Requirements For Opening Domiciliary Bank Account In Nigeria (GTBank, UBA, First Bank, Zenith And Access Bank)
Are you searching online for how to open domiciliary account in Nigerian banks?
You’ve come to the right place. Read on to discover the requirements for opening domiciliary bank account in Nigeria with GTBank, UBA, First Bank and Access Bank.
What Is A Domiciliary Bank Account?
A domiciliary account is a specific kind of bank account that allows you to receive and make payments in foreign currencies, including US dollars. All money in a domiciliary account is valued at the current naira exchange rate.
What Is The Benefit Of A Domiciliary Account?
The biggest benefit of a domiciliary account is that you will be able to receive money in foreign currencies, including pounds, US dollars, and euros, and complete transactions in those currencies.
Here Are The Requirements To Open A Domiciliary Account In GTBank, UBA, First Bank, Zenith Bank And Access Bank
1. GTBank Domiciliary Account
What you will need:
- Filled and signed Domiciliary Account opening form.
- A copy of identification document (Driver’s License, International passport, National I.D Card, or any other acceptable by the bank).
- One passport photograph.
- Two (2) completed reference forms.
- Utility bill issued within the last 3 months.
- Opening a domiciliary account is free but you need to fund the account to activate it. If you do not perform any transaction with it for 6 months, it will become dormant.
2. UBA Domiciliary Account
The UBA has three different types of domiciliary account:
1. Freedom Domiciliary Account
2. U Card Plus Domiciliary Account
3. Domiciliary Advantage Account
What you will need to open any of them:
- Filled and signed Domiciliary Account opening form.
- Valid Identification (International Passport, Driver’s License, National ID card, Voter’s card)
- Two Passport pphotographs
- Opening balance of $100 or £70 or its equivalent.
- Minimum operating balance of £350 or its equivalent. Interest rate of 0.1% payable on the credit balance applies.
3. First Bank Domiciliary Account
What you will need:
- Duly completed account opening form
- Two (2) recent passport photographs.
- Duly completed the specimen signature card.
- Valid means of identification e.g. Passport, Driver’s license, or National ID (NIMC) card.
- Address verification document: Utility Bill.
Terms and conditions:
- Minimum opening balance of $500, €500 or £300
- Minimum operating balance of $100, €100, or £50
- No limit to number of withdrawals
4. Zenith Bank Domiciliary Account
What you will need:
- Account opening form (existing account holders with full details)
- One passport photograph of authorized signatories.
- Valid ID (Driver’s License, International Passport, National Identity Card or Voter’s Identity Card)
- Public Utility Receipt dated within the last three months.
- Visitation Report (Residence)
Features and benefits:
- Zero opening balance – you do not need money to open and maintain an Ordinary domiciliary account at Zenith Bank.
- Internet Banking – Transactions on the Ordinary Domiciliary account at Zenith bank can be done online.
5. Access Bank Domiciliary Account
What you will need:
- Valid means of address verification.
- 2 references.
- 2 Passport photographs.
- Valid ID of each signatory.
- Residence Permit (Foreigners)
- Forms CO7 and CO2 as applicable for companies.
- Certificate of Incorporation/Business Registration
Terms and conditions:
You need $100, £100 or Euro 100 opening balance
In Conclusion
The Domiciliary bank account is designed to enable you carry out local or international transactions from the comfort of your home, office or abroad. The account is funded in Pounds, Euro, Dollars, etc.
The requirements for opening a domiciliary account in some Nigerian banks are listed above. I hope you find this information useful.