A Domiciliary Account is type of account that enable you receive direct foreign currencies and pay for international transactions. This kind of account is fund with foreign currencies such as dollars, pounds or euros.
However, Payments through wire transfer could take two or three working days to reflect in your dollar domiciliary account, starting from the day the money was sent. you can also transfer money from your domiciliary account to another domiciliary account abroad or within your country depending on your bank and your country of resident.
Charges emanating from wire transfer in domiciliary account can be very high. This also varies from bank to bank.
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This post is designed to answer the question on how to open UBA domiciliary account, Type of account and how to fund/credit it.
United Bank of Africa has Freedom Dom Account,U-Care Plus Domiciliary Account AND Dom Advantage Account. You can choose the account that meet your needs depend on the kind of account of your choice to open with UBA.
1. Freedom Dom Account
This UBA domiciliary savings account enable customers receive foreign currency and Telex inflows directly into your account. It has is zero (0) USD account opening balance. However, customers will upgrade their accounts as soon as they exceed a debit turnover limit of $2,000.
Customers can’t carry out transfers on this account, they can only access their cash through in-branch cash withdrawals also it doesn’t allow the use of cards.
Requirements to open Freedom Dom Account
The only requirement to open Freedom Dom Account is your Bank verification Number (BVN)
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2. Dom Advantage Account
The UBA Dom Advantage is a current or savings domiciliary account denominated in foreign currency – US Dollar, Pound Sterling, EURO etc, but operated by in Nigeria as Domiciliary Account.
It has Minimum opening balance of $ 100, € 80 or ₤ 70 or its equivalent in other currencies. It Can be used as a channel for Investments in securities and real Estate in home & abroad—-Interest is payable on account credit balance subject to a minimum balance of $1,000.00 or its equivalent
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. U-Care Plus Domiciliary Account
This FCY account denominated in USD, GBP, & EURO meant for parents who want to save for children’s secondary/tertiary education abroad.
It has a 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 and 0.5% + VAT on amount withdrawn.
The Opening balance for UBA U-Care Plus Domiciliary Account is $100 or £70 or its equivalent. The Minimum operating balance of £350 or its equivalent with Interest Rate of 0.1% payable on the credit balance.
Requirements to open UBA U-Care Plus Domiciliary Account
To open UBA U-Care Plus Domiciliary Account, customers must provide the following documents.
1. Valid Identification of Parent/Guardian
2. Two Passport photographs of Child and Parent
3. Child’s birth certificate
4. Address verification of the parent/guardian ..NEPA Bill or waste management bill
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Steps to open UBA Domiciliary Account
1. You might ask to present 2 reference whom have operated Current account for at least 6 months with the bank or any other bank. Usually it is better and faster to get referees from the same bank so that confirmation will take place as early as possible.
2. Visit any UBA bank close to your location and pick up the application form
3. Fill it and submit with required documents
4. 2. Utility Bills like PHCN bill etc
5. National ID card, International Passport, Driver’s License for proper identification.
6. About $100 for minimum balance. You might be charged extra fee for MasterCard or VisaCard
7. Once done you receive your account number in less than 72 hours once all the document and reference is verified.
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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……………………………………………………………………….
