How To Open UBA Domiciliary Account and receive foreign currency from abroad

Last Updated on July 1, 2024 by admin

The UBA Domiciliary Account is a type of account that enables Account holders to receive direct foreign currencies and pay for international transactions. This kind of account is funded with either Us dollars, British pounds and euros.depend on the type of Foreign currency account.

The United Bank of Africa Dom Account is useful when traveling or sending money to relatives abroad and also enables account holders to be paid in any foreign currency.

You could either open the UBA Freedom Savings Dom account with zero balance, Dom Advantage Account and UBA Kiddies Domiciliary Account depending on your purpose .

For the purpose of this Post we are going to discuss the type of UBA dom Account, requirements to open a dom account  and how to fund it.

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Types of United Bank of Africa Domiciliary Account

There are three different Dom account offer by UBA in Nigeria, they are:

1.Freedom Dom Account
2.Dom Advantage Account
3.UBA Kiddies Domiciliary Account

1.UBA Freedom Dom Account

The UBA Freedom Dom Account is a domiciliary savings account that allows you to receive foreign remittances directly into your account with no limits. It is available in USD, GBP, and EUR.

This type of UBA domiciliary is a savings account that is designed to receive foreign remittances, with no limits, directly into your account. It doesn’t require any operating balance for the FSDOM account is zero (0) USD.

The only documentation required for UBA Freedom Dom Account is your BVN and does not allow the use of cards, Customers can only access their cash through in-branch cash withdrawals. But you need to upgrade your accounts as soon as it exceeds a debit turnover limit of $2,000.

The reasons why Freedom Dom Account is special, there is No withdrawal charges associated with this type of account, you can receive foreign currency and Telex inflows directly into your account.

Key Features:

• Zero opening balance requirement
• No limits on foreign remittances
• Access to your funds via the mobile app and internet banking platform
• Cash withdrawals can be made at any UBA branch

Documentation Required:

• Bank Verification Number (BVN)

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2. Dom Advantage Account

The UBA Dom Advantage Account is a domiciliary account that allows you to save and transact in foreign currencies. It is available in USD, GBP, and EUR.

Key Features:

• Minimum opening balance of $100, €80, or ₤70 (or equivalent in other currencies).
• Available as a Savings or Current account.
• Interest payable on credit balances above $1,000 (or equivalent).
• Access to a unique foreign currency card linked to the account.
• Access to Visa Dual Currency Debit Cards (DCDC).
• Check balances via U-Direct/Internet banking.
• Can be used for various foreign currency transactions like home remittances, school fees payment, investments, etc.
• Account balances can be used as collateral for Naira loans.

Benefits:

• Convenient for managing foreign currency transactions.
• Competitive interest rates on credit balances.
• Access to dedicated foreign currency cards.
• Enhanced financial flexibility.

How to Open a UBA Dom Advantage Account:

1. Visit any UBA branch.
2. Provide the required documentation:
   • Valid identification (international passport, driver’s license, national ID card, voter’s card).
   • Utility bill.
   • Passport photograph.
   • References.
3. Fill out the account opening form.

You can find more information about UBA Domiciliary accounts on the following pages:

Requirements to open Dom Advantage Account

1. Valid Identification (International Passport, Driver’s License, National ID card, Voter’s card)
2. Two Passport photographs

3. UBA Kiddies Domiciliary Account

The UBA Kiddies Domiciliary Account is a savings account designed for parents or guardians who want to save in foreign currencies for their children’s future education abroad.

Features:

• Currency: Available in USD, GBP, and EUR.
• Minimum Opening Balance: None.
• Age Limit: For children aged 0 to 17.
• Access: Can be operated by the parent/guardian until the child turns 18.
• Benefits:
  • Helps save for future education expenses abroad.
  • Protects savings from currency fluctuations.
  • Convenient for managing funds in foreign currencies.

Fees/Charges

1.Withdrawals: 0.5% + VAT on amount withdrawn
2. Telex Transfer: 0.5% +VAT or US$10 or its equivalent whichever one is higher + Communication charge of US$25 or Euro 20 or £ 15
3. Draft request: 0.5% +VAT or US$10 or its equivalent whichever one is higher + communication charge of US$25 or Euro 20 or £ 15

Requirements for UBA Kiddies Domiciliary Account

• Valid identification of parent/guardian (international passport, driver’s license, national ID card, voter’s card).
• Two passport photographs of both the child and parent/guardian.
• Child’s birth certificate or international passport.
• Utility bill of the parent/guardian.
• BVN of the parent/guardian.

How to Open:

Visit any UBA branch with the required documentation and fill out the account opening form.

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Requirements for Opening a Domiciliary Account in Nigeria

• Completed account opening form.

