Last Updated on July 1, 2024 by admin
Domiciliary accounts serve as a gateway for individuals and businesses to send and receive foreign currency in Nigeria. These accounts are denominated in foreign currencies, such as the US dollar, British pound, or Euro, allowing account holders to transact in these currencies without the need for conversion.
To open a domiciliary account in Nigeria, one must provide valid identification documents, proof of address, and a completed application form at any commercial bank offering this service. Once opened, account holders gain access to various banking services tailored to their foreign currency needs.
One significant advantage of domiciliary accounts is their ability to facilitate international money transfers. To send money from a domiciliary account abroad or receive funds from overseas, individuals can provide their bank with the recipient’s account details and relevant swift codes.
It is important to note that domiciliary accounts are subject to certain regulations imposed by the Central Bank of Nigeria (CBN). These regulations aim to control capital outflows and ensure transparency in foreign currency transactions.
Understanding how domiciliary accounts work empowers individuals and businesses with an efficient means of sending and receiving international payments within Nigeria. Whether for personal or business purposes, these accounts offer flexibility and convenience for those dealing with foreign currencies.
Individuals of all classes and Corporates bodies who want to send or receive money from other countries should open a Domiciliary Account for smooth financial transaction. The foreign currency current account i.e. Pounds, Euros, Dollars, Yen, etc allow customers to receive and send money via Bank Wire Transfer,
Customer living abroad and Nigeria can transfer money regularly to beneficiaries in Nigeria via on Internet banking and cash deposit. For safety purpose receiver of your money can get the information right from the bank. In order to send money, you will need
1. Name on the account
2. Name of the bank
3. Branch address of the bank
4. Routing Number
5. Swift Code (You can Google the Swift Code of your Bank. Or ask your bank)
However, local cheques and dividend warrants can be lodged into the customers Domiciliary account through any of the Banks branches in Nigeria.
Read: How to Open Domiciliary account with all Nigeria Banks
What is Domiciliary Account?
This is a foreign currency current account i.e. Pounds, Euros, Dollars, Yen, etc. You can fund your Dom account via cash inflows and deposits. domiciliary accounts give you the opportunity to conveniently carry out foreign transactions wherever you may be.
What is Charged fees on the Domiciliary Account In Nigeria?
Nigeria Banks charge their Domiciliary account customers a 0.5% cash handling on withdrawals.
There are many ways to receive or send money overseas, several firms have set up services for international money transfer, the hassle currently lies in finding the best option for you while ensuring it is secure.
We’ll be discussing some of the best services available and their features so that you can make an informed choice.
Also read: How to open First bank Domiciliary Account and receive foreign inflow
1, MoneyGram : Western Union controls 20% of all remittance transactions. It is a fast and easy way to send or receive money in naira or dollars and is available in your bank
2. Western Union money transfer: Money can be received directly into a your account or at a branch with the reference code received from the sender. The maximum cumulative send limit per individual is $1,000 or its Naira equivalent within 90 days
3. Worldremit: The initial transaction is subject to a maximum of USD 2,000, while the maximum limit per transaction is USD 7,500, the total of which must not exceed USD 50,000 every 6 months. It is fast, affordable and transparent.
4.Payoneer: Payoneer’s cross-border payments platform empowers businesses, online sellers and freelancers to pay and get paid globally as easily as they do locally.
5. Transfast offers by Polaris Bank: Transfast offers you the option of receiving inflows directly into your bank account (in Naira) or cash pick up service at any of polaris branch locations.
6. Ria Money Transfer: RIA allows you receive money within minutes directly into you naira account or cash at a Branch close to you from friends and family living abroad.
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