How to Open Domiciliary Account in Nigeria – Guidelines and Requirement…Do you want to open a domiciliary account or foreign account here in Nigeria? Maybe you have a business that needs you to be paid in foreign currency. Here is the ultimate guide on how to open a domiciliary account.
Domiciliary account is one that enables you gain access to raw physical foreign currency e.g (Dollars, Euro, Pounds etc.). There are many reasons why you should own a domiciliary account.
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This guide will guide you on how to get it set and done. Stay focus and read through.
A Domiciliary Account lets you have accounts in currencies other than the Naira. You can pay into these accounts through cash deposits, traveler’s cheques or foreign currency cheque deposits.
- 0.1 How to Open Domiciliary Account in Nigeria
- 0.2 How to Withdraw Money from a Domiciliary Account
- 0.3 Issues You May Encounter when Opening a Domiciliary Account
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How to Open Domiciliary Account in Nigeria
Opening a domiciliary account in Nigeria entails you to provide the bank with the documents stated below;
1. Proof of Nigerian address: Bills (such as electricity bills, phone bills, water and waste bills) from the last couple of months. Some banks accept three-month-old electric bills or recent month bill.
2. Personal details of signatory/directors: Name, contact address, and the contact phone number
3. Proof of identity: Banks need to see any of the following documents: Photocopies of these documents can be provided.
- Driver’s license – Nigeria or International
- Valid International passport
- National Identity Card
4. General Business details: Business names, Nigerian address and contact numbers, principal trading activity and date your business started. The bank would have to see proof of business registration if it’s a Limited Company or Limited liability partnership. These include proofs such as:
- Copy of form CO7
- Board of director purpose (signed by 2 directors/1 director and company Secretary)
- One passport photograph of each signatory to the account
- Memo and Article of Association
- Copy of Certificate of Incorporation
- Printed copy of Tax Identification Number (TIN)
- Company seal
How to Withdraw Money from a Domiciliary Account
1. Writing a cheque: For Currency domiciliary accounts – Issuing a cheque to withdraw money from your account is quite easy. Simply indicate the total amount you would like to withdraw along with your usual signature. The cheque can be cashed in the bank’s front counter or Tuesday can pay into another domiciliary account. Note that you would be paid in a foreign currency (Dollar, Pounds, Euro, etc)
2. Submitting a detailed written application for withdrawal – Simply write an application for a withdrawal. Address it to your bank branch manager and you will be paid within 24 hours.
3. Wire transfer – Wire transfers can easily be done from bank to bank with either local or international and your money will be transferred within a week.
4. Using a withdrawal slip – This procedure is same as a withdrawal slip used today in many banks in Nigeria. You can locate one on the counter, fill it and wait to be paid from your foreign currency teller.
5. Using An ATM card: – In case your domiciliary account is linked with ATM cards like MasterCard or visa, it is possible to withdraw from the globally connected ATM in Nigeria in Naira or abroad in the countrys currency. Keep in mind; this kind of withdrawal normally comes with a fee.
Issues You May Encounter when Opening a Domiciliary Account
The following are situations that may disqualify you from opening a domiciliary account in Nigeria:
- If you don’t have official Id card.
- No current account holders to stand for you.
- Your date of birth in the existing account doesn’t match with the one in your Id card.
- Your names are different.
- The electricity bill wit you is more than three months.
- Your address doesn’t match.
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