• Completed specimen signature card.

• Address verification document, such as a utility bill.

• Valid identification document, such as international passport, driver’s license, international drivers license or national ID card.

• Residence permit.

• Proof of address (stamped reference letter or a stamped bank confirmation that shows your address).

• A stamped reference letter or a stamped banker’s confirmation of your bank abroad.

• Two (2) reference forms from Nigerian current bank account holders.

• Marriage certificate (for joint account).

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How to receive money USD from abroad through UNITED BANK OF AFRICA

Remittance of funds from abroad should inform their bank as followed:

Please pay: United bank of Africa UBA
Swift code: UNAFNGLA

Through: CITIBANK NEW YORK United States
SWIFT CODE: CITIUS33
ROUTING NO: 0210000321
Account NO: 36320321

For further credit:

Beneficiary account number:……………………………
Beneficiary name:…………………………………….
Beneficiary Address:………………………………….
UBA Branch:…………………………………………..

(EUR TRANSFERS)

CITIBANK LONDON

HOW TO RECEIVE MONEY (EUR) FROM ABROAD THROUGH
UNITED BANK FOR AFRICA PLC, NIGERIA

Remitters of funds from abroad should inform their bankers as follows:

Please pay: UNITED BANK FOR AFRICA PLC, NIGERIA
SWIFT CODE: UNAFNGLA
Through : CITIBANK LONDON
SWIFT CODE: CITIGB2L
ACCOUNT NUMBER: 0013664082
SORT CODE : 185008
IBAN: GB29CITI18500813664082

FOR FURTHER
CREDIT:
Beneficiary account number ……………………………………………………
Beneficiary name……………………………………………………………………..
Beneficiary address…………………………………………………………………
UBA branch………………………………………………………………………………
Payment details……………………………………………………………………….

(GBP TRANSFERS)

CITIBANK LONDON,
UNITED KINGDOM

HOW TO RECEIVE MONEY (GBP) FROM ABROAD THROUGH
UNITED BANK FOR AFRICA PLC, NIGERIA

Remitters of funds from abroad should inform their bankers as follows:

Please pay: UNITED BANK FOR AFRICA PLC, NIGERIA

SWIFT CODE: UNAFNGLA
Through : CITIBANK LONDON
SWIFT CODE: CITIGB2L
ACCOUNT NUMBER: 0013664090
SORT CODE: 185008
IBAN: GB07CITI18500813664090

FOR FURTHER CREDIT:

Beneficiary account number ……………………………………………………
Beneficiary name……………………………………………………………………..
Beneficiary address…………………………………………………………………
UBA branch………………………………………………………………………………
Payment details………………………………………………………………………

• Q: What is a domiciliary account?

  • A: A domiciliary account allows you to save and transact in foreign currencies (USD, GBP, EUR, etc.) within Nigeria.

• Q: What documents are required to open a domiciliary account?

  • A: Generally, you need a valid ID, proof of address, passport photograph, and completed application form. Some banks may require additional documents like reference forms, BVN, or TIN.

• Q: Can I withdraw cash from my domiciliary account?

  • A: Yes, you can withdraw cash in the corresponding foreign currency from UBA branches.

• Q: Can I use my domiciliary account for online transactions?

  • A: Yes, you can use your domiciliary account for online transactions through UBA’s internet banking or mobile app.

• Q: Are there any fees associated with domiciliary accounts?

  • A: Yes, there may be fees for account maintenance, withdrawals, transfers, and other transactions. Refer to the bank’s tariff for details.

UBA Freedom Dom Account:

• Q: What is the minimum opening balance for a UBA Freedom Dom account?

  • A: There is no minimum opening balance required.

• Q: Are there any limits on foreign remittances with a UBA Freedom Dom account?

  • A: No, there are no limits on foreign remittances.

• Q: Can I use a debit or credit card with a UBA Freedom Dom account?

  • A: No, the account does not support the use of cards.

• Q: Does the UBA Freedom Dom account earn interest?

  • A: No, this is a zero-interest account.

• Q: Can I make transfers from my UBA Freedom Dom account?

  • A: No, you can only withdraw cash in-branch.

UBA Dom Advantage Account:

• Q: What is the minimum opening balance for a UBA Dom Advantage account?

  • A: The minimum opening balance is $100, €80, or ₤70.

• Q: What are the benefits of a UBA Dom Advantage account?

  • A: Benefits include interest on credit balances above $1,000, access to a unique foreign currency card, and access to Visa Dual Currency Debit Cards.

• Q: Can I use my UBA Dom Advantage account balance as collateral for Naira loans?

  • A: Yes, you can use the account balance as collateral.

Source: United bank of Africa