In this lesson, I’ll show you how to Open domiciliary account in Nigeria. Her you will find the instructions, documents needed and where to open domiciliary account in Nigeria.
What is a Domiciliary Account?
Domiciliary accounts are different from ordinary Naira account because they are domiciled in foreign currencies such as dollars ? , pounds? , euros? etc.
Domiciliary accounts accept payment methods such as foreign currency checks, traveler’s checks, as well as cash deposits
Reasons why you Need a Domiciliary account in Nigeria?
There are many reasons why you need a domiciliary account in Nigeria. Few reasons are:
1. Domiciliary accounts are used to receive payments from people or companies staying in foreign countries.
If you use your local Naira bank account to receive the money from outside the country, the money will the automatically converted from the payee currency to Naira. You will be cheated because of low exchange rate.
On the other way round, if you receive the money with the same currency using domiciliary account, let’s say dollar to dollar, you can withdraw the money in dollars here in Nigeria and do exchange using the current black market exchange rate which is higher than the official rate.
As an online business person, you’ll need a domiciliary account to receive payments from so many companies such as Google AdSense, Facebook, Skrill, Neteller and more… In fact, a domiciliary account one of the requirement to make money online in Nigeria.
2. You can use it to make savings. Making Savings in dollars in still better than making saving on Nigerian naira because of the money value and inflation rate.
How to Open domiciliary account in Nigeria
To open domiciliary account in Nigeria, you’ll need the following documents
1. Recent passport photographs (about 2-4 depending on banks)
2. Proof of residence ( Utility bills like Nepa, PHCN bill.)
3. Valid ID card: e.g National ID card, National drivers license, International Passport
4. BVN number (if you already have any bank account before)
5. Cash of $100
Where to Open domiciliary account in Nigeria
Almost all the banks in Nigeria have domiciliary account package. So, you can work into any bank with the aforementioned documents and ask them to open a domiciliary account for you.
Note: I can also help you setup a working domiciliary account here in Nigeria. You can pick My Number in the hire me page. I charge extra $10 for the service.
Let me know if this lesson was helpful. Thanks