Top 5 best domiciliary account in nigeria
When it comes to international transactions, having a quick discussion about Domiciliary accounts is essential. Simply put, this type of bank account is highly recommended for people who frequently trade in foreign currencies such as Pounds, Dollars, Euros, Yen, Dira, and a variety of other non-indigenous dollars. If you’re looking for banks in Nigeria to open a DOM account, MyFinanceng has compiled a list of the best domiciliary accounts in Nigeria.
What is a Domiciliary Account?
For those who are unaware of what the account is, it is a sort of bank account that only permits users to do international transactions using local currencies like Pounds, Dollars, Euros, Yen, and Dira. This type of account differs from other existing types of bank accounts in that it is only used for conducting business, not for saving money. It can only accept money in foreign currencies, not Nigerian Naira. As a result, it can be used to send money abroad or receive foreign currency from an account abroad.
Transactions are made simpler and are actually most desired by foreign business dealers in the nation when using domiciliary accounts, but over the years, it has always been unclear which banks offer the finest possibilities for these accounts.
Top 5 Banks in Nigeria to Open a Domiciliary Account
Domiciliary account opening is offered by nearly all commercial banks in Nigeria. But, among all of them, there are a few that stand out in terms of providing this service. They are highly ranked due to the services provided and the benefits available to users of domiciliary accounts. They occur strongly recommended.
1. ZENITH BANK
Without a doubt, this is one of Nigeria’s leading banks in terms of customer service and product offerings. You can open a Zenith domiciliary account with just a penny, i.e. no balance. They do, however, offer two types of domiciliary accounts: ordinary domiciliary accounts and cash domiciliary accounts. Transfers can be made to an Ordinary domiciliary account, whereas Cash domiciliary accounts must be done in the reverse order. A Cash domiciliary account also has an advantage over the other because it includes EasyMoney as a feature.
Features of Zenith Bank Domiciliary Account
- 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. Guarantee Trust Bank (GTB)
Guaranty Trust Bank (GTBank), popularly known as GTB, is another well-known bank in Nigeria that offers domiciliary accounts. The only currencies allowed in a GTBank domiciliary account are US dollars, British pounds, and euros. They can fund their domiciliary account with cash deposits and cash inflows, which is another important consideration.
Features of GTB bank domiciliary account
- Available for transactions in US dollars, British pounds, and Euros.
- Banking services are available 24/7 through various e-channels.
- Funds can be transferred in foreign currency to other bank accounts.
- Users can withdraw cash in foreign currency from any GTBank branch.
3. First Bank
Known to be the first commercial bank in Nigeria, First bank, aside from its wide coverage offer domiciliary accounts to enable their customers to process international transactions. As part of the benefits of running a domiciliary account with this bank, it can be accessed via cash deposits, foreign currency cheque deposits or traveller’s cheques.
Like Zenith Bank, they also have two kinds of domiciliary accounts; FirstDom Plus and Domiciliary account. Users with balances of at least $5,000 can open a FirstDom Plus foreign currency deposit account. Its bank fees are low and it offers a tempting interest rate. However, customers of First Bank can maintain money in US dollars, British pounds, or euros in their domiciliary accounts. Only SMEs and corporate entities are allowed to use this account.
Features of First bank domiciliary account
- The minimum opening balance is $500, €500, or £300.
- $100, €100, or £50 minimum operating balance
- There is no maximum number of withdrawals you may make each month, and the fee for cash withdrawals is flat at 0.5% for each transaction.
- There are no limitations on how many withdrawals can be made.
- A pool for bank money interest
4. United Bank For Africa (UBA)
One of the best banks for setting domiciliary accounts is the United Bank for Africa (UBA). While registering, the bank offers you a wide selection of options to choose from. They offer the Freedom Dom account, Dom Advantage Plus Account, U-Care Plus Domiciliary Account, and Dom Advantage Account as domiciliary account options.
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 which 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 good services to people who have a domiciliary account. Their domiciliary account accepts US dollars, British pounds, and Euros.
Features of Fidelity Bank domiciliary account
- A $30, €30, or £20 minimum operating amount is required as well as a $50, £50, or €50 minimum account opening balance.
- Call/demand and fixed deposit interest rates are provided by Fidelity Bank.
- Online banking, transaction alerts through email or SMS
- Standing orders
- Services for investment facilitation for shares traded on the NSE.
- Possibility of simultaneously opening a domiciliary and a current account
The domiciliary account is without a doubt the best choice if foreign transactions are important. Foreign exchange transactions are significantly simpler and better with this sort of account than with other accounts in every manner. Overall, we hope that this article has aided in your decision-making regarding the banks you should take into account when looking to open a domestic account. We also think that these banks would be extremely helpful to you in your future international banking transactions.
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