How to Open a Domiciliary Account in Nigeria
What is a Domiciliary Account?
Occasionally, you or your business would like to make or receive payments in a foreign currency. Domiciliary accounts allow you to have accounts in currencies order than the Naira. Deposits can also be made into these accounts via cash payments or inflows, foreign currency cheque deposits or traveller’s cheques.
Customers can also maintain accounts in a foreign currency and can withdraw cash or make transfers or payments to offshore suppliers using domiciliary accounts. This post is for you if you are searching for;
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so, below is a default guide and requirements for opening a Dollar, pound, Euro Dorm account in Nigeria
How to Open Domiciliary Account 2017
Opening a domiciliary account in Nigeria entails you to provide the bank with the documents stated below. Also take note that you will have to identify at least two principals to the account if it’s a limited company or partnership. GTbank domiciliary account is the popular domiciliary account in Nigeria and you can open with the bank even if you don’t have an account with GTbank or sign up with GTB internet banking.
- Proof of Nigerian address
You also need to provide proof of one of the following
1. Bills (such as electricity bills, phone bills, water and waste bills) from the last couple of months. Some banks accept three-month-old electric bills or recent month bill.
2. Personal details of signatory/directors: Name, contact address, and the contact phone number
- Proof of identity
Banks need to see any of the following documents: Photocopies of these documents can be provided.
- Driver’s license – Nigeria or International
- Valid International passport
- National Identity Card
4. General Business details: Business names, Nigerian address and contact numbers, principal trading activity and date your business started. The bank would have to see proof of business registration if it’s a Limited Company or Limited liability partnership. These include proofs such as:
- Copy of form CO7
- Board of director purpose (signed by 2 directors/1 director and company Secretary)
- One passport photograph of each signatory to the account
- Memo and Article of Association
- Copy of Certificate of Incorporation
- Printed copy of Tax Identification Number (TIN)
- Company seal
Now, how can you withdraw from a domiciliary account in Nigeria?
Opening a domiciliary account is the best thing to do because it let’s you receive foreign currency and also exchange them when you need to at the black market.
You might at one time or the other need to make a withdrawal if you’ve been saving or transferring funds into your domiciliary account in Nigeria. How then can you make that withdrawal?
Various ways are available through which through which you can make a withdrawal from your domiciliary account in Nigeria. But this also depends on the types of domiciliary account you have which could be either savings or current account.
How To Withdraw Money From a Domiciliary Account In Nigeria
- Writing a cheque: For Currency domiciliary accounts
Issuing a cheque to withdraw money from your account is quite easy. Simply indicate the total amount you would like to withdraw along with your usual signature. The cheque can be cashed in the bank’s front counter or Tuesday can pay into another domiciliary account. Note that you would be paid in a foreign currency (Dollar, Pounds, Euro, etc)
- Submitting a detailed written application for withdrawal
Simply write an application for a withdrawal. Address it to your bank branch manager and you will be paid within 24 hours.
- Wire transfer
Wire transfers can easily be done from bank to bank with either local or international and your money will be transferred within a week.
- Using a withdrawal slip
This procedure is same as a withdrawal slip used today in many banks in Nigeria. You can locate one on the counter, fill it and wait to be paid from your foreign currency teller.
5. Using An ATM card:
In case your domiciliary account is linked with ATM cards like MasterCard or visa, it is possible to withdraw from the globally connected ATM in Nigeria in Naira or abroad in the countrys currency. Keep in mind; this kind of withdrawal normally comes with a fee.