Are you in Nigeria and searching for how to open a Dollar Account in Nigeria? You are in the right place as we will discuss what you need to open a Dollar account In Nigeria. Contrary to popular reasoning, opening a Dollar account is very easy.
There is a need to open a dollar account as the local account has several limitations preventing you from making international transactions. When you are in this type of situation, you will require a dollar account. This post will cover what you need to open a Dollar account and some other related questions.
What is a Domiciliary Account?
A domiciliary account is any type of account that runs in another currency apart from your local currency i.e.in this case Naira.
Who can Open a Domiciliary account in Nigeria?
Most commercial banks in Nigeria allow both individuals and business organizations to be able to open and make use of a domiciliary account as long as they have the necessary requirements and documents. Some of these documents include a valid ID, verification of address, and residence permit.
What do I need a Dollar account for?
A dollar account or a domiciliary account comes in handy for so many purposes. You can use foreign currencies of your choice conveniently and perform all the basic functions of an account in the same way your current or savings account works.
You can also use your Dollar account to make transactions internationally like payments for services acquired internationally and more.
Where can I open a Dollar Account in Nigeria?
You can apply to open a dollar account in any licensed commercial banks in Nigeria. Some of the commercial banks in Nigeria are Zenith Bank, First Bank, Union Bank, Access Bank, Guarantee Trust Bank (UBA), Fidelity Bank, United Bank of Africa (UBA), Ecobank, and First City Monument Bank (FCMB).
What do I need to Open a Dollar Account in Nigeria?
To open a Dollar account in Nigeria, you need to have the requirements listed below;
- You need to have completed an account opening form
- Provide the selected bank with two recent passport photographs of yourself
- You must have completed the specimen signature card
- An address verification document e.g., your utility bill.
- Possess a valid document of identification for example an international passport, driver’s license, national ID card, and more.
- Residence permit.
- Proof of your address this is a stamped reference letter or a stamped bank confirmation document that shows your address.
- A reference letter stamped by your bank abroad or a stamped banker’s confirmation of your bank abroad (if you have one)
- You must provide two reference forms from Nigerian current bank account holders.
- For those who might want to opt for a joint account, a Marriage certificate should be provided.
Once you have all these requirements as stated above, you can now proceed to open a Dollar account in any of the commercial banks of your choice in Nigeria.
Which bank is the best to open a Dollar Account in Nigeria?
As we have done our research properly, we discovered that the best bank to open a Dollar account with is Guaranty Trust Bank popularly known as GTB.
How long does it take to open a dollar account in Nigeria?
To activate a dollar account or domiciliary account in Nigeria, it would take an average of 2 days- 3 days i.e., 48hours- 72 hours
How much does it cost to open a US dollar account in Nigeria?
Opening a dollar account in Nigeria is usually free but you deposit about $100 to $500 as a minimum opening balance. The minimum opening balance might vary depending on the commercial bank you want to use.
Can I withdraw from my domiciliary account from ATM?
Yes, you can withdraw foreign currency from your domiciliary account through the ATM. But this is only for some commercial banks like Zenith bank, UBA, and more.