Best Domiciliary Account in Nigeria 2024 (10 Best Banks)

Updated on December 8, 2023

Having a reliable domiciliary account in Nigeria is a game-changer for making international transactions and managing foreign currencies if you live in the country. Whether you’re a frequent traveler, a business owner with international clients, or simply want to diversify your financial portfolio, finding the best domiciliary account in Nigeria is essential.

You may believe that you do not need a domiciliary account yet since you have no relatives outside of Nigeria, but what if your children or relatives move abroad, how would you do business? What if you need to quickly receive payments from foreign countries?

That’s why we’re talking about the best domiciliary account in Nigeria. However, the domiciliary account isn’t only for relatives, you can receive foreign funds from foreign business clients seamlessly.

You may store money in this domiciliary account just as you would in a savings account; it will come in handy if you need to save money for a project or anything else.

The best banks for domiciliary accounts in Nigeria are First Bank, GTBank, UBA, Zenith Bank, Union Bank Fidelity, etc.

Let’s get started on the top ten banks for opening a domiciliary account in Nigeria, and the criteria you must meet before you can successfully open one.

10 Best Banks for Domiciliary Account in Nigeria

1. First Bank Domiciliary Account
2. Zenith Bank Domiciliary Account
3. UBA Domiciliary Account
4. GTBank Domiciliary Account
5. Union Bank Domiciliary Account
6. Fidelity Bank Domiciliary Account
7. Access Bank Domiciliary Account
8. First City Monument Bank (FCMB) Domiciliary Account
9. Stanbic IBTC Bank Domiciliary Account
10. Polaris Bank Domiciliary Account

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The best banks in Nigeria offering domiciliary accounts are listed below.

Best Domiciliary Account in Nigeria

Here are the best domiciliary account in Nigeria for soring your foreign exchange:

1. First Bank Domiciliary Account

First Bank is a top bank offering a domiciliary account in Nigeria. It enables its customers to do worldwide business. This domiciliary account accepts cash, traveller’s checks, and foreign currency deposits.

There are two types of First Bank domiciliary accounts available:

• The FirstDom Plus
• First bank Domiciliary account

The FirstDom Plus offers a high-interest rate, but there are no bank fees. It’s also for already existing First Bank customers who already have a domiciliary account with $5,000 in their accounts.

While the First Bank domiciliary account only retains US Dollars, British Pounds, and Euros. It also requires a minimum operating balance of $100, €100, £50.

You can operate and manage your First Bank domiciliary account with First Bank online banking.

Related: Cheapest Virtual Dollar Cards in Nigeria

First Bank Domiciliary Account Requirements

• A legitimate identification card
• An application for a new account.
• a passport issued recently
• a bill for public utilities

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2. Zenith Bank Domiciliary Account

Zenith Bank is one of Nigeria’s biggest banks, providing excellent customer service. You may start a new Zenith bank domiciliary account in Nigeria with no money in it.

The conventional domiciliary account and the cash domiciliary account are the two kinds of domiciliary accounts offered by Zenith Bank. Recruitment for the NNPC.

The regular account enables you to transfer money and conduct overseas transactions without worry, no matter where you are. You have access to online banking, mobile banking, and a variety of other services.

You do not need money to start an ordinary domiciliary account, and you may open one with a zero balance.

The standard account may be completed without leaving your comfort zone, which implies that transactions can be completed online.

Transfers are not possible with a cash domiciliary account; you can only cash in and out. The Best Banks for Domiciliary Accounts

Zenith Bank Domiciliary Account Requirements

• Have a form for registering for an account.
• Valid identification, such as a voter’s card, a national identity card, or another acceptable form of identification that shows Your home is where you live.
• And a public utility receipt, such as a PHCH, a phone bill, or anything similar.

3. UBA Domiciliary Account

UBA is one of Nigeria’s top banks, so when it comes to creating a domiciliary account in NIgeria, it offers a variety of possibilities.

The types of UBA domiciliary accounts in Nigeria that are available:

• Dom Advantage
• Dom Advantage Plus
• Freedom Dom
• U-Care Plus domiciliary accounts

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UBA Domiciliary Account Features:

• Withdrawals from a UBA domiciliary account are restricted.
• It enables online banking.
• There are no fees for both deposits or withdrawals.
• Bank statements and SMS notifications are both available.
• It mostly deals in US Dollars, Pounds, and Euros, among other currencies.

Checkout: How to Borrow Money from UBA

UBA Domiciliary Account Requirements

• A $1000, €700, or £600 minimum openings balance is required.
• There is a mandatory communication fee of €20 (£15).
• Other documentation necessary for creating a domiciliary account is listed below.

See: UBA Internet Banking Guide

4. GTBank Domiciliary Account

One of the best domiciliary account in Nigeria is that of Guaranty Trust Bank. It accepts US Dollars, British Pounds, and Euros as payment methods.

