Diaspora and Domiciliary Account are types of Bank Account that is popular in mostly in Nigeria Banks. They offer some unique features and benefits to its holders. You Can CLICK HERE to read our previous article about Diaspora Banking, its features and benefits. We also have an article about Domiciliary Account, its features and benefits CLICK HERE to read the details.
Diaspora Banking and Domiciliary Account share some similarities. But they are entirely two different Bank Account that is created for two different reasons. But having one of both account is a plus for business and individuals.
In this article we’ll try to make you understand the similarities and difference between the Diaspora and Domiciliary Account. This should help you better understand both accounts and select the one that best befits you.
Similarities Between Diaspora And Domiciliary Account
Below are some of the major similarities between Diaspora Banking and Domiciliary Account.
- Use Of Foreign Currencies: Both account allows its holders to send and receive major foreign currency (Pounds, Euro and Dollar).
- Access to Internet Banking: Holders of these account type have all access to cashless banking. They make use of Internet Banking, Debit card, POS payment etc.
- Interest Rate: Both account are subject to interest rate though different depending on the bank terms and conditions.
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- Both allows unlimited withdrawals
- A minimum opening and operating balance required($100 or exact amount also in Pounds and Euro required as operating balance. $500 or exact amount in Pounds and Euro required as opening balance.) This might vary from one bank to another.
- Accounts are designed for person living or working abroad.
Above are some of the major similarities between Diaspora Banking and Domiciliary Account. The similarities are coined from the general features and benefits of these accounts. Now that we have itemize some similarities lets get to see some differences.
Differences Between Diaspora and Domiciliary Account
There are also some differences and they are as listed below
- Account Holders: Diaspora Account is designed mainly for persons living and working abroad. While Domiciliary Account is designed for Business and SMEs that allows them to send and receive money internationally.
- Diaspora Banking is designed mostly for individuals but Domiciliary Account is designed for Business owners and SMEs.
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- Domiciliary Account allows for a third party withdrawal but Diaspora Banking does not have such provision.
- Both accounts have different transfer charges starting from 0.25%.
- Different Interest Rate starting from 0.01%(this varies from one bank to another bank).
- Documents required to opening accounts are different. Diaspora Banking requires more documents.
For persons who lives and work abroad but needs a local bank account then you need a Diaspora Account. If you own a business or SME and wants to expand your transaction across border then you need a Domiciliary Account.
On can also apply for both Diaspora and Domiciliary Account. It all goes down to the reason why you truly need the account. Please use the share button to share our post on Facebook and Twitter.