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Best Bank To Open A Domiciliary Account In Nigeria 2024

Following the Central Bank of Nigeria (CBN) regulations about money transfers to and from Nigeria, there is a need to find alternative methods of sending money to Nigeria because sending in Nigerian naira is no longer an option for anyone outside Nigeria(Leaving outside Nigeria).

Domiciliary accounts are helpful in this situation. As an individual, you need to know that a domiciliary account for both individuals and businesses is a type of bank account that doesn’t take Nigerian naira. However, it does accept foreign currencies like dollars, pounds, and euros. Like other savings accounts, the domiciliary account operates similarly. The sole distinction is that it can be used for cross-border payments and commercial operations and can process payments in foreign currencies. Currently, in Nigeria, we have different brands that have made it simple for Nigerians to own a foreign account while also residing in Nigeria. Such Fintech brands are Leatherback and, Payoneer, etc.

Why Must You Open A Domiciliary Account?

To begin with, this is your only choice if you want to send funds to Nigeria leaving outside Nigeria. With most Nigerian banks, you can open a domiciliary account and conduct business inside and outside Nigeria.

Although the advantages of holding a dom account vary from bank to bank, they often consist of the following:

1. Savings account: you can actually use the domiciliary account as a savings account, which is particularly helpful for parents who want to put money down for their children’s international education.

2. International business: The ability to conduct domestic and international transactions makes it the most excellent choice for individuals working worldwide.

3. Receive and make international payments: you can use the domiciliary account to send money abroad and to receive money in foreign currencies like dollars, pounds, and euros from another international account.

4. Online banking: access features such as debit cards, online banking, and transaction alerts through email.

Method to Open a Domiciliary Account in Nigeria and its Requirements

In opening a domiciliary account in Nigeria, the main requirements needed to open domiciliary accounts are similar across all banks in Nigeria, but we will focus on some popular banks in this article.

1. Guaranty Trust Bank (GTBank)

If you are a resident of Nigeria, you can open a domiciliary account with Guarantee Trust Bank. You can follow these steps:

  • Duly fill and sign in a domiciliary account opening form.
  • A copy of your identification document (international passport, driver’s license, or national ID card)
  • One passport photograph
  • Two reference forms must be filled out by current account holders, which are current account holders.
  • Utility bill of not later than three months

For A Non-Nigerian Resident

You can also have a GTBank domiciliary account if you do not reside in Nigeria, and you achieve this with the following requirements:

  • Fill in a non-resident account opening form.
  • One passport photograph
  • A copy of an identification document as a Nigerian citizen, such as a Nigerian national passport, a national voter’s card, a driver’s license, or a foreign international passport or international driver’s license.
  • Proof of address
  • Provide either of these references information :

A valid Stamped reference letter or a stamped banker’s confirmation of your bank abroad details.

Two (2) reference forms from current, reliable Nigerian bank account users; if you are interested in creating a joint account, provide a copy of your marriage certificate for evidence.

Features Of GTBank Domiciliary Account

  • 24/7 Banking services via its various channels
  • Cash withdrawals in foreign currency from any Guarantee Trust Bank branch in Realtime.
  • Transfer funds in foreign currency to other banks’ domiciliary accounts in Nigeria and abroad.

2. Zenith Bank

Zenith Bank is one of the top commercial banks in Nigeria, and it provides several products and services, one of which is the domiciliary account. How do you open a dom account with Zenith Bank? The following are the requirements for the account:

  • Get an account opening form which you can get either at its physical branch or via its online portal and duly fill in all information.
  • One passport photograph of authorized signatories
  • Valid proof of identification (international passport, driver’s license, or voter’s card)
  • Utility bills not older than three months
  • Proof of residence

Features And Benefits Of Zenith Bank Domiciliary Account

  • Internet banking
  • Dollar debit card
  • Mobile banking
  • Email/SMS Alerts
  • Money deposits in dollars, pounds, and euro

3. Access Bank

Access Bank is another bank in Nigeria where you have to open a dom account with ease. You can fund your Access Bank domiciliary account with dollars, pounds, euros, and yen.

