A domiciliary account is a type of bank account that allows one to save and transact in foreign currencies such as US Dollars, British Pounds Sterling, Euros, and other major currencies. This type of account is commonly used by individuals and businesses who engage in international transactions or intend to save money in a foreign currency.
The account works similarly to regular savings or current accounts, with the difference being that the account balance is denominated in a foreign currency rather than the Naira. You can deposit money into your domiciliary account, withdraw cash in foreign currency or use the account to undertake online transactions or wire transfers in foreign currency. Domiciliary accounts are also useful for receiving foreign currency payments, such as payments from overseas clients or payments in foreign currency for goods or services sold.
Best banks for a domiciliary account in Nigeria
1. Zenith Bank domiciliary account
Zenith Bank is a leading bank in Nigeria, with a strong presence in the African market. The bank offers a domiciliary account that allows customers to hold and transact in foreign currencies. The Zenith Bank domiciliary account can be opened in US Dollars, British Pounds Sterling, and Euro currencies.
The account comes with a Visa debit card that can be used to withdraw cash from ATMs and make online transactions globally.
To open a Zenith Bank domiciliary account, you will need to provide the following documents:
- A valid means of identification such as a National Identity Card, Driver’s License or International Passport.
- A recent utility bill or bank statement that shows your current address.
- Two passport photographs.
- A minimum deposit of $100, £100, or €100 depending on the currency of the account.
2. GTBank domiciliary account
Guaranty Trust Bank (GTBank) is a reputable Nigerian bank that offers a domiciliary account that allows customers to hold and transact in foreign currencies. The GTBank domiciliary account can be opened in US Dollars, British Pounds Sterling, and Euro currencies.
The account comes with a Mastercard debit card that can be used to withdraw cash from ATMs and make online transactions globally.
To open a GTBank domiciliary account, you will need to provide the following documents:
- Valid identities, such as an international passport, a voter’s card, or another kind of identification
- An application for a new account.
- A picture from a recent passport.
- Receipt from a public utility.
3. Access Bank domiciliary account
Access Bank is a reputable Nigerian bank that offers a domiciliary account that allows customers to hold and transact in foreign currencies. The Access Bank domiciliary account can be opened in US Dollars, British Pounds Sterling, and Euro currencies.
The account comes with a Visa debit card that can be used to withdraw cash from ATMs and make online transactions globally.
To open an Access Bank domiciliary account, you will need to provide the following documents:
- A valid means of identification such as a National Identity Card, Driver’s License, or International Passport.
- A recent utility bill or bank statement that shows your current address.
- Two passport photographs.
- You must have a residency permit and meet certain additional conditions as a foreigner.
4. First Bank domiciliary account
First Bank of Nigeria is the oldest and one of the most valued banks in Nigeria, having been established in 1894. The bank offers a domiciliary account that allows customers to hold and transact in foreign currencies. The First Bank domiciliary account can be opened in US Dollars, British Pounds Sterling, and Euro currencies.
The account comes with a Mastercard debit card that can be used to make online transactions globally.
To open a First Bank domiciliary account, you will need to provide the following documents:
- A legitimate identification card. It could either be an International Passport, National ID, Drivers Licence or Voters card;
- An application for a new account;
- a passport photograph issued recently; and
- a bill for public utilities.
5. UBA domiciliary account
United Bank for Africa (UBA) is a reputable bank in Nigeria with a strong presence in Africa. The bank offers a domiciliary account that allows customers to hold and transact in foreign currencies. The UBA domiciliary account can be opened in US Dollars, British Pounds Sterling, and Euro currencies.
The account comes with a Visa debit card that can be used to withdraw cash from ATMs and make online transactions globally.
To open a UBA domiciliary account, you will need to provide the following documents:
- A valid means of identification such as a National Identity Card, Driver’s License or International Passport.
- A recent utility bill or bank statement that shows your current address.
- Two passport photographs.
