What is A domiciliary account? A domiciliary account is a type of current account that allows you to make and receive payments in foreign currency.
The domiciliary is sometimes known as “Dom Account.” It takes into consideration foreign currencies like euros, dollars and pounds. The home account functions like any other savings account. The money is sent to dollars, or euro or pounds if it is a dollar account.
The foreign currency may also be withdrawn at the Bank or in the parallel market and changed at bank rates.
Why you should have a domiciliary account
Domiciliary accounts are important if you want to start receiving money from abroad. You can easily open a dom account with most Nigerian banks and with it, you can:
- Receive payment in foreign currencies (USD, EUR, GBP).
- Transfer funds abroad.
- Get attractive interest rates and hedge against inflation.
- Carry out both local and international transactions easily. This is a good option for people who do business internationally.
- Use it to buy products on any online platform
How to open a domiciliary account in Nigeria
The requirements for opening a domiciliary account vary across different banks but are fundamentally similar. Here are the basic things that your bank will likely request of you.
- Referees: Two current account holders (preferably with the same bank) to sign the reference forms.
- Duly filled domiciliary account opening form.
- An existing naira account with the bank. It can either be a savings or a current account.
- Valid means of identification: either an international passport, permanent voters’ card, National ID card, or a driver’s license.
- Passport photograph.
- Utility bill issued within the last 3 months.
Various banks may require additional information from you but those listed above are the minimum requirements that will need to meet, for your dorm account to be created.