You can open an Access Bank dom account with the following requirements:

  • Duly completed account opening form
  • One passport photograph
  • Proof of identity (valid international passport, driver’s license, or voter’s card)
  • Utility bills not older than three months
  • Two acceptable references
  • Proof of residential address
  • BVN of signatories

Products And Features Of Access Bank Domiciliary Account

  • $100, £100 & Euro 100 opening balance
  • Interest rate 0.01% per year (above 100,000 GBP, USD, Euro)
  • A cash handling charge of 0.5% on withdrawals
  • No minimum daily balance
  • Customized checkbook (on request)
  • No monthly maintenance
  • No restriction on the number of withdrawals

4. United Bank Of Africa (UBA)

You can use the UBA dom account to fund your account in USD, GBP, EURO, CYN, and CFA. UBA has its operations in some parts of Africa; as such, it enables you to access a domiciliary account as a UBA customer upon meeting all its requirements. These requirements are:

  • Duly completed domiciliary account opening form
  • One passport photograph
  • Valid means of identification (international passport, driver’s license, voter’s card, etc.)
  • Utility bills not older than three months
  • Two references, with each having a UBA current account

Features of UBA Domiciliary Account

  • Minimum opening balance of $100, or it is equivalent in GBP, EURO, CYN, or CFA.
  • The account can be classified as either a Savings or Current Dom Advantage account.
  • Account operated as ordinary or export proceeds domiciliary.
  • Foreign paid cheques or instruments can be credited to the account.

5. First Bank Of Nigeria

First Bank of Nigeria is a premier bank in Nigeria and has, over the years, held its reputation as one of the best banks in the country. With a wide range of financial products and services this bank offers, having a dom account is one such. You can open a First Bank domiciliary account upon meeting the following requirements:

  • Duly completed account opening form
  • Duly completed specimen signature card
  • Recent passport photograph
  • Utility bills not older than three months
  • Valid means of identification (international passport, driver’s license, national ID card, voter’s card, etc.)
  • Two satisfactory references

Features of First Bank Domiciliary Account

  • Minimum opening/ operating balance – $100, €100, £50, CFA10,000
  • Attractive interest rate
  • No restrictions on the number of withdrawals
  • Interbank and intrabank transfers are allowed.
  • Cash withdrawal in foreign currency from any FirstBank branch
  • 24/7 Banking services via its various channels

Other Commercial Banks to Open Domiciliary Account

Other commercial banks in Nigeria where you can have domiciliary accounts in are listed in the table below:

1. Parallex Bank Ltd
2. Citibank Nigeria Limited
3. Ecobank Nigeria Plc
4. Fidelity Bank Plc
5. Wema Bank Plc
6. First City Monument  Bank Plc
7. Globus Bank Limited
8. Unity Bank Plc
9. Heritage Banking Company Ltd
10. Keystone Bank Limited
11. Polaris Bank Plc
12. Premium Trust Bank
13. Providus Bank
14. Stanbic IBTC Bank Plc
15. Standard Chartered Bank Nigeria Ltd
16. Sterling Bank Plc
17. SunTrust Bank Nigeria Limited
18. Titan Trust Bank Ltd
19. Union Bank of Nigeria Plc


How to Receive Foreign Currency Using Domiciliary Account

You can use wire transfers to get money into your domiciliary account from another nation. There are several methods to send and receive foreign currency when you are outside Nigeria; always check with your bank’s customer service to find out which kinds they accept.

Your domiciliary account will be funded or credited with the appropriate amount of foreign currency within the time frame specified for the mode of payment utilized, depending on the transfer method chosen. Beginning on the day the money was received, payments made by wire transfer from the United States may take two to three business days to appear in your dollar domiciliary account.


A domiciliary account is one way to have money in foreign currency while in Nigeria. It opens you to endless possibilities of earning beyond the Nigerian naira, especially for freelancers or businesses trading in Nigeria. So you need a domiciliary account if you reside in Nigeria and want to make in foreign currencies directly to your account.






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