There are times when you would like to make and receive payment in foreign currencies from abroad but you don’t have the account or card to make such transactions. This guide focuses on how to open a Domiciliary account and allows you to transact in different currencies like US Dollars, Pounds, Sterling or Euro as at the ruling exchange rate to enable you to receive inflows, cash deposit, traveler’s cheques any other offshore transactions.
The requirement to open a domiciliary account are below:
- Proof of identity: Valid international passport, Driver’s license, and national id card.
- Proof of Nigerian address: the bank will also need a proof of either power company bills, waste bill or water corporation bills from the last couple of 3 months old.
- A completed signed and filled form from the bank.
- Reference letter: if the person to reference you has an account in that same bank you want to open a domiciliary account, you don’t need another reference letter but if not 2 reference letter is required from you.
- Passport size photograph (2)
- A $100 as deposit.
Charges are also applied in the use of domiciliary account like
Cash withdrawal from any initial deposit cash will attract 0.5% commission and cash withdrawal from a cash inflow or funds transfer credit attracts 1% commission.