02/08/2016

How to Open a Domiciliary (Foreign) Account With GTBank, Zenith Bank & Firstbank in Nigeria



Now that we have more people into online business, the best time to talk about Domiciliary account opening is now. Because in one way or the other, you will always want to transact business that involves foreign currency.


I do receive foreign currency from my clients abroad, but not into my Naira account. If you have been receiving foreign currency into your Naira account, then you are being cheated because bank rate is not the same as black market rate. As at today 02/08/2016, dollar exchange rate from black market is 381 while inter-bank exchange rate is pegged at 320. You see the difference?

What is Domiciliary Account?
Domiciliary account is a bank account in Nigeria that is operated in foreign currency. The account allows you save money in US Dollars, Pounds Sterling or Euro with your money valued at the prevailing exchange rate. This account is funded through bank deposits, traveller’s cheques, cash inflows and lodgement of foreign currency cheques.

Note that you cannot transfer money from a naira account to a dollar account. But you can easily transfer money from DOM account to another DOM account

So if you are a serious online business entrepreneur, and you don’t have a DOM account, then you should consider opening one for yourself. This is why I don’t too border about PayPal not receiving money because I use my DOM account to receive money from online stores abroad.

How to Open a Domiciliary Account in Nigeria
Many banks offers this services but I’m going to focus mainly on three (3) banks. GTB, Zenith and First bank.

How to Open a Domiciliary Account With GTBank Nigeria
Requirements

1. Identification Card: This simply means, valid Identity card like International passport, drivers lincense, National ID card.
2. 2 clear passport photos recently taken
3. 2 referee:  Two persons that would serve as referee and fill each of the two reference forms that will be issued to you are required. Both referees need to have a current account each preferably with GTbank to facilitate opening of the account.
4. Utility Bill: Photocopy of your Utility bill issued in not more than 3 Months


Once you have the above completely in place,
>>Visit any GTB branch closest to you and walk straight to their customer service department.
>>Request for Dom account opening process and you’ll be guided through on what to do.

Zenith Bank Domiciliary Account Opening
Requirements
1. Account Opening form duly completed & signed.
2. Two (2) specimen signature cards duly completed.
3. Two (2) recent clear passport size photographs with your name and signature written on the reverse side.
4. Residence permit (where applicable).
5. A valid form of I.D. (International Passport, Driver’s License or National I.D.)
6. A copy of a Public Utility Receipt (not older than 3 months)
7. Initial Deposit.
8. Two (02) References.
9. Make sure you have an active account with the bank operating in not less than 6months.

Once you have the above in place, walk in to any Zenith bank and request for Domiciliary account opening. You’ll be guided on what next to do.

First Bank Domiciliary Account Opening
Requirements
1. Minimum opening deposit of of $500, €500 or £300 (you can always withdraw some part of the money leaving a minimum of $100 or £50)
2. Valid means of Identification: e.g International passport, National ID or Drivers lincence.
3. Two (2) independent and satisfactory references (For Checking account only)
4. Two (2) recent passport photographs are required
5. Utility Bill, to verify your address
6. Resident permit (for non Nigerians)

Once you have all the above in place,
>>Visit any Firstbank of Nigeria closest to you
>>Head straight to their customer service desk and request that you want to open a domiciliary account with them.
>>You might be asked if you already have current or saving account with them before. If you don’t, they will open one (current or saving) alongside with the domiciliary account.
>>After that, you will be given a foreign currency account opening form, and specimen signature card to complete and sign.
>>You can decide to take all the forms home , fill them properly and return back with them to submit
>>After they must have gone through the forms and make necessary corrections, you will be asked to go home.

>>Within 48-72hours, you will receive an SMS indicating that your domiciliary account has been open with your account.
>>Go back to the bank and pay in the minimum deposit to activate the account.

It is as simple as that. Receiving money in dollars, Euro and Pounds is very important if you are a blogger, online entrepreneur, PR or a freelancer. 


Feel free to share your own experience with other banks which are not mentioned here.
               

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29 comments :

  1. Please what of UBA and diamond, do they have a minimum deposit amount

    ReplyDelete
    Replies
    1. Yes, UBA have minimum of $10 but I'm not too sure about Diamond

      Delete
    2. Great and informative as always. Although the major challenge in opening a Dom account is the 2 referees.
      From WizyTechs.Com

      Delete
  2. Plz prof Hw much is .com

    ReplyDelete
    Replies
    1. Per year or per month

      Delete
    2. Per month. But mind you! The question sound absurd

      Delete
  3. Pls... Will the Bank issue me ATM card for Internet transaction? Pls.. Reply me urgent

    ReplyDelete
    Replies
    1. The bank won't, but you can request for a dollar master card once your account is activated.

      Delete
  4. Hi prof. Pls Wot's d minimum opening deposit for GTB Dom account .
    Tnx.

    ReplyDelete
    Replies
    1. It is free of charge. But it is adviceable you drop some dollars or euros into it once it is opened.

      Delete
  5. Prof I think I still prefer paypal cos all this reference stuff a thing go tire person make we jst wait for paypal .

    ReplyDelete
  6. Is there any service charges on DOM account ?

    ReplyDelete
    Replies
    1. Yes, % service charge when you withdraw.

      Delete
  7. Once the account is activated and we request for the dollar master card . How do you link that account to your online freelancing site because some do with just email and not account number and how do you withdraw with the black market rate if you found an exchanger on that needs DOM currency...thanks. Please help us answer this question

    ReplyDelete
    Replies
    1. Bank will give you $$$ if you are withdrawing from your DOM acct

      Delete
    2. First of all, whenever you want to withdraw bank will give you in dollars 💵
      Most freelancer sites have different payment options. In which you have PayPal or bank wire. Those who use PayPal as payment option only need to enter their email address for their payment. While bank wire will require you to enter your acct details.

      Delete
  8. Prof. Can i use the account to pay for trans on sites like Gearbest, Alibaba e.t.c
    Because thats mostly what am in to now

    ReplyDelete
    Replies
    1. Yes, you can. But once you open the account, fund the acct and linl it to your paypal acct in cases of gearbest.

      Delete
  9. Highly informative... thinking of opening one for myself this month.

    ReplyDelete
  10. Hey prof since you said Gtb is free and it's adviceable you have $$ in your account.... Should it naira?
    2: My account is not full functional account I was ask to upgrade it.. Problem is I open a domc account will my account be upgrade to a fully functional Gtb account?

    ReplyDelete
    Replies
    1. No, it can be in naira. You can easily get dollars from those black market and deposit it into your dollar account.

      Upgrading your account simply means you should deposit money inside. Yes, your account will be fully functional.

      Delete
  11. I'm so glad i came across this wonderful post, I've now opened my own domiciliary account HERE

    ReplyDelete
  12. please what about access bank own sir yomi prof

    ReplyDelete

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