Things one can do with a domiciliary bank account

Posted by James on Tuesday February 3, 2015 at 10:46:14:

Having a domiciliary bank account in Nigeira has its many benefits and uses. In case you do not know, this is some type of a special account which is operated in foreign currency (basically the dollar, Euro and the British Pounds) rather than the usual local Nigerian currency. This type of account allows you to withdraw or make deposits in currencies other than the Naira and as such can said to be ideal for people that are involved in businesses internationally.

The special nature of this account does not in any way mean that it is difficult to open. On the contrary its so easy to open as long as you ensure to fulfill the necessary requirements. It does not require much to operate one. This is made easier if you are already operating either a savings or a current account for as long as six months. There are a lot of things that one can use a domiciliary for.

With a domiciliary bank account, apart from withdrawing and depositing money, you can also internationally send money to people (family, friends or even business) using your bank wire. This is suitable in situations of trade done internationally or making travel payments. Also, you can get to receive payments from all over the world. If you are some one who is offering a service internationally, this is considered an ideal way to receive your payments. It will only take only about a week or so and the money will be credited on the designated or recipients account. However, this service usually attracts a fee.

Just like any other bank accounts, you can also save money on a domiciliary account. The only difference it has with your conventional account this time around is that deposits are done in foreign currencies. It also allows you to make interests through your deposits.

Different banks have their lightly different requirements to open a domiciliary, but there is a basic and general requirements by all banks. They will require a valid form of identification like a national I.D card, internationally accepted passport or at least a drivers license coupled with a recent passport photograph of you. You will also need to provide a minimum of two references who have been operating a current account in any of the banks around - but providing one within the bank will be most preferred. Also, you will make available a proof of where you reside and you become eligible.

A domiciliary account in simple terms is an account which one operates locally in his or her country but with currencies of other countries. This is quite different from you operating a foreign bank account. This is for those without the privilege of having a foreign account but engage in transaction internationally. It helps in facilitating your international business transactions. This type of account is also ideal for people who are interested in participating in transactions like FOREX and other forms of foreign currency transactions. It makes it easier for them to have access to forex.