How to open a Domiciliary Account and Receive in Nigeria

Last Updated on April 6, 2025 by admin

How can you open a Domiciliary Account in Nigeria? This article will outline steps and process you can use to open one today.

Opening a domiciliary account in Nigeria can be a valuable financial tool for individuals looking to transact in foreign currencies with ease without stress. When Bank customers is expecting foreign cash Inflow via Dom account is the best  due  to high exchange rate between Parallel rate and bank rate and the I&E window”

Before visiting Bureau de Change for dollar, pounds and euro exchange  always check with abokiFX to know the current exchange  rate to avoid be cheated by Bureau De Change

This article provides a comprehensive guide on the process of opening and receiving funds in a domiciliary account in Nigeria.

Why do you need domiciliary account?

Opening a foreign bank account in Nigeria can provide several benefits, including the ability to hold and exchange foreign currencies, which can facilitate day-to-day spending and investment opportunities.

A domiciliary account in Nigeria is beneficial for several reasons:

1. It allows you to send, receive, and hold foreign currencies like USD, GBP, or EUR without converting them to Naira.
2.  By holding funds in stable foreign currencies, you can protect your savings from the devaluation of the Naira.
3.  It facilitates seamless cross-border transactions, making it ideal for businesses or individuals dealing with international clients or suppliers.
4. A domiciliary account enables investments in foreign stocks, bonds, and other international assets.
5.  You can choose when and where to exchange your foreign currency, potentially getting better rates than automatic conversions.
6. It simplifies payments for international services, such as subscriptions, ads, or e-commerce purchases. Domain purchase and website hosting
7. Receive payment in foreign currencies (USD, EUR, GBP
8. Transfer funds abroad.
9. Carry out both local and international transactions easily. This is a good option for for people who do business internationally

You can read: How to Open Domiciliary account with all Nigeria Banks which include Gtbank, zenith, Fcmb, Access bank etc.

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.Select a bank that offers domiciliary account services, such as GTBank, UBA, Access Bank, or Zenith Bank.

2,Go to the nearest branch of your chosen bank and request a domiciliary account opening form.

3. Filled and signed Domiciliary Account opening form.
4. A copy of identification document (Driver’s License, International passport, National 3. I.D Card, or any other acceptable by the bank).
5. One passport photograph.
6. Two (2) completed reference forms.
7. Utility bill issued within the last 3 months. PHCNbill, water rate bill, tenement rate, rent receipt, telephone bill etc.)

8.Submit the completed forms and documents. The bank will process your application and provide you with account details once approved.

9. Some banks may require an initial deposit in the foreign currency of your choice (e.g., USD, GBP, or EUR).

10. Once your account is active, you can start receiving and transacting in foreign currencies.

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.

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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.)

To receive money into a domiciliary account in Nigeria, follow these steps:

1. Share your domiciliary account number, account name, bank name, branch address, and SWIFT code with the sender.
2. Ensure the sender is transferring funds in a currency supported by your domiciliary account (e.g., USD, GBP, or EUR).
3. The sender can use their bank’s online platform or visit a local bank to initiate the wire transfer.
4. Inform your bank about the incoming transfer, especially if required for large amounts.
5. Keep an eye on your account for notifications or alerts confirming the receipt of funds.
6. Visit your bank branch to withdraw the funds in foreign currency or exchange them for Naira at a Bureau de Change.

Are there any limitations on the amount of foreign currency that can be held or transacted in a domiciliary account?

The Central Bank of Nigeria (CBN) has removed most limitations on domiciliary accounts, allowing account holders to deposit and withdraw foreign currency freely. However, there are still some guidelines to keep in mind:

1. Daily Cash Deposits: Cash deposits into domiciliary accounts are generally unrestricted, but proper Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations must be followed.
2. Daily Cash Withdrawals: Withdrawals are capped at $10,000 per day or its equivalent in other currencies.
3. Source of Funds: Transfers from domiciliary accounts are typically unrestricted if the funds originate from foreign inflows. However, cash-based transfers may have additional limits.
4. Export Proceeds: Funds in export domiciliary accounts can only be used for eligible trade transactions or sold to the bank.

These measures aim to ensure transparency and compliance with financial regulations.