- A minimum deposit of $100, £100, or €100 depending on the currency of the accountÂ
6. Stanbic IBTC Bank domiciliary account
Stanbic IBTC Bank is a leading Nigerian bank that offers a domiciliary account that allows customers to hold and transact in foreign currencies. The Stanbic IBTC Bank domiciliary account can be opened in US Dollars, British Pounds Sterling, and Euro currencies.
The account comes with a Visa debit card that can be used to withdraw cash from ATMs and make online transactions globally.
To open a Stanbic IBTC Bank domiciliary account, you will need to provide the following documents:
- A valid means of identification such as a National Identity Card, Driver’s License, or International Passport.
- A recent utility bill or bank statement that shows your current address.
- Two passport photographs.
- A minimum deposit of $100, £100, or €100 depending on the currency of the account.
7. Fidelity Bank domiciliary account
Fidelity Bank is a reputable Nigerian bank that offers a domiciliary account that allows customers to hold and transact in foreign currencies. The Fidelity Bank domiciliary account can be opened in US Dollars, British Pounds Sterling, and Euro currencies.
The account comes with a Mastercard debit card that can be used to withdraw cash from ATMs and make online transactions globally.
To open a Fidelity Bank domiciliary account, you will need to provide the following documents:
- For US Dollars, Pounds, and Euros, the minimum starting balance is $€£.
- A $€£ operating balance is required.
- It has the benefit of online banking.
- It provides information on interest rates, among other things.
- To establish a Fidelity Bank Domiciliary Account, you must meet the following requirements.
- A registration form
- A valid ID card (National Identification Card, voter’s card, or another kind of identification that the bank accepts)
- Bills for utilities
- Residence
- A recent bank statement for a passport was recently issued.
8. Union Bank domiciliary account
Union Bank is a leading Nigerian bank that offers a domiciliary account that allows customers to hold and transact in foreign currencies. The Union Bank domiciliary account can be opened in US Dollars, British Pounds Sterling, and Euro currencies. The account comes with a Visa debit card that can be used to withdraw cash from ATMs and make online transactions globally.
To open a Union Bank domiciliary account, you will need to provide the following documents:
- A valid means of identification such as a National Identity Card, Driver’s License or International Passport.
- A recent utility bill or bank statement that shows your current address.
- Two passport photographs.
- A minimum deposit of $100, £100, or €100 depending on the currency of the account.
9. Polaris Bank domiciliary account
Polaris Bank is a reputable Nigerian bank that offers a domiciliary account that allows customers to hold and transact in foreign currencies. The Polaris Bank domiciliary account can be opened in US Dollars, British Pounds Sterling, and Euro currencies. The account comes with a Mastercard debit card that can be used to withdraw cash from ATMs and make online transactions globally.
To open a Polaris Bank domiciliary account, you will need to provide the following documents:
- A valid means of identification such as a National Identity Card, Driver’s License, or International Passport.
- A recent utility bill or bank statement that shows your current address.
- Two passport photographs.
10. First City Monument Bank (FCMB) domiciliary account
First City Monument Bank (FCMB) is a leading Nigerian bank that offers a domiciliary account that allows customers to hold and transact in foreign currencies. The FCMB domiciliary account can be opened in US Dollars, British Pounds Sterling, and Euro currencies.
The account comes with a Visa debit card that can be used to withdraw cash from ATMs and make online transactions globally.
To open an FCMB domiciliary account, you will need to provide the following documents:
- A valid means of identification such as a National Identity Card, Driver’s License, or International Passport.
- A recent utility bill or bank statement that shows your current address.
- Two passport photographs.
- A minimum deposit of $100, £100, or €100 depending on the currency of the account.
Conclusion
The banking sector in Nigeria is highly competitive, with several banks offering domiciliary accounts to customers. However, based on our analysis, the top ten banks to open a domiciliary account in Nigeria are First Bank, Zenith Bank, UBA, GTBank, Union Bank, Fidelity Bank, Access Bank, First City Monument Bank (FCMB), and Stanbic IBTC Bank.
These banks offer exceptional services, competitive exchange rates, and secure platforms for international transactions. We hope that this article helps you make an informed decision when choosing a bank to open your domiciliary account in Nigeria.
