Have you been having difficulties making international transactions? Are you a business person dealing with clients internationally? It is normal to face certain issues when trying to send or receive money abroad from Nigeria. If you have ever faced an issue like this, then you need a Domiciliary Account. In this post, “List of Best Nigerian Banks for International Transactions”, we shall bring you banks that offer this service. We also talked about Meaning of Domiciliary Account and Benefits of having a Domiciliary Account. As well as Why should I have a Fidelity Bank Domiciliary Account? And Features of the UBA domiciliary account.
Meaning of Domiciliary Account
A Domiciliary account is designed to exclusively handle foreign currencies such as pounds, euros, and dollars, among others. It does not accommodate Nigeria’s currency, the Naira.
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Benefits of having a Domiciliary Account
The importance of having a Domiciliary Account might not be immediately evident if you don’t have family members residing outside Nigeria. However, consider this scenario: If your children or children-in-law travel abroad, how would you conduct transactions without such an account? The following are some of the benefits to be enjoyed if you have a Domiciliary Account;
- This domiciliary account serves as a means to save funds, akin to a regular savings account. It proves beneficial if you intend to set aside money for a specific project or any purpose.
- Additionally, regardless of currency fluctuations, your savings in a domiciliary account remain stable.
- Furthermore, you’ll have the option to utilize online banking services.
List of Best Nigerian Banks for International Transactions
Numerous banks in Nigeria offer the domiciliary account feature, but a select few stand out as exceptional choices. These banks provide significant advantages to their customers. Thus, they are ranked at the pinnacle of the best domiciliary account options in Nigeria. These banks include;
ACCESS BANK
This bank offers one of the premier domestic account options in Nigeria, providing a wide array of impressive features. Accepted foreign currencies include Pounds, Yen, US Dollars, and Euros. Access Bank offers two types of domiciliary accounts: the domiciliary savings account and the domiciliary current account.
The domiciliary current account allows access to chequebooks, with no withdrawal restrictions or maintenance fees. It also offers several advantages. On the other hand, the domiciliary savings account brings its own benefits. They include no need for a chequebook and the flexibility to open an account at any time.
To open a domiciliary account at Access Bank, you’ll need a valid ID and a passport. However, for foreigners you’ll need a residency permit along with specific additional requirements.
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GUARANTEE TRUST BANK
GTBank also provides an excellent domiciliary account option in Nigeria, accepting payments in US dollars, British pounds, and euros. You can easily perform transactions from the comfort of your home. Withdrawals in the bank’s restricted international currencies can be made from any GTBank branch using your GTBank domiciliary account. This service is available 24/7, seven days a week. However, Treasury Bills in Nigeria come with four disadvantages.
To open a GTBank domiciliary account, you’ll need valid identification such as a passport, voter’s card, or another form of identification. As well as a request for a new account, a recent passport photo, and a receipt from a government agency.
FIRST BANK
First Bank, a leading bank in Nigeria, offers a domiciliary account option that facilitates international trade. This account accepts deposits in cash, traveler’s checks, and foreign currency. The FirstDom plus offers a high-interest rate without any bank fees, available to individuals with $5,000 in their accounts. However, this type of account is not accessible to SMEs or corporate entities. They only accept US dollars, British pounds, and euros.
To open a domiciliary account with First Bank, you’ll need a valid identity card and a request for a new account. As well as a recently issued passport along with a bill for public utilities.
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ZENITH BANK
Zenith Bank, one of Nigeria’s largest financial institutions, is renowned for its exceptional customer service. Opening a new domiciliary account with Zenith Bank in Nigeria is possible without an initial deposit. The bank provides two types of domiciliary accounts: traditional and cash domiciliary accounts.
The traditional account enables seamless international transactions without the concern of unexpected hurdles. It allows for online banking, mobile banking, and a range of additional services. Notably, a standard domiciliary account can be initiated with zero funds. Additionally, the entire process can be completed online, eliminating the need to visit a branch. Conversely, a cash domiciliary account solely permits cash deposits and withdrawals, without the option for transfers between accounts.
Requirements for opening a Zenith Bank domiciliary account include a registration form and valid identification (such as a voter’s card or national identity card). As well as a recognized proof of residence, typically a public utility receipt like PHCH or a phone bill.
STANBIC IBTC BANK
Stanbic IBTC Bank also offers a substantial domiciliary account option. This allows for transactions in various currencies apart from the Naira. To open a domiciliary account with Stanbic, you will need to provide a $100 fee for an individual or a $500 deposit for a firm. As well as the requisite forms of identification. Keep reading this List of Best Nigerian Banks for International Transactions to know more.
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FIRST CITY MONUMENT BANK (FCMB)
The First City Monument Bank (FCMB) domiciliary account is highly regarded as one of the best in Nigeria. It allows for international transactions with the same ease and convenience as other domiciliary banks. FCMB offers both domiciliary current and savings accounts, catering to different financial needs.
To open an FCMB domiciliary account, you’ll need to complete an account registration form and provide a passport photo along with a valid ID card or residence permit.
FIDELITY BANK
This bank excels in providing exceptional customer service and offers cost-effective incentives to its customers. Consequently, it ranks as the top choice among Nigerian banks offering domiciliary accounts. Customers who hold a domiciliary account with Fidelity Bank are limited to using a select range of currencies, including Pounds, US Dollars, and Euros.
Why should I have a Fidelity Bank Domiciliary Account?
- A minimum initial balance requirement of $€£ for US Dollars, Pounds, and Euros.
- A mandatory operational balance of $€£.
- Access to online banking services.
- Availability of interest rate information, among other features.
To open a Fidelity Bank domiciliary account, you have a valid ID, residential utility bills as well as a recent passport. Additionally, you should fill your form completely and have a recent bank statement.
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UNION BANK
Union Bank also offers various domiciliary account options to cater to its customers’ needs, including domiciliary savings, domiciliary current, and domiciliary travel card accounts in US Dollars.
To open a Union Bank domiciliary account, you need to have a complete CIU form as well as a current pay bill. In addition, provide your BVN, valid ID and a Passport. This one of the most easy banks in the List of Best Nigerian Banks for International Transactions.
UNITED BANK FOR AFRICA
UBA, as one of Nigeria’s leading banks, offers multiple options for opening a domiciliary account in Nigeria. These include: The Dom Advantage, Dom Advantage Plus, Liberty Domiciliary accounts with Dom U-Care Plus
Features of the UBA domiciliary account
- Withdrawal restrictions apply.
- Access to internet banking.
- Free deposits and withdrawals.
- Availability of bank statements and SMS alerts.
- Primary dealings in US dollars, British pounds, European euros, and other currencies.
To open a UBA domiciliary account, you need a minimum opening balance of $1000, €700, or £600. As well as a communication fee of €20 or £15.
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POLARIS BANK
Polaris Bank Domiciliary Account offers flexibility for various transactions, such as bill payments and savings for your children.
To qualify for a Polaris Bank domiciliary account, you need a valid ID, passport, and other specific requirements.
Conclusion
We hope this post has helped you narrow down your choices on the bank to open a domiciliary account with. While there is no harm in going through the normal conversion method, however, this is easier. We have exhaustively talked about the List of Best Nigerian Banks for International Transactions. Follow our website and leave a comment below for more.
See also: https://nigerianfinder.com/best-banks-for-current-account-in-nigeria/