How to open a Nigerian domiciliary account online

A domiciliary account is a specific kind of bank account that allows you to receive and make payments in foreign currencies. It’s pertinent for content creators, gig workers, international businessmen and anyone who receives and makes payments online in Nigeria.

Holders of a domiciliary account can receive money in US dollars, British Pounds or European Euros. It works like a typical savings account and can be used in any business transaction to accept foreign currencies.

The benefits of opening a domiciliary account are countless and also depend on the holder of the account. Some of the reasons why you need a domiciliary account include ease of conducting international transactions, control over unstable currencies, and access to online banking.

How you can use a domiciliary account

There are two purposes a domiciliary account can serve, they are;

• Domiciliary Savings account: The Domiciliary savings account helps to develop savings habits in foreign currency if you regularly receive or need to make payments in British Pound Sterling (GBP), the United States Dollar (USD) and European Euro (EUR). This will prove extremely useful for parents who want to save money for their children’s education abroad or anyone who wants to protect the value of their currency.
• Domiciliary Current account: A domiciliary current account allows you to fund it with foreign currencies such as dollars, pounds or euros and enables you to do foreign transactions on that account. You also get a chequebook as a holder of the account.

Requirements to open a domiciliary account in Nigeria

Most local Nigerian banks allow their customers to open a domiciliary account which allows them to receive and make payments in an international currency. The requirements might differ according to the banks but the following documents are essential in your application.

• Government Approved means of identification; driver’s licence, national Identity Card, voter’s card, or International Passport.
• 2 recent passport photographs
• Bank Verification Number (BVN)
• CIU (collective investment undertakings) Form
• Current Utility Bill
• A Referee

How do I open a domiciliary account online in Nigeria?

Most banks allow people to open a dollar account online. What you should understand is that the process of opening a dollar account is the same as opening a savings account.

For some banks the entire process can be conducted online, some require you to start the process online and then visit the bank’s physical office to complete while some are entirely done in the banking hall.

For this article, I focused on banks which allow users to open domiciliary accounts online. The banks are Union Bank, Zenith Bank and United Bank for Africa. To open a domiciliary account in any local Nigerian bank will usually take any one of the following processes.

Here’s how to open a dollar account online in Nigeria at Union Bank;

• Visit the Union bank website
• Scroll down to ‘Account Opening Form’, and click on it.
• Three forms will be displayed, that is ‘Account Opening Form, Signature Form, and Reference Form’. Click on each of them, they will be downloaded automatically to your phone or PC.
• Ensure to fill out all the forms you have downloaded.
• Once you have filled them out, email the forms to customer service.

How to open a dollar account online in Nigeria at Zenith Bank;

• Visit Zenith bank website dollar to naira rate
• Scroll down and click on ‘Download Account Form’. will be downloaded automatically to your phone or PC.
• Ensure to fill out all the forms you have downloaded.
• Once you have filled them out, email the forms to the mail address zenithdirect@zenithbank.com.

How to open a domiciliary account at UBA;

• Visit UBA's website
• Scroll down and click on ‘Open Account’
• A new page will open, click on ‘Select Country’ and choose Nigeria.
• Once you are done, click submit.
• Select account type ‘Choose UBA Nigeria Account’ by clicking ‘Open with BVN’.
• On the new page that opens, insert your BVN, BVN registered phone number, date of birth, email address, and choose ‘Freedom Savings Domiciliary’ as account type.
• Agree to the terms by clicking on the red circle below.
• Once you are done, click ‘Next’.
• Insert the OTP that has been sent to your phone, upload your passport photograph and click next.
• Fill in all the requirements and submit.

Opening a domiciliary bank account gives you direct access to receive and transfer in another currency. Most commercial banks in Nigeria require a minimum deposit of $50, €50, or ₤50 to open a domiciliary account.

You can pay into your domiciliary accounts through cash deposits, traveller's cheques or foreign currency cheque deposits. Contact your bank for specific information about how to open a dollar account in Nigeria with them.

Editor's Note: A domiciliary account is not only a dollar account, as previously stated in the article. (September 21, 2022).