Why buying land is better than a Fixed deposit account

Posted by Chidinma on Monday July 6, 2015 at 16:15:45:

Domiciliary account is an account opened and maintained in a foreign currency here in Nigeria. Most Domiciliary accounts are maintained in Dollars, but on special request, you can get a British Pound or Euro based Domiciliary account. Opening a Domiciliary account in Nigeria is almost the same procedure as opening a savings or current account, the only difference is that most times, you are required to come with the foreign currency for your minimum deposit and probably a guarantor too. There are many benefits that come with having a domiciliary account instead of the naira account; some of the benefits include;
• Global access To Your Money Anywhere In The World: All domiciliary account can have a Visa Card or a MasterCard attached to it and with that, you can access your account and make withdrawals in almost all the countries of the world, since there are millions of ATMs where your Card can be accessed around the world. You can also easily transfer funds to foreign accounts you own using the account.

• Easy International Payments: This is almost similar to the first point; the MasterCard or Visa Card attached to a domiciliary account allows you to make international payments easily; unlike the local debit card which is limited to make payments in Nigeria alone.

• Easily receive foreign Payments at lower cost: You can easily receive payments from anywhere around the world into your Nigerian domiciliary account through Wire transfer and without the need to convert it to Naira using the bank’s low rate. A Naira account can’t receive payments directly without first being converted to Naira and that loses you some money. Instead of paying the expensive fee that comes with Western Union Money Transfer the sender can easily work into any bank and make a transfer into your account through an intermediary bank account, and it enters your account within 24 hours to 5 working days.

• A good store for your money: In Nigeria, it’s now better to save money in foreign currencies than the Naira since the Naira loses value over time and has been doing so for the past 20 years since the 1980s. Currencies like the US dollar, British Pounds and Euro are a better store of value than the Naira.