If you’re looking for a bank in Nigeria to create a DOM account, we’ve compiled a list of banks that offer domiciliary accounts in Nigeria.
Having a domiciliary account is important when doing foreign transactions. Simply said, this form of bank account is highly suggested for customers who often trade in foreign currencies such as Pounds, Dollars, Euros, and a variety of other non-indigenous currencies. Apart from serving as a payment method for foreign transactions, domiciliary accounts protect your money against the steady decline in the value of the naira against other currencies such as the USD and GBP.
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Contents
What is a Domiciliary Account?
For those who are unfamiliar with the account, it is a sort of bank account that allows customers to conduct foreign transactions solely in currencies such as pounds, dollars, and euros. This account can only hold money in foreign currencies (not Nigerian Naira) and differs from other bank accounts in that it is mostly used for commercial transactions rather than savings. As a result, it may also be used to send money to another nation or receive foreign currency from an account in another country.
Domiciliary accounts (foreign currency accounts) make transactions easier and are widely favored by foreign business dealers in the country, but there has always been the question of which banks offer the best Dom account.
Some of the banks to consider when opening a domiciliary account in Nigeria
Almost all commercial banks in Nigeria allow domiciliary account opening. However, there is a handful that stands out in terms of offering this service. They are well-regarded because of the services they provide and the benefits they provide to users of domiciliary accounts.
1. Zenith Bank
Without a doubt, this is one of Nigeria’s premier banks in terms of customer service and product offerings. You can open a Zenith domiciliary account with only a penny, i.e., no balance. They do, however, provide two types of domiciliary accounts: ordinary domiciliary accounts and cash domiciliary accounts. For an Ordinary domiciliary account, one can make transfers, while the reverse order is the case for a Cash domiciliary account. A Cash domiciliary account also has an advantage over the others because it includes EasyMoney as a feature.
Features of Zenith Bank Domiciliary Account Nigeria
- A Zenith Domiciliary Account operates only these foreign currencies: USD, GBP and EUR
- Zero opening balance
- Internet banking and mobile banking services
- Issuance of debit card (USD)
- Email/SMS alerts on transactions
- Customers can do cash withdrawals in foreign currency from any Zenith branch.
2. Guaranty Trust Bank
Guaranty Trust Bank (GTBank), also known as GTB, is another popular bank choice in Nigeria for a domiciliary account. GTBank domiciliary accounts are only available in US dollars, British pounds, and Euros. It’s also worth noting that their domiciliary account can be financed with cash deposits and cash inflows.
Feature of GTBank Domiciliary Account
- Available for transactions in US Dollars, British Pounds, and Euros currencies
- 24/7 banking services through the various e-channels
- Funds can be transferred in foreign currency to other bank domiciliary accounts
- Users can do cash withdrawals in foreign currency from any GTBank branch.
3. First Bank
First Bank, known as Nigeria’s first commercial bank, offers domiciliary accounts to customers in order for them to complete foreign transactions. One of the advantages of having a domiciliary account with this bank is that it can be accessed by cash deposits, foreign currency cheque deposits, or traveler’s cheques.
Like Zenith Bank, they provide two types of domiciliary accounts: FirstDom Plus and Domiciliary account. FirstDom Plus is a foreign currency deposit account for users who have a balance of $5,000 or more. It features an appealing interest rate and lower bank fees. The First Bank domiciliary account, on the other hand, allows customers to save money in US dollars, pounds sterling, or euros. This account is limited only to SMEs and corporate organizations.
Features of First Bank Domiciliary Account Nigeria
- $500, €500 or £300 is the minimum opening balance
- Minimum operating balance of $100, €100, or £50
- No maximum amount of withdrawals in a month, and also, the cash withdrawal is at 0.5% flat per transaction
- A Guaranteed FCY deposit
- There are no restrictions on the number of withdrawals
- A pool for interest on bank fund
4. United Bank for Africa
The United Bank for Africa, or UBA, is a top-rated bank for opening domiciliary accounts. While registering, the bank provides you with several alternatives to choose from. The UBA offers four types of domiciliary accounts: Dom Advantage Account, Dom Advantage Plus Account, Freedom Dom Account, and U-Care Plus Domiciliary Account.
Features of UBA Domiciliary Account
- UBA Domilciliary Account operates in major foreign currencies like US Dollar, Pound Sterling, Euro, etc.
- Internet banking
- Email and SMS transaction alerts and bank account statements
- Interest rate depends on the account balance
- Zero transfer charge, and also has zero withdrawal charge
- UBA Domilciliary Account also has an unlimited number of withdrawals
5. Fidelity Bank
This bank is one of the few in the country that provides excellent services to domiciliary account holders. Their domiciliary account is denominated in US dollars, British pounds, and euros.
Features of Fidelity Domiciliary Account
- Minimum account opening balance of $50, €50 and £50, and a minimum operating balance of $30, €30 and £20
- Fidelity Bank gives interest rates on call/demand and fixed deposits
- Internet banking, email/SMS transaction alerts and statements
- Standing orders
- Investment facilitation services for shares traded on NSE
- Option to open a domiciliary and a current account concurrently
Conclusion
If you have been looking for a bank with Domiciliary account services in Nigeria, we hope this has helped.
Domiciliary accounts are without a doubt the best solution for foreign transactions. In every regard, this account makes overseas transactions far easier and better than other types of accounts. We hope you find this post helpful in your decision-making in terms of banks to consider when opening a domiciliary account.