Read this before opening a dorm account in Nigeria!
Want to open a dorm account in Nigeria? It is now very easy to send and/or receive money in foreign currencies (us dollar, Sterling’s, pounds and euros) in Nigeria. All you need to do is to open a domiciliary account with any of these top Nigeria banks.
However, here’s a brief introduction on what a domiciliary account really is.
What is a Domiciliary (Dorm) Account?
A domiciliary account is a special type of account that allows Nigerians to send, receive, and withdraw foreign currencies. International currencies such as USD, Pounds, and Euros are supported in this type of account, however, you must indicate one when creating the account.
This account is open to individuals and business persons. With a domiciliary account, you can receive and send money directly in foreign currencies. You’ll get paid by your bank in foreign currencies (us dollar, pounds and euros) too. Also, domiciliary account holders have the benefit of sending/receiving money from international organizations or companies. This means that a Nigerian can work with foreign organizations and firms and receive payments at ease.
Another major benefit of having a domiciliary account is this; a domiciliary account can send or receive money to any type of account without any issues of currency exchange rate or outrageous charges from banks.
You can now withdraw your PayPal and Payoneer funds exactly as it is without reselling to “black market” exchangers. In the same way, Nigerian bloggers/vloggers who earn through Google Adsense will benefit from opening a domiciliary account as it’ll easier to withdraw their earnings.
Let’s now move straight to the best Nigeria banks to open a domiciliary account with
Top banks to open a dorm account in Nigeria
Zenith Bank Dorm Account
Requirements for Zenith Bank Dorm Account
- A valid form of I.D (could be an international passport, Driver’s license, or National identification Slip)
- Complete the Zenith bank account opening form
- Complete signing the specimen signature card
- Residence permit
- A copy of utility receipt (not more than three months old)
- Two colored passport photographs with name and signature at the back
- Have an active account with zenith bank not less than six months old
- Initial deposit of $100 (NGN36, 000 approx.)
- Two references (must be current account holders)
If you have all the requirements above, you can go to any zenith bank closest to you, meet the customer care personnel and request to open a domiciliary account. You will receive a form to fill but will be guided properly on what and what not to do. You can fill out the form right in the bank hall or take it home.
After submitting the above requirements, your account will be up and running in the next 48 hours. Meanwhile, zenith bank domiciliary account can be operated from anywhere via USSD banking codes or online banking platforms.
Applicable zenith bank dorm account Charges
- Negotiable 0.5% of transaction value on cash withdrawals
- 5% of transaction value or $10 or its equivalent + N4000 swift charge + optional $25 off-shore Bank standard fee on outward foreign currency transfers.
Requirements for First Bank Dorm Account
- You must have a minimum opening balance of &300, $500 or 500 Euro; you’ll be able to withdraw part of it later if you desire.
- Two current account holders referee (preferably with the bank you are opening with). Two forms will be given to you for these two referees to sign.
- Two (2) recently taken colored passport photographs (If you do not have an account with the First bank before).
- A valid form of ID: This can be driver’s license, national ID card, international passport or any other acceptable identification document the bank accepts.
- Photocopies of your utility bill issued within the last 3 months, for address verification
- Duly completed specimen signature card given to you by the bank.
- Resident permits (For non-Nigerians only)
If you have all the requirements above, visit the First Bank office branch closest to you and do the following.;
- Move straight to the customer care and request to open a domiciliary account with them
- If previously you do not have an account with First Bank; you’ll require to open a savings or current account alongside the domiciliary account.
- Complete the foreign currency account opening form alongside the specimen signature card. (you can fill the form within the banking hall or take it home and return it back when you’re done)
- Forms will undergo thorough checks and corrections from various bank staff.
- Your domiciliary account should be up and running within the next 48 to 72 hours
- Once you receive an SMS from the bank indicating that your domiciliary account has been created, you can now go to the bank to pay in the minimum deposit to activate your account.
SMEs and Corporate organizations can operate this account!
Applicable Bank Charges
Cash withdrawals from a cash inflow or funds transfers (credits) attract a 1% commission. Cash withdrawals from initially deposited cash will attract a 0.5% commission.
Guarantee Trust Bank Dorm Account (GTBANK)
GTB dorm account requirements
- Two referees (must be current account holders) preferably of GTBank
- Valid I.D (could be driver’s license, national ID card, international passport or any other acceptable identification document the bank accepts)
- Photocopies of your utility bill within the last 3 months, for address verification
- One Recently taken passport photograph
- You MUST have a Gtbank Naira account
If you have all the requirements above, visit any Guarantee Trust Bank nearest to you and do the following.
- Move straight to the customers’ service and request to open a domiciliary account
- Check on the boxes to select the Dorm account you wish to open (USD, GBP, EUR, and CFA)
- Fill the Dorm account opening form
- Indicate a platform for receiving transaction alerts
- Submit the form alongside the reference form.
- Within the next 48 to 72 hours your account will be up and running.
- Go back to the bank and make an initial deposit to activate your account
Applicable Bank Charges
- Withdrawal limit of $1000 monthly
- Daily and weekly transfer limit of $10,000 and $50,000 respectively
Transfer to other domiciliary account attracts a swift charge of 4000 Naira and 1% of the amount being transferred.
There are no restrictions to who can create a dorm account with GTB; it is considered the best in Nigeria. You can request for a debit card but that’s if you want.
Above are the top ranking banks in Nigeria and with the most suitable, reliable, trusted and ease free Dom account opening process. From our research, we found out from many reviews collected that Zenith bank is more suitable and is the best Nigeria bank to open a Domiciliary account with.