Open a Domiciliary Account in Nigeria – Guidelines and Requirements

Filed in Articles, Banking Guide by on May 4, 2022

– Domiciliary Account in Nigeria-

Domiciliary Account in Nigeria: Domiciliary account is one that enables you to gain access to raw physical foreign currency. Do you wish to open a domiciliary account for foreign transactions, if yes follow this proven guide.

Open a Domiciliary Account in Nigeria – Guidelines and RequirementsDomiciliary account is one that enables you to gain access to raw physical foreign currency e.g (Dollars, Euro, Pounds, etc.). There are many reasons why you should own a domiciliary account.

If your search falls between these queries;

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This guide will tutor you on how to get it done and set. Stay focus and read through.

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A Domiciliary Account lets you have accounts in currencies other than the Naira. You can pay into these accounts through cash deposits, traveler’s cheques, or foreign currency cheque deposits.

How to Open Domiciliary Account in Nigeria

Opening a domiciliary account in Nigeria entails you to provide the bank with the documents stated below;

1. Proof of Nigerian address: Bills (such as electricity bills, phone bills, water, and waste bills) from the last couple of months. Some banks accept three-month-old electric bills or recent month bill.

2. Personal details of signatory/directors: Name, contact address, and the contact phone number

3. Proof of identity: Banks need to see any of the following documents: Photocopies of these documents can be provided.

i. Driver’s license–Nigeria or International

ii. Valid International passport

iii. National Identity Card

4. General Business details: Business names, Nigerian address and contact numbers, principal trading activity and date your business started.

The bank would have to see proof of business registration if it’s a Limited Company or Limited liability partnership. These include proofs such as

a. Copy of form CO7

b. Board of director purpose (signed by 2 directors/1 directors and Company Secretary)

c. One passport photograph of each signatory to the account

d. Memo and Article of Association

e. Copy of Certificate of Incorporation

f. A printed copy of the Tax Identification Number (TIN)

g. Company seal

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How to Withdraw Money from a Domiciliary Account

1. Writing a cheque: For Currency domiciliary accounts – Issuing a cheque to withdraw money from your account is quite easy.
Simply show the total amount you would like to withdraw along with your usual signature. You can cash the cheque in the bank’s front counter or Tuesday can pay into another domiciliary account.
Note that you would be paid in a foreign currency (Dollar, Pounds, Euro, etc)
2. Submitting a detailed written application for withdrawal – Simply write an application for withdrawal. Address it to your bank branch manager and they will pay you within 24 hours.
3. Wire transfer – Wire transfers can easily be done from bank to bank with either local or international and they will transfer your money within a week.
4. Using a withdrawal slip – This procedure is the same as a withdrawal slip used today in many banks in Nigeria. You can locate one on the counter, fill it, and wait to be paid from your foreign currency teller.
5. Using An ATM card: – In case your domiciliary account is linked with ATM cards like MasterCard or visa, it is possible to withdraw from the globally connected ATM in Nigeria in Naira or abroad in the country’s currency.
Keep in mind; this kind of withdrawal normally comes with a fee.

Issues You May Encounter when Opening a Domiciliary Account

The following are situations that may disqualify you from opening a domiciliary account in Nigeria:
1. If you don’t have an official Id card.
2. No current account holders to stand for you.
3. Your date of birth in the existing account doesn’t match with the one in your Id card.
4. Your names are different.
5. The electricity bill with you is over three months.
6. Your address doesn’t match.
We cherish your opinion, and we look forward to it. Hence, If you have questions as regards Domiciliary Account Opening, kindly scroll down to the comment section and we will respond in no time.
We believe this article was informative, if yes, don’t hesitate to share this information with your friends on Facebook, Twitter, and WhatsApp.
CSN Team.

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