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As an individual or a business person, making and receiving payment in a foreign currency is easier done through the domiciliary account. Having a domiciliary account is very important especially in Nigeria where the economy is unstable, making it essential for people to save in a foreign currency as a way to protect their money from losing value.
A domiciliary account (sometimes referred to as a “Dom Account”) is a type of current account that allows you to make and receive payments in foreign currency. It accepts foreign currencies such as euros, dollars and pounds. The domiciliary account works like any other savings account. If it is a dollar account, the money will be sent in dollars, likewise Euro or pounds. You can also withdraw the foreign currency from your bank and either change it at bank rates in the bank or at the parallel market.
READ: Nigeria’s foreign reserve plunges by $2.1 billion in 6 months, falls to 3-year low
Why you should have a domiciliary account
Domiciliary accounts are important if you want to start receiving money from abroad. You can easily open a dom account with most Nigerian banks and with it, you can:
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- Receive payment in foreign currencies (USD, EUR, GBP).
- Transfer funds abroad.
- Get attractive interest rates and hedge against inflation.
- Carry out both local and international transactions easily. This is a good option for people who do business internationally.
- Use it to buy products on any online platform.
How to 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 your bank will likely request of you.
- Referees: Two current account holders (preferably with the same bank) to sign the reference forms.
- Duly filled domiciliary account opening form.
- An existing naira account with the bank. It can either be a savings or a current account.
- Valid means of identification: either an international passport, permanent voters’ card, National ID card, or a driver’s license.
- Passport photograph.
- Utility bill issued within the last 3 months.
Various banks may require additional information from you but those listed above are the minimum requirements that will need to meet, for your dorm account to be created.
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Thanks for the simple and insightful guide.
Any way to open the Dom account without referee?
No way at all
No way. You can check out GTBank. I think you only need one referee from GTBank. If your referees are from other banks, then they must be two.
Don’t think there’ll be any way to open an account without referees or different from the bank’s requirements.
You could contact your bank to inquire on the requirements needed to open an account, chat with a customer service representative, or call the bank’s customer hotline.
Would be better if one can sign it up online without informing any other banks or linking up (the real bank) here in the country…
You can apply with sterling Bank online
Highly educative
Nice one
Highly educative
Is it true that sending money through Western Union, MoneyGram and others has been suspended? And hence no transfer of money from Nigeria to abroad is possible.
Please how true is that statement?
I have with GTBank and theirs is absolutely free. After opening it, you can fund it at your own time but for UBA and First bank, the minimum is $100. Hope this helps
It is free to open a domiciliary account, but there is $10 annual charge, plus $3.50 ATM charge per transaction.
Most people have savings accounts and it is hard to find reliable people who have domiciliary (current) account to give you a reference.
A lack of references is currently holding me back from opening a DOM account. As you rightly said, most people operate savings accounts.
aaa
Helpful.
Can I use it to buy crypto on crypto platform. Is it free off Nigeria policy on crypto currency
I have the same question , can somehow buy coin with Dom account ?
Can I fund it with my naira account?
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