cash withdrawals
- Transfer charges on account as low as 0.25% flat(note that this varies from one bank to another).
General Features Of Domiciliary Bank Accounts
- An opening balance of $100, £100 & €100.
- No minimum balance required.
- No Account maintenance fee.
- Cash handling charge (COT equivalent) of 0.5% on withdrawals.
- Interest rate 0.01% p.a. (above 100,000 $,£,€).
- There is no No restriction on number of withdrawals.
- Different variants of Debit Card based on the customer’s preference.
- Access to alternate channels e.g. Internet and Mobile banking.
- Check Book9Cheque Book) is available to account holders.
- Allows direct debit instructions.
- It allows for third party transactions.
- All other transactions are charged at banks approved rate(this varies from one bank to another).
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General Requirements To Open A Domiciliary Account
- Duly completed Account Opening Form(go to the bank to obtain this form)
- A well completed specimen signature card
- Two (2) recent passport photographs(preferable a month old passport photograph).
- Address verification document: Utility Bill
- Valid means of identification e.g. International passport, Driver’s license or National ID card.
Please note that requirements above varies from one bank to another. Be sure to provide all the details your bank needs to open your Domiciliary Bank Account.
How To Open A Domiciliary Bank Account
Just visit the branch of your bank nearest to you and obtain the account opening form. Fill the form and submit including all the requirements above.
All Banks in Nigeria now offer the Domiciliary Bank Account service. You can visit your bank and request for details.
There is no better way to legally receive international payment aside from using a Domiciliary Account. Good news is like every other bank account it can be easily opened. Just get the requirements above and you are half way there. Please use the share button below to share our articles on Facebook and Twitter.