How to Easily Open a Nigerian Domiciliary Account Online

Opening a domiciliary account in a Nigerian bank has traditionally been a lengthy and frustrating process for many, often taking weeks or even months to complete.

These delays and frustrations have pushed many customers to seek faster alternatives. How can one open a domiciliary account without wasting so much time?

Fortunately, opening a domiciliary account online has become a popular and efficient solution. While the traditional process may seem complex and complicated, the process is quite simple when done online.

In this blog post, we’ll show you how to easily open a domiciliary account with leading Nigerian banks like UBA and Kuda, all from the comfort of your home without breaking a sweat.

What is a Domiciliary Account?
Why Do I Need a Domiciliary Account?
- What to Look Out for When Choosing a Bank to Open a Domiciliary Account
Top 10 Nigerian Banks to Own a Domiciliary Account
How to Easily Open a Nigerian Domiciliary Account Online
Conclusion
FAQs
References
Recommendation

What is a Domiciliary Account?

A domiciliary account is a bank account in Nigeria that simplifies international transactions by enabling you to keep, send, and receive foreign currency like dollars, euros, and pounds.

As popularly known, the Dom account is perfect for Nigerians who do international business, receive payments from abroad, or simply want to save in foreign currencies.

To obtain a domiciliary account, you must open an account with a Nigerian bank and submit all required paperwork.

Why Do I Need a Domiciliary Account?

As previously stated, a domiciliary account is necessary for anyone with foreign currency. However, there are numerous other reasons why someone might choose to have a domiciliary account in Nigeria.

You can receive foreign payments straight into your account with dom accounts and avoid losing money due to bad exchange rates. Put another way, a domiciliary account eliminates the need for middlemen when transferring money.

Another reason you might find a dom account useful is that it makes sending money overseas easier and more affordable.

Additionally, a domiciliary account allows you to hold money in stronger currencies, which can help shield your funds from inflation. It’s essential for entrepreneurs and independent contractors who deal with clients from around the world.

What to Look Out for When Choosing a Bank to Open a Domiciliary Account

Opening a domiciliary account is important for anyone looking to receive, send, or hold foreign currency.

However, not all banks offer the same features and benefits. Here are key factors to consider when choosing the right bank to open a domiciliary account:

1. Currency Options

Banks offer different options for foreign currency accounts. While some solely offer USD accounts, others offer accounts in other currencies, such as pounds (GBP) and euros (EUR).

Select a bank that accepts most currencies you plan to use for transactions.

2. Transaction Fees

The transaction costs are among the most crucial comparison items. While some banks may charge less for specific services, others may charge for deposits, withdrawals, and international transfers. Review the fees associated with handling your domiciliary account, both locally and internationally.

3. Ease of Account Opening

Nowadays, many banks allow you to open an account online, saving you the trouble of going into a branch. Select a bank that offers an easy, quick, and efficient online opening and maintaining the account hassle-free.

4. Digital Banking Services

A user-friendly mobile app or online banking platform can make managing your domiciliary account easier. Seek out banks that provide cutting-edge digital services such as mobile-based overseas transfers, simple access to transaction history, and tools for converting currencies.

5. Exchange Rates

A bank’s exchange rate might impact the value you receive when converting foreign currency.

While some banks may provide less beneficial exchange rates, others may have competitive rates. To make sure you’re getting the greatest deal possible, compare rates.

Top 10 Nigerian Banks to Own a Domiciliary Account

How to Easily Open a Nigerian Domiciliary Account Online

If you are looking to own a domiciliary bank account in Nigeria, here are the top 10 Nigerian banks to consider:

United Bank for Africa (UBA): Well-known for its robust footprint throughout the continent, UBA provides a domiciliary account access to numerous foreign currencies.
ALAT by WEMA: With ALAT Domiciliary accounts, you can receive and send funds in foreign currencies, and also get an ATM card.
Kuda Bank: As a digital-only bank, Kuda offers a convenient, mobile-based domiciliary account with zero fees on most transactions.
Zenith Bank: Zenith Bank offers a reliable domiciliary account with competitive transaction fees and various currency options.
Access Bank: With Access Bank’s domiciliary account, you can easily hold, transmit, and receive foreign currency.
First Bank of Nigeria: With a long history of providing reliable and efficient international banking, First Bank offers a domiciliary account.
Fidelity Bank: Fidelity Bank’s domiciliary account supports multiple currencies and offers low fees for international transfers.
Stanbic IBTC Bank: Stanbic IBTC offers a comprehensive domiciliary account with global banking solutions for individuals and businesses.
Ecobank: Ecobank’s domiciliary account is ideal for those who need access to a broad range of foreign currencies across Africa.
Union Bank: Union Bank provides a user-friendly domiciliary account with fast processing and competitive fees.

These banks offer various options and services for managing foreign currencies, making choosing one that suits your needs easy.

How to Easily Open a Nigerian Domiciliary Account Online

While most banks are open to opening a Dom account online, here is a detailed guide on opening a domiciliary account online for a few banks.

You might want to see this: Nigerian Banks Stop Collection of Deposit Processing Fees

How to open a UBA domiciliary account online

The United Bank for Africa (UBA) provides a domiciliary account that accepts several international currencies, including the US dollar, euro, and British pound.

Because of its solid reputation throughout Africa, UBA is a dependable option for your foreign exchange needs.

Types of UBA Domiciliary Accounts

1. Freedom Savings Domiciliary Account

You can open the Freedom Savings Dom account with zero balance. The UBA dollar account requirement for this account type is BVN.

