When Bank customers is expecting foreign Inflow via Domiciliary account is the best transaction due to the exchange rate between Parallel rate and bank rate “US dollar at the I&E window”
Making transaction from Dom account is always easier and saving your money in foreign currency is the best way because Nigeria economy is unstable, it will serve as a way to protect their money from losing value…. domiciliary accounts give you the opportunity to conveniently carry out foreign transactions wherever you may be.
Before visiting Bureau de Change for dollar, pounds and euro sells, always check with abokiFX to know the current exchange to avoid Aboki cheating. The Bureau De Change is an official place to meet buyers and sellers of foreign currency. There you can exchange your dollars for any currency both Naira or any other foreign currency.
Why do you need domiciliary account?
The important of Domiciliary accounts can’t be over emphasis in current day in Nigeria because it enable customers to start receiving money from abroad. Domiciliary Account is available in US Dollar, Pounds or Euro, you can fund your account via cash inflows and deposits. You can also make withdrawals from your bank branch.
Below are major reasons why you need a Dom account:
1. Transfer funds abroad.
2. Get attractive interest rates and hedge against inflation.
3. Carry out both local and international transactions easily. This is a good option for 4. people who do business internationally.
5. Receive payment in foreign currencies (USD, EUR, GBP).
6. Use it to buy products on any online platform.
FEATURES & BENEFITS OF DOMICILIARY ACCOUNT
1. Internet Banking
2. Debit Card (USD)
3. Mobile banking
4. Email/SMS Alertz
5. Standing orders
6. USD, GBP & EUR
How to open a domiciliary account in Nigeria
If you currently have a current account with any bank in Nigeria you will only need to fill the DOM account form to open it without any additional documents but if you don’t Here are the basic things that your bank will likely request of you.
Please note: The requirements for opening a domiciliary account vary across different banks but are fundamentally similar.
1. Filled and signed Domiciliary Account opening form.
2. A copy of identification document (Driver’s License, International passport, National 3. I.D Card, or any other acceptable by the bank).
4. One passport photograph.
5. Two (2) completed reference forms.
6. Utility bill issued within the last 3 months. PHCNbill, water rate bill, tenement rate, rent receipt, telephone bill etc.)
However, Various banks in Nigeria may require additional information from you but those listed above are the minimum requirements that will need to meet, for your domiciliary account to be opened.
Steps To Receive Money into A Domiciliary Account In Nigeria.
To receive money to a domiciliary account in Nigeria you will need the following information…
1. Account number
2. Name on the account
3. Name of the bank
4. Branch address of the bank
5. Routing Number
6. Swift Code. (You can Google the Swift Code of your Bank.)