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How to Open a Domiciliary (Foreign) Account With Diamond, UBA, GTB, Zenith & First Bank in Nigeria

How to Open a Domiciliary (Foreign) Account With Diamond, UBA, GTB, Zenith & First Bank in Nigeria
Now that dollar exchange rate from black market is 390 as at today while inter-bank exchange rate is pegged at 320 and you will always need to transact business that involves foreign currency, which includes Forex Trades, Shopping from eBay, Paying for goods and services or receiving money in dollars, Euro and Pounds is very important if you are a serious online entrepreneur.  
 
Nigerian banks will always try to cheat you as they charge at any amount they feel like. Because their rate is not the same as black market rate so the best time to talk about Opening Domiciliary account is now. 

 

 

 

                         How to Open a Domiciliary (Foreign) Account With Diamond, UBA, GTB, Zenith & First Bank in Nigeria

 

 

What is Domiciliary Account?
 

 

Domiciliary account is a bank account in Nigeria or Ghana but is operated in foreign currency which includes Euro, US Dollars or Pounds Sterling. Your Domiciliary account will be funded and maintained through your local bank which includes deposits,lodgement of foreign currency cheques, traveler’s cheques, cash inflows.  


 
You cannot transfer money from a naira account to a dollar account. But you can easily transfer money from DOM account to another DOM account

 

 

 

How to Open a Domiciliary (Foreign) Account With Diamond, UBA, GTB, Zenith & First Bank in Nigeria

 

How to Open a Domiciliary Account in Nigeria

 

 

Many banks offers this services but I’m going to focus mainly on five (5) banks. Diamond, UBA, GTB, Zenith and First bank.

 

How to Open Domiciliary Account with Diamond Bank 


 

Requirements

 

  • Minimum opening deposit of of $100, €100 or £100, which you withdraw some part of the money.
  • Valid means of Identification: e.g International passport, National ID or Drivers lincence.
  • Two (2) independent and satisfactory references (For Checking account only)
  • Two (2) recent passport photographs are required
  • Utility Bill, to verify your address
  • Resident permit (for non Nigerians)

 


 
How to Open a Domiciliary Account With GTBank Nigeria

Requirements

  • Identification Card: This simply means, valid Identity card like International passport, drivers license, National ID card.
  • 2 clear passport photos recently taken
  • 2 referee: Two persons that would serve as referee and fill each of the two reference forms that will be issued to you are required. Both referees need to have a current account each preferably with GTbank to facilitate opening of the account.
  • Utility Bill: Photocopy of your Utility bill issued in not more than 3 Months

 

Once you have the above completely in place,

  • Visit any GTB branch closest to you and walk straight to their customer service department.
  • Request for Dom account opening process and you’ll be guided through on what to do.

 

How to Open Domiciliary Account with UBA Bank 

 

 


Requirements

 

  • Minimum opening deposit of of $100, €100 or £100, which you withdraw some part of the money.
  • Valid means of Identification: e.g International passport, National ID or Drivers lincence.
  • Two (2) independent and satisfactory references (For Checking account only)
  • Two (2) recent passport photographs are required
  • Utility Bill, to verify your address
  • Resident permit (for non Nigerians)

 


 
 

 

How to Open Domiciliary Account with Zenith Bank


 
Requirements
  • Account Opening form duly completed & signed.
  • Two (2) specimen signature cards duly completed.
  • Two (2) recent clear passport size photographs with your name and signature written on the reverse side.
  • Residence permit (where applicable).
  • A valid form of I.D. (International Passport, Driver’s License or National I.D.)
  • A copy of a Public Utility Receipt (not older than 3 months)
  • Initial Deposit.
  • Two (02) References.
  • Make sure you have an active account with the bank operating in not less than 6months.

 

Once you have the above in place, walk in to any Zenith bank and request for Domiciliary account opening. You’ll be guided on what next to do.


 

 

How to Open Domiciliary Account with First Bank


 

 

Requirements

 

  • Minimum opening deposit of of $500, €500 or £300 (you can always withdraw some part of the money leaving a minimum of $100 or £50)
  • Valid means of Identification: e.g International passport, National ID or Drivers lincence.
  • Two (2) independent and satisfactory references (For Checking account only)
  • Two (2) recent passport photographs are required
  • Utility Bill, to verify your address
  • Resident permit (for non Nigerians)

 

 

Once you have all the above in place,

 

  • Visit any Branch of First bank of Nigeria close to you
  • Head straight to their customer service desk and request that you want to open a domiciliary account with them.
  • You will be asked if you already operate current or saving account with them before, else they will open either saving or current alongside with the domiciliary account.
  • After that, you will be given a foreign currency account opening form, and specimen signature card to complete and sign.
  • Within 48-72hours, you will receive an SMS about your domiciliary account details.
  • Go back to the bank and pay in the minimum deposit to activate the account.
Feel free to share your own experience with other banks which are not mentioned here.

 

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