You may have become involved in lots of foreign transactions lately, or you are just starting to.
There is a need for a domiciliary account for those kinds of transactions.
Domiciliary accounts allow you to send and receive funds in foreign currencies, which is the case when you are dealing with international transfers and payments.
To open a domiciliary account here in Nigeria isn’t all that difficult, provided that you have the required documents.
The first thing required of you when opening a domiciliary account is Proof of Identity.
The bank needs to see a valid means of identifying you; and this has to be in the form of a valid International Passport, a Driver’s License, or the National Identity Card.
The next thing you need to have along to the bank is Proof of Address.
This has to be in the form of a utility bill that is being sent to your residential address regularly. That could be the Electricity Bill, Water Bill, or Phone Bill.
Also note that, for any utility bill you decide to use, it has to be the current one, or not more than 3 months old at most.
Then you’ve got to put down your Personal Details, and then General Business Details if you’re opening a domiciliary account for Business.
That’s all you need, and when you have them, you simply fill out a domiciliary account opening form, and then you have the account opened for you.
When you get your fully functional domiciliary account up and ready, you can start depositing and withdrawing your foreign funds.
To make withdrawals, you could any of the options that exist: either by writing a withdrawal application, using a withdrawal slip, writing a cheque (that’s for if you run the account as a current domiciliary account), doing a wire transfer, or using the ATM.
Conclusion on How To Open a Domiciliary Account in Any Bank in Nigeria
If or when you get involved in foreign transactions, you would definitely be needing a domiciliary account
Opening one for yourself isn’t all that hard, and when you have the aforementioned requirements, you can easily open a domiciliary account in Nigeria.