Saturday, 2 July 2016

How To Open A Domiciliary Bank Account In GTBank

Some weeks ago, someone ask me the meaning of Domiciliary Account, the uses and How to Open Account Worldwide. I was able to help him out and after some weeks, he sent me message that he was able to Open Domiciliary Account successfully. He thanked me. I know many people out there may not know the Meaning of Domiciliary Account, Uses of Domiciliary Account and How to Open Domiciliary Account successfully. 

Today, I have decided to come up with a post to help you get all you need to know about Domiciliary Account in Nigeria and Worldwide(i.e Other Countries).


What Is Domiciliary Account?
A domiciliary account in Nigeria is a type of bank account that allows the holder to deposit and withdraw funds in foreign currencies and these are currencies other than the Nigerian Naira. As a citizen of a country, e.g as a Nigerian, you have every right to operate a domiciliary account even while you are in Nigeria. Domiciliary Account is recommended for people who do international business or need it for one reason or the other.
One important thing you have to know, is that Domiciliary account is held locally and is different from a foreign bank account which is normally held by foreign banks outside the shores of Nigeria.

Type of Domiciliary Account
Currently, there are 2 types of domiciliary account which a person can open operate in Nigeria and they are Savings domiciliary account and a current domiciliary account.

In short note: A savings domiciliary bank account is a foreign currency account that allows the person to save money in foreign currencies and also be able to withdraw it using a bank teller. While a Current Domiciliary Bank Account on the other hand is like a current account and it's normally used by businesses or business persons. It's a type of account that can do about the same things like a savings account, just that Current Domiciliary Bank Account has the ability to also issue cheques to third parties. Although, a Current Domiciliary Account might attract more fees for usage than a savings domiciliary account.

What are the Things You Need To Open a Domiciliary Account in Nigeria?
It is quite easy to open, especially when you have account already with such bank. Below are the things you will need to Open a Domiciliary Account in Nigeria.
  1. Recent Passport photograph
  2. Valid form of identification e.g. International passport, driving license, Voters Cards or National id card
  3. Two(2) references who are current account holders in any bank in Nigeria but preferably the same bank.
  4. Proof of residence/Utility bill: e.g. PHCN bill, Waste bill or others
  5. Minimum Opening funds in Foreign currency e.g. USD, GBP or Euro. It can be at least $150. Although some banks Open a Domiciliary Account free to its already existing customers i.e someone that have account with the bank.
How to Open a Domiciliary Bank Account
- Visit the bank branch you intend opening a domiciliary account in
- Request to open a domiciliary or foreign currency account
- Fill the form given to you and indicate your full correct details including your desired foreign currency
- Submit your required documents so that the bank can make a copy
- Make an initial deposit into an account provided for you
- The bank will check your details and also your references
- An account will be opened after about 3 to 5 working days.
- The Bank send your Domiciliary Account Number to you, either through SMS or by Mailing it to your Email. After that, you can start using the domiciliary bank account for receiving, saving or making payments in foreign currencies.

Some You May Ask About Domiciliary Account and their Answers
Q: Can I receive money from abroad directly into my domiciliary bank account?
A: Yes, you can. Just give the sender your bank account number, your bank's name and country
Q: Can I transfer money abroad from my account?
A: Yes, you can. You can transfer to any other bank in the world using the transfer details given to you.
Q: Can I transfer money from my Naira account to my domiciliary account?
A: No. There are 2 different types of account.
Q: Can I link a Mastercard or Visa to the account?
A: Yes you can
Q: How do i check the balance in my account?
A: You can check your bank balance by simply using internet banking, calling your bank, physically visiting customer service or just requesting for a bank statement of account
Q: Is there an interest paid for saving money in my domiciliary account?
A: Yes, you get to earn an interest like other saving account in banks
Q: How do i withdraw from my domiciliary bank account?
A: You can withdraw by simply filling and submitting a foreign currency withdrawal form or making use of a domiciliary bank account cheque
Q: Can I pay in foreign currency cheques into it?
A: Yes you can. This is what it's made for. Banks might also charge you a small fee for it.
Q: Is it free to transfer money from my domiciliary account to other countries like the USA or UK?
A: Now, for as with most bank transfers, there is normally a transfer charge placed on it. The fee is small and depends on the bank.
Q: Do I pay any fee for receiving fund transfer from abroad into my domiciliary account?
A: No. You don't have to pay any fee since you are just receiving. It is the sender that will pay a fee.
If you have any other questions to ask, please feel free to ask. Use the comment box below to drop your questions.

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