How to set up a domiciliary account in Nigeria
A domiciliary bank account is a foreign currency bank account. All banks in Nigeria provide services in foreign accounts and opening an account is quite simple. GTB (Guaranty Trust Bank) opens more foreign accounts than any other bank in Nigeria.
With a domiciliary account, you can simply transfer cash from one domiciliary account to another account either via online banking or standing order transaction and these days it can also be complete via mobile banking, you can also withdraw your money at any time at any GTbank place nationwide. You can fund your foreign account with international check lodgement, travellers check, or by direct deposit at the bank. To open a domiciliary account with Guaranty Trust Bank, follow the instructions below:
Why Should a Nigerian have a Foreign Currency Account?
A domiciliary account makes it simple to transfer money to your loves one at house. You easily instruct your bank move the desired amount of money to an account at another bank or within the bank.
How to Open Domiciliary Account in Nigeria
You will need the following important documents in order to open a foreign account:
• Means of Identification: tax clearance card, national identification card, driver license, international passport
• Reference letters: You must bring 2 letters of reference. The people who write these important letters must already have domiciliary account in any established bank.
• Two Passport photographs
• You must bring utility bills (which include Nitel Bills or water or PHCN)
• At least 100 dollars of 50 pounds
Filling out the form
When filling out the form, ensure that you check off all of the available account currencies. This way, you would not have to fill a fresh form every time you need a transaction in fresh currencies.
If You Have a Current Bank Account
If you already have a GTB current account, they should already have detail on file, and you will only need your 2 passport photographs in lieu of all other documents.
Minimum Balance: GTB permits for zero balance, which means that you can withdraw all your finance.
Transaction Charges: Bank only charge 1% on any foreign transaction.
Advantages of a Domiciliary Account
• You can transfer money to any bank account in the globe
• You have an interest rate of 0.30% per annum as long as the bank account balance is not lower than hundred dollars.
• You can use the account for forex trading
• A credit card will also be issued to you for making internet purchases anywhere in the globe
• You can use it for international transactions
• If your foreign account id tied to an ATM card like Mastercard or visa, you can easily withdraw any internationally linked ATM in Nigeria in the Nigerian currency or abroad in the Nigerian currency, it generally comes with some charges.You can read about the new Nigeria BVN verification