HOW TO OPEN A DOMICILIARY ACCOUNT IN NIGERIA

If you are ever wiling to open a foreign currency account, then the best will be a domiciliary account. Virtually, all banks in Nigeria opens a domiciliary account for their customers when requested. Are you looking for a bank that specifies more on domiciliary account? Then, I think you should have heard of the bank called Guaranty Trust Bank (GTB). To open a domiciliary account in Nigeria, check the steps below.

REASONS FOR  NIGERIANS TO OPEN AND OWN A DOMICILIARY ACCOUNT?

There are many advantages of opening a domiciliary account as a Nigerian. It makes you to be able to transfer money to your friends, family and loved ones across the country. You can make a request from your bank to send a designated amount of money to another account either within or to another bank.

OPENING A DOMICILIARY ACCOUNT IN NIGERIA – IT HAS NEVER BEEN EASIER THAN THIS!!

The following document will need to be in place in order to open a domiciliary account in Nigeria:

·         ANY UTILITY BILL: Come along with any utility bill (e.gs are PHCN, WATER CORPORATION BILL, or NITEL BILL)

·         Two passport photograph

·         100 dollars or 50 pounds ($50 for Gtbank)

·         REFERENCE LETTERS OR ATTESTATION LETTERS: You must come along with 2 attestation letters. The people who are going to write this letter are customers who already have a domiciliary account with the same bank you are opening the domiciliary account with.

·         MEANS OF IDENTITY: You can come along with either of the following – driver’s license, national identification card, tax clearance card, or international passport.

FILL THE FORM PROPERLY

In the process of filling the form, make sure you go through all the available currencies present in the form. By doing this, you won’t have to engage in filling a new form every time you need a transaction in new currencies.

WHAT IF YOU HAVE A CURRENT ACCOUNT

Already owing a current account with banks like GTB, also makes it easier because they have your information file and it makes the requirement reduced to only 2 passport photographs in lieu of other documents.

TRANSACTION FEE: Charges from the bank vary from one bank to another. GTB charges 1% from any domiciliary transaction been made.

AVALIABLE ACCOUNT BALANCE:  GTB allows you to operate under zero balance, which  simply means that you can withdraw all your money without complain or issues.

BENEFITS OF OWNING A DOMICILIARY ACCOUNT IN NIGERIA.

• You can make international transactions with the account.
• It give you the opportunity to transfer money to any bank around the world.
• You will always find your account having an interest rate of 0.40% per year as long as the account balance is not lower than 50 pounds or 100 dollars.
• You can use the account to trade binary or forex trading.
• It makes you to be able to withdraw your money in any currency.
• A credit card will also be issued to you for making payment onine anywhere in the world.