A domiciliary bank account is an account that allows holder transact in foreign currencies. Operating a domiciliary account allows you to withdraw and transfer monies in foreign currencies (US Dollars, Pounds Sterling, Euros), with your domiciliary account you get your moneis in currency other than naira, which can be exchanged/coverted at the normal exchange rate.
WHO SHOULD OWN A DOMICILIARY ACCOUNT
Every citizen of Nigeria has the right to own a domiciliary account but this type of account is more suitable for people who does internation transactions/business.
Domiciliary account can be opened in virtually all banks in Nigeria (First Bank, GT Bank, Access Bank, Zenith Bank, UBA, Sterling Bank etc.)
How To Open A Domiciliary Account In First Bank Nigeria
1. You'll be required to have ready a minimum opening balance of $500, €500 £300 which you can withdraw from as soon as your account is created/opened.
2. Two referees who are current account holders of First Bank or any other bank. You'll be given the to forms to be duly filled by your referees.
3. A Specimen Signature card will be given to you for you to append your signature
If you are not an account holder in first bank i.e if you dont have an account with first bank already, you'll also be required to bring
i. A valid means of identification, which could be any of International passport, National I.D card, Drivers License, Permanent Voters Card.
ii. A photocopy of your utility bill issued in the last 3 months, which could be PHCN Bill, Water Bill etc.
After filling all the all the necessary documments, your domiciliary account will be created within 24-72 hours and your domiciliary account number will be sent to you via SMS.
HOW TO OPEN A DOMICILIARY ACCOUNT WITH GTB
1.You'll be required to have a minimum opening balance of $100 ready
2. Two referee form will be given to you, which is to be filled by your two referees which mus be a current account holder of GTBank or any other banks.
If you don't already have an account with GTBank you'll be required to provide
i. Two passport photograph
ii. A valid means of identification, could be any of International Passport, National I.D card, Drivers License, Permanent Voters Card
iii. Utility bill within the last 3 months
After you've correctly filled and submitted all the required documents, your domiciliary account will be created within 24-72 hours and your account number will be sent to you via text message.
Basically, the process and requirements for opening a domiciliary account is similary if not the same in all banks in Nigeria.