Why You Should Have a Domiciliary Account as a Nigerian

Domiciliary accounts are very necessary if you want to start receiving money from your friends, family or business partners overseas. A domiciliary account often referred to as a “Dom Account” is a type of current account that allows you to make and receive payments in foreign currencies such as euros, dollars and pounds.

The benefits of having a domiciliary account usually varies from one bank to another but basically includes the following:

• Savings account. domiciliary account can be used as a savings account, which could be very useful especially for parents who need to save and send money for their children’s education abroad.
• Send and receive money internationally. The domiciliary account can be used to transfer funds abroad and also to receive funds in USD, EUR, GBP, etc. from another international account.
• International business. It is a very good option for those who do business internationally as it enables them to make both domestic and international transactions easily.
• Online banking. you get access to online features such as mobile banking, debit card, online banking, transaction alert via Email, etc.
• Attractive rates. most banks provide attractive interest rates for dom accounts.

How you can open a domiciliary account in Nigeria:

The requirements for opening a domiciliary account vary across different banks but are fundamentally similar. Here are the basic things that’ll be required from you by your bank.

• Referees: Two current account holders (preferably with the same bank) to sign the reference forms.
• An existing naira account with the bank. It can either be a savings or a current account.
• Duly filled domiciliary account opening form.
• Valid means of identification: either an international passport, permanent voters’ card, National ID card, or a driver’s license.
• Utility bill issued within the last 3 months.
• Passport photograph.

Additional information required from you differs from bank to bank but the listed above are the minimum requirements that you will need to open your dorm account with any bank in Nigeria.