Many people in Nigeria want to make money in dollars because it is more valuable than their currency, the naira. Now, with jobs you can do from anywhere (like on the internet), this dream is possible.
This is why having a domiciliary account is important for Nigerians now. But, what is a domiciliary account?
A domiciliary account is a special bank account that lets you keep and use money in other currencies like dollars. It’s handy if you get paid from other countries, travel a lot, or do business with people from abroad.
Here, we’ll explain how to open a domiciliary account in Nigerian banks and what you need.
What you need to open a domiciliary account
To open a domiciliary account in Nigeria, you’ll need these things:
- A completed form to open a domiciliary account
- A valid ID like an international passport, national ID card, or driver’s license
- A recent passport photo
- Proof of where you live, such as a recent utility bill
- Two people who can vouch for you. These could be friends, family, or business partners who have known you for at least two years.
Some banks might also ask you to put some money into your new account right away. The amount can be different for each bank.
After giving the bank your documents and making any needed deposit, they will open your account. Then, you can start using your account to receive and send money in other currencies.
Step-by-step approach
Follow these steps to open a domiciliary account:
Choose a bank:
There are many banks in Nigeria that offer domiciliary accounts. Look into a few and pick the one that suits you best.
Visit the bank:
Once you’ve chosen a bank, go to one of their branches to start the process.
Fill out the form:
You’ll need to fill out a form with your personal details like your name, address, birth date, and job. You’ll also need to provide your ID and proof of address.
Submit your documents and make the deposit:
After filling out the form, hand it to the bank worker with your ID and proof of address. You’ll also need to put some money into the account if the bank asks for it.
Wait for your account to be opened:
Once everything is done, the bank will open your domiciliary account. They’ll give you a debit card and/or a checkbook for your new account.
Remember, banks may charge you for having a domiciliary account. So, it’s smart to ask about any fees or costs when you choose your bank.