You may also conduct a simple transaction from the convenience of your own home.

You may withdraw cash from any GTBank branch using your GTBank domiciliary account in one of the bank’s restricted international currencies.

It is a banking service that is available 24 hours a day, seven days a week. In Nigeria, there are four drawbacks to Treasury Bills.

See: How to Unblock my GTBank Account with 737

GTBank Domiciliary Account Requirements

• Valid identities, such as an international passport, a voter’s card, or another kind of identification
• An application for a new account.
• A picture from a recent passport.
• Receipt from a public utility.

Also See: How to Get a Business Loan from GTBank

5. Union Bank Domiciliary Account

Union Bank also offers a variety of domiciliary accounts to suit the needs of its clients, including a domiciliary savings account, a dollar current account, and a domiciliary travel card account in US Dollars.

To open a Union Bank domiciliary account, you must meet the following requirements.

• Valid Identification Card Passport
• A CIU form with a current pay bill BVN

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6. Fidelity Bank Domiciliary Account

This bank provides excellent customer service as well as affordable perks to its clients. As a result, it is ranked first among the banks with the best domiciliary account in Nigeria.

Customers may only utilize a restricted number of currencies, including Pounds, US Dollars, and Euros with a Fidelity Bank domiciliary account.

Fidelity Bank Domiciliary Account Requirements & Features

• For US Dollars, Pounds, and Euros, the minimum starting balance is $€£.
• A $€£ operating balance is required.
• It has the benefit of online banking.
• It provides information on interest rates, among other things.
• To establish a Fidelity Bank Domiciliary Account, you must meet the following requirements.
• A registration form
• A valid ID card (National Identification Card, voter’s card, or another kind of identification that the bank accepts)
• Bills for utilities
• Residence
• A recent bank statement for a passport was recently issued.

7. Access Bank Domiciliary Account

This bank has one of the best domiciliary account in Nigeria. It also offers a variety of fantastic choices to its clients. Foreign currencies such as Pounds, Yen, US Dollars, and Euros are accepted.

The domiciliary current savings account and the domiciliary current savings account are the two forms of Access bank domiciliary accounts.

Chequebooks are accessible in the domiciliary current account. There are no limits on how much money you may withdraw, and there is no need to pay a maintenance fee. There are several advantages to having a domiciliary current account.

A domiciliary savings account has several advantages, including the lack of a need for a check, the ability to create an account at any time, and many more.

Access Bank’s Requirements for Opening a Domiciliary Account

• Have a vehicle with a valid ID.
• It is necessary to have a passport.
• You must have a residency permit and meet certain additional conditions as a foreigner.

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8. First City Monument Bank (FCMB) Domiciliary Account

The FCMB domiciliary account also falls into one of the best domiciliary accounts in Nigeria. You may conduct overseas transactions with ease and comfort, just as you do with other domiciliary banks.

A domiciliary current and savings account are also available at this bank. A domiciliary savings account enables you to save money, while a domiciliary current account allows you to make international transactions from anywhere.

The Requirements for Opening an FCMB Domiciliary Account

• You’ll need to fill out an account registration form.
• A picture for a passport
• Residence permit with a valid ID card.

9. Stanbic IBTC Bank Domiciliary Account

You might think about creating an account with Stanbic IBTC as one of the greatest domiciliary accounts.

You may send and receive money in several currencies, but not in Naira. To open a Stanbic domiciliary account, you must have the following:

a $100 deposit for a person and $500 for a firm, as well as your forms of identification and other items requested.

10. Polaris Bank

International transactions are permitted at Polaris Bank. It allows you to do transactions at your leisure. When you get a domiciliary account, you may pay your bills, save money for your children, and do a variety of other things with it.

To open a Polaris Bank domiciliary account, you must meet the following requirements.

• Your genuine identification card
• Your pay stub
• Any additional bank requirements, such as a passport picture.

What is a Domiciliary Account, and how does it work?

A domiciliary account is one that solely takes foreign currency such as pounds, euros, and dollars. It does not, however, take Naira, Nigeria’s currency.

This account can only take money in foreign currencies (not Nigerian Naira) and differs from other kinds of bank accounts in that it is exclusively used for commercial transactions rather than savings.

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As a result, it may be used to send money to another nation or to receive foreign currency from an account in another country.

Choosing a Domiciliary Account in Nigeria

If overseas transactions are important, then a domiciliary account in Nigeria is without a doubt the best alternative. In every manner, this sort of account makes overseas transactions simpler and better than other accounts.

Overall, we hope that this article has aided your decision-making in terms of banks to consider when opening a domiciliary account, and we feel that they will be of great use to you in your foreign banking dealings in the future.