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The world is now becoming a cashless society (did someone mention bitcoin, lol), and people are finding different ways to have easier access to funds and making payment, especially online business, with the paypal era almost gone in Nigeria and the joke of Paystack, the best time to talk about Domiciliary account opening is now. Because in one way or the other, you will always want to transact business that involves foreign currency.
What is Domiciliary Account?
Domiciliary account is a bank account in Nigeria that is operated in foreign currency. The account allows you save money in US Dollars, Pounds Sterling or Euro with your money valued at the prevailing exchange rate. This account is funded through bank deposits, traveller’s cheques, cash inflows and lodgement of foreign currency cheques.
Note that you cannot transfer money from a naira account to a dollar account. But you can easily transfer money from DOM account to another DOM account, but do not try transferring from one DOM account in one bank to a different DOM account in another bank, that is just a cruel joke .
So if you are a serious online business entrepreneur, and you don’t have a DOM account, then you should consider opening one for yourself. This is why I don’t too border about PayPal not receiving money because I use my DOM account to receive money from online stores abroad.
How to Open a Domiciliary Account in Nigeria
Requirements
- Identification Card: This simply means, valid Identity card like International passport, drivers license, National ID card.
- clear passport photos recently taken
- referee: Two persons that would serve as referee and fill each of the two reference forms that will be issued to you are required.
- Utility Bill: Photocopy of your Utility bill issued in not more than 3 Months
- Initial Deposit, minimum of $100 or $200