**Open a domiciliary account in Nigeria: Complete guide**
Whether you are an individual looking to save in a stable currency, a self-employed person receiving payments from abroad, or a business involved in international trade, a domiciliary account is an essential financial tool.
**Choose the right bank**
The first step to opening a domiciliary account is to choose the right bank. There are a variety of banks in Nigeria offering domiciliary account services, each with their own features, fees and customer service standards.
Before making your choice, consider the following:
– Research banks offering domiciliary account services in Nigeria, focusing on their service fees, interest rates and customer reviews.
– Compare account fees, transaction fees and other services.
– Ask about the interest rates offered, although they may be low, they can add up over time.
– Make sure the bank offers quality customer service, especially for foreign currency transactions.
– Also check the availability of agencies and ATMs to facilitate your transactions.
– Control online banking services to manage your account remotely.
**Required documents**
After choosing the bank, gather the necessary documents for your application. Usually you will need:
– A valid identity document (international passport, national identity card or driving license).
– A utility bill less than three months old for address verification.
– Two recent ID photos.
– A completed domiciliary account application form.
– Your Bank Verification Number (BVN).
– Reference forms from two current account holders (preferably at the same bank).
**Application Process**
Go to the chosen bank to obtain the domiciliary account opening form. Use this visit to ask any questions you have about the account, including details on transaction fees, minimum balance requirements, and any other concerns.
**Submit your request**
Complete the application form and submit it with the required documents to a bank officer. Please ensure all information is accurate and complete to avoid delays.
**Account verification and activation**
After submission, the bank will verify your data, a process which may take a few days. Once verified successfully, your home account will be activated and you will be notified. Some banks may require an initial deposit to fully activate the account.
**Make your first deposit**
Once your account is active, you can make your first deposit. This can be done by wire transfer, check deposit, or cash deposit, depending on your bank’s policies and your preferences.
**Manage your account**
Sign up for online banking to effectively manage your account. This will allow you to check your balance, make transfers and pay bills without going to the bank.
By requesting a debit card linked to your home account, you will be able to make international transactions and ATM withdrawals. Also explore other services available to maximize the use of your home account.
Opening a domiciliary account in Nigeria may seem complex, but by following these steps and choosing the right bank, you will be able to take full advantage of the benefits such an account offers.