2. Dom Advantage Account

Requires a $ 50, € 50, or ₤ 50 minimum starting balance. Either the current account version or the savings variety may be this account.

It can be purchased in EUR, GBP, and USD. For this kind of account, the UBA dollar account requirements are as follows:

Valid Identification (International Passport, Driver’s License, National ID card Voter’s card).
Utility Bill.
A Passport photograph.
References.

3. Kiddies Domiciliary Account

Parents who wish to set money aside for their children’s overseas secondary or higher education can do so with the Kiddies Domiciliary Account. Requires a $100, £70, or comparable opening balance and a £350, or equivalent running balance. The prerequisites for UBA dollar accounts for this account type include:

Valid Identification of Parent/Guardian.
Two Passport photographs of the child and parent.
Child’s birth certificate.
Address verification of the parent/guardian.

Step-by-Step Guide to Opening a UBA Domiciliary Account Online

Visit UBA’s official website
Navigate to the domiciliary account section.
Complete the online form with your details.
Upload the required documents, such as your ID and proof of address.
Submit your application for review.
Once approved, fund your account to start using it.

How to open a Kuda Domiciliary Account Online

Kuda Bank offers a seamless process for opening a domiciliary account. Their domiciliary account allows you to receive foreign currencies without hassle.

General Requirements to open a Nigerian Kuda Domiciliary Account Online

Be 18 years old.
Must be a Nigerian citizen or resident.
Have a Bank Verification Number (BVN).
Possess a smartphone that works with iOS 12.0 or later, Android 6.0 or later.
Have a valid NIN for higher transaction limits.

Check Also: Nigerian Giant Banks in a Rush to Raise Funds Before CBN’s Recapitalization Deadline.

Step-by-Step Guide to Opening a Kuda Domiciliary Account Online

Download the Kuda app from the App Store, or Google Play Store, or visit the Kuda website.
Sign up or log into your existing account.
Navigate to the “Accounts” section and select “Domiciliary Account.”
Follow the on-screen prompts to provide your personal information.
Upload the necessary documents.
Verify your address
Verify your identity
Secure your account
Once your account is verified, you can start receiving foreign currency.

How to open a First Bank Domiciliary Account Online

You can store and make transactions in US dollars, GBP, Euro, and CFA currencies with First Bank’s dependable domiciliary account. Individuals, SMEs, and corporate entities can use this account.

General Requirements to Open a First Bank Domiciliary Account Online

Duly completed Account Opening Form
Duly completed specimen signature card
Recent passport photograph
Proof of Address: Utility Bill within the last 3 months
Valid means of identification e.g. International Passport, Driver’s license, National ID card, Voter’s ID, BVN, etc.
Two satisfactory references

Step-by-Step Guide to Opening a First Bank Domiciliary Account Online

Visit the First Bank website
Download the domiciliary account form
Complete the form and submit it at the nearest First bank branch

How to open an ALAT by WEMA domiciliary account online

ALAT by WEMA offers a user-friendly domiciliary account with flexible options for handling foreign currencies, perfect for personal and business use.

General Requirements to Open an ALAT by WEMA Domiciliary Account Online

Signatures
Proof of address.
Passport photographs
Bank Verification Number (BVN)
Valid identity card (driver’s license, international passport, national ID card)

Step-by-Step Guide to Opening an ALAT by WEMA Domiciliary Account Online

Log in or sign up to the ALAT app or visit the ALAT website
Head to your profile
Click on “My accounts.”
From here, click the prompt to ” Create account.”
Under the dropdown menu, select” domiciliary.”
Proceed with the rest of the prompts to complete the process
Upon successful application, your new account number for the domiciliary account will be sent to you.

Editor’s Pick: Nigerian Giant Banks in a Rush to Raise Funds Before CBN’s Recapitalization Deadline.

Conclusion

Creating an online domicile account is a wise choice if you want to handle currency exchange operations effectively.

Whether you choose between UBA and Kuda based on their respective advantages or both, having a domiciliary account allows you to interact internationally with ease.

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FAQs

How long does it take to open a domiciliary account online?

It usually takes a few days to verify your documents and open the account.

Can I open multiple domiciliary accounts with different banks?

Yes, you can have domiciliary accounts with multiple banks.

What currencies are supported by Nigerian domiciliary accounts?

Most banks support US dollars, euros, and British pounds.

What are the benefits of a domiciliary account over a regular savings account?

A domiciliary account allows you to hold and transact in foreign currencies like USD, EUR, and GBP, which isn’t possible with a regular savings account. It provides better access to international transactions, enabling easy foreign payments and receipts. Additionally, it helps you avoid exchange rate fluctuations, offering more control over currency management.

Do Nigerian banks charge transaction fees for domiciliary accounts?

Yes, most banks charge fees for domiciliary account transactions including withdrawal fees, transfer charges, and currency conversion rates. You may want to compare transaction fee rates before choosing a bank.

How do I manage my domiciliary account?

Managing your domiciliary account is easy. Use your bank’s mobile app or online portal to check balances, send and receive foreign currency, and track fees.

How do I fund a Nigerian domiciliary account?

You can fund your domiciliary account through wire transfers, cash deposits at a branch, or by transferring funds from another domiciliary account. Make sure to double-check fees for foreign transfers before initiating one.

How do I keep my domiciliary account secure?

To keep your domiciliary account secure, use strong passwords, enable two-factor authentication, and avoid sharing your account details with others. Also, monitor your transactions regularly for any unauthorized activity.