Are you a Nigerian, and are looking for ways to Make Transactions with a domiciliary account in Nigeria? If you live in Nigeria or anywhere else in the world, funding your domiciliary account is simple. Sending dollars to Nigeria is now quite simple. However, this post will show you how to send and receive payments into a Nigerian domiciliary account. And, as a businessperson or individual receiving money from outside the country, you will be forced to make and receive payments in a foreign currency at some point. This is the time when you will require this kind of account.
A domiciliary account, sometimes known as a ‘Dom Account,’ is any account type that is managed in foreign currencies such as dollars, pounds, or euros that allows you to conduct foreign transactions on that account. It might be a savings or current account, but it is in every currency except Naira. You can use a domiciliary account to send money to another country or to receive foreign currency from another country.
You can fund these accounts with cash, traveler’s checks, or foreign currency cheques.
Steps to Receive Money into a Domiciliary Account in Nigeria.
To receive money to a domiciliary account in Nigeria you will need the following information.
- Account number
- Name on the account
- Name of the bank
- Branch address of the bank
- Routing Number
- Swift Code. (You can Google the Swift Code of your Bank.)
To send money, you can use Internet banking or your local bank. The processes are nearly identical regardless of the bank. After receiving your bank notification alert, you may go to your bank and withdraw the funds by filling out your foreign currency withdrawal slip. Following that, you will receive your money in the currency of your choice, which might be US dollars or Euros.
Then you may decide to exchange the currency for your local currency at the bank or go to Bureau de Change to exchange it for your local currency at a much better rate. The Bureau De Change is an official meeting location for buyers and sellers of foreign money. There, you can exchange your dollars for Naira or any other foreign money.
How to Send and Receive Money in Nigeria with Your Domiciliary Account
How to Fund a Domiciliary Account
If you live in Nigeria, you can fund a domiciliary account with cash or via transfers. Money can be sent to the account from outside the country via Western Union or MoneyGram, Payoneer, Worldremit, Ria Money Transfer etc.
How to Receive Money to A Domiciliary Account
Money can be transferred by Western Union, MoneyGram, direct deposit, or other transfer means. However, before you can receive cash into your domiciliary account, you must provide the money sender with some account information. Account number and name (as they appear on the account), bank name, branch address, routing number, and swift code are among them. You may get the right routing number and quick code from your bank.
Benefits of Having a Domiciliary Account Nigeria
Receive and Exchange Foreign currency at a better rate: The official bank currency conversion rate was the source of most of our issues. Traditionally, the bank will convert any currency sent from abroad to you, which is not necessarily at the black-market rate. For example, a dollar is currently worth roughly N610 on the black market, whereas the official rate is N415 at the time of writing. When you receive foreign cash into your local bank account, the bank will convert it at their official rate, which will be roughly N415 instead of N610.
With a domiciliary account, however, you will be the one to convert your foreign currency to Naira. You may sell it at any price and use it to pay for goods and services on a foreign website at a lower cost.
Pay For International Transaction: As previously indicated, you may pay for any international transaction anywhere in the country with a domiciliary account and your dollar MasterCard in your wallet. You can renew your hosting package and purchase any paid program or game from the Google PlayStore. This is one of the most advantageous aspects of a domiciliary account for bloggers and company owners.
Control Over Unstable Currency: It is no longer news that the Naira has fluctuated throughout the years. The Naira exchange rate has been a source of concern, particularly for individuals who import from other nations.
You don’t have to worry about anything with a domiciliary account since as long as you have money in your account, you can purchase and sell foreign currency at any time.
Saving In Foreign Currency: The domiciliary account can be used as a savings account, which is highly useful for parents who want to save money for their children’s study abroad.
Having a domiciliary account is beneficial, and several large banks now provide this option to their clients. A domiciliary account allows one to conduct overseas transactions without difficulty. You can send and receive money in foreign currencies.