Top 10 Banks for Domiciliary Accounts in Nigeria

A domiciliary account is a kind of bank account that enables people and organisations to store, conduct transactions, and oversee cash in foreign currencies, such as US Dollars, Euros, Pounds Sterling, or other significant currencies. This article aims to assist you in identifying the top 10 banks in Nigeria that provide domiciliary accounts, enabling you to make well-informed decisions for convenient international banking.

How do domiciliary accounts work?

Prior to establishing a domiciliary account with any of the top 10 banks for domiciliary accounts in Nigeria, it is essential to carefully examine the terms and conditions, fees, and transaction restrictions.

This will enable you to exploit the advantages it offers while ensuring adherence to regulatory requirements.

In general, domiciliary accounts operate in the following manner:

● Regulatory protocols
The Central Bank of Nigeria (CBN) has set rules for domiciliary accounts, which may include prescribed transaction limits and prohibitions on particular types of transactions.

● Options for currency exchange
Domiciliary accounts are offered in many foreign currencies, allowing you to choose the currency that best matches your requirements.

Common choices include the United States Dollar (USD), Euro (EUR), British Pound (GBP), and other currencies. It is possible to maintain numerous domiciliary accounts in various currencies at the same bank.

● Initiation of account creation
In order to establish a domiciliary account, it is necessary to personally visit a financial institution that provides this service and fulfil the requirements for creating the account. To open the account, you must submit the necessary paperwork and make an initial deposit in the currency of the foreign account.

● Asset management
After your account is activated, you have the option to deposit money into it either by transferring foreign currency from abroad or by converting funds from your local currency account using the bank’s exchange rate.

● Global financial transactions
A domiciliary account enables you to carry out global activities, such as sending and receiving payments in foreign currency, conducting wire transfers, and receiving overseas remittances.

● Foreign exchange rate conversion
If you need the conversion of money from one currency to another, you have the option to accomplish it via the domiciliary account. Nevertheless, it is important to be aware that banks may impose costs for currency conversion.

● Transactions involving the removal and addition of funds
Occasionally, it is possible to get foreign money in the form of cash or make deposits in foreign currency from your domiciliary account. Certain banks additionally provide the opportunity to retrieve foreign money via their automated teller machines (ATMs).

● Debit card for foreign currencies
Certain banks provide a debit card for foreign currency that is connected to your domiciliary account. This card enables you to conduct transactions and get cash in foreign currencies from ATMs throughout the globe.

● The rates at which interest is charged or paid.
Domiciliary accounts have the potential to generate income; however, the interest rates are often lower than those of local currency accounts. This is because there are fewer investment options available for foreign currencies.

● Volatility in currency exchange rates
The exchange rates for foreign currencies are subject to daily fluctuations, which might cause the value of your cash in the domiciliary account to alter appropriately.

Top 10 Banks for Domiciliary Account in Nigeria

When selecting a bank for a domiciliary account, it is crucial to take into consideration your specific requirements and personal preferences. Several considerations to take into account include the bank’s charges, the available features, and the bank’s reputation for customer service.

Here are ten recommended banks for creating a domiciliary account in Nigeria:

1. Stanbic IBTC

Stanbic IBTC provides an extensive selection of personal, business, and commercial banking products via our many locations located across Nigeria. These include current, savings, and domiciliary accounts.

Stanbic IBTC enables consumers to engage in international business activities, streamline international business transactions from Nigeria, transfer funds, and effortlessly execute worldwide payments in foreign currencies.

It may also be conveniently accessed via the bank’s electronic channels.

2. UBA (United Bank for Africa)

The United Bank for Africa has a long-standing history of 70 years in Nigeria, during which it has consistently offered continuous financial services.

The Freedom Savings Domiciliary Account is specifically designed to accept unlimited overseas remittances straight into your account.

Customers have the ability to accept foreign currency and Telex inflows straight into their accounts.

3. Zenith Bank is the third-ranked bank.

A culture of exceptional quality and strict adherence to international standards motivates Zenith Bank.

The bank’s domiciliary accounts provide clients with the handy ability to conduct overseas transactions from any location.

4. Access Bank

Access Bank achieves sustainable economic development that is both lucrative and ecologically and socially responsible.

The term is “domiciliary.”. The current account is specifically intended to facilitate clients doing both domestic and international transactions conveniently, whether they are at home, at the workplace, or overseas. The account is financed in four different currencies: pounds, euros, dollars, and yen.

The name of the bank is First Bank of Nigeria.

The First Bank of Nigeria is the leading financial institution in West Africa, deeply integrated into the social fabric of the region.

The bank offers a foreign currency (FCY) account that enables users to store money and conduct transactions in US Dollar, GBP, Euro, and CFA currencies.

6. Ecobank Nigeria

Ecobank provides exceptional value to stakeholders with its extensive footprint throughout Africa.

Ecobank Diaspora Banking provides a range of customised services to assist clients in effectively managing their finances both domestically and internationally without any hassle.

The offerings include savings and current accounts, investments, digital banking, and financial advice services.

7. Sterling Bank is the seventh bank.

Sterling Bank is a comprehensive and nationally operating commercial bank in Nigeria.

The bank provides a diverse selection of domiciliary (Dom) accounts to cater to the requirements of its clients. The method of receiving funds affects the management of Dom accounts.

Essentially, a cash-inflow account only receives cash deposits, whereas an electronic-inflow account exclusively accepts electronic transactions.

8. Union Bank of Nigeria

One of Nigeria’s most dependable banks offers Union Bank’s Domiciliary Savings as a foreign currency account. This account allows users to save in three major worldwide currencies (US Dollars, Euros, and GB Pounds) and also receive interest.

Customers may earn up to 1% interest per year with an initial deposit of $50 or its equivalent in pounds and euros.

The bank offers a domestic current account, which allows users to bank in either euros or GB pounds.

9. Polaris Bank is the ninth bank.

The Central Bank of Nigeria (CBN) launched this bank on September 21, 2018, with the purpose of providing commercial banking services to the Nigerian population.

The Polaris Domiciliary Account is a specialised account designed for corporate clients, allowing them to do transactions in foreign currencies such as USD, GBP, and EUR.

10. FCMB (First City Monument Bank)

First City Monument Bank (FCMB) Limited, a subsidiary of FCMB Group Plc, is a prominent financial services company in Nigeria. It has subsidiaries that hold dominant positions in their respective market areas.

The FCMB Domiciliary Savings Account is specifically intended to cultivate a habit of saving in foreign currencies, particularly for clients who often receive or need to make payments in British Pound Sterling (GBP) and United States Dollar (USD).

Requirements for opening a domiciliary account

It is crucial to acknowledge that the criteria for creating a domiciliary account differ from one bank to another.

The precise prerequisites for creating a domiciliary account in Nigeria may exhibit subtle variations among different banks. However, in general, the following papers and information are often mandated:

1. Completed Account Opening Form
2. Valid Identification
3. Proof of Address
4. Passport-sized Photographs
5. Tax Identification Number (TIN)
6. Initial Deposit
7. Source of Funds
8. Business Documentation (For Corporate Accounts)

To ensure accuracy, it is crucial to immediately contact the bank or access their website to verify the precise criteria for creating a domiciliary account. These criteria are subject to change and may differ across various financial institutions.

Furthermore, it is important to take note of any expenses linked to the account, such as upkeep fees, transaction fees, and fees for currency conversion.