«Home

What Is A Domiciliary Account?

What Is A Domi Account In Banking Language?

Please i'd like to know what a domi account mean in a banking world.I was trying to ask my bank oceanic bank if they operate money wiring from or to a foreign account (forex account)but their response was not satisfactory,so i asked a friend and he told me i can transfer money via money wire if only i have a domi account.Please i'm confused.

Avatar
Newbie
51 answers

Need to make dollar or other currency payments to another country? Then you should get a domiciliary account. Once you open it and deposit some funds, you can make the payments you need. If any money remains unused by you, you can then withdraw the cash in Nigeria or anywhere in the world. There are several ways to deposit the funds onto such an account. One of them is cheque deposit, or you can make a cash deposit, too.

0
Avatar
Expert

No one has said anything about UBA, i opened with dem since then i ve been relentant to wire money because a friend had a bad experience with dem, she said they they charge her more than she expected, does any1 have has info on this? because the bank here in Europe will collect charges and then after 9ja bank will collect their own again, isn't that too much?

0
Avatar
Newbie

i've taken time to go through the whole questions and the responses given.

i actually don't work with GTB but i bank with them and i've helped couple

of friends open dom account with GTB.

to open a dom account, you need d following:

1) current account with the bank(if you don't have one you can open both account at the same time)

and their requirement for current account are:

1) one pass port photo

2) utility bill(3 months)

3) two ref, better if they are banking with GTB

4) your drivers lic or nat id

5) fill their forms

plz note that the same requirement applys to dom account opening and like i said

you can open the two accounts are the same time.

well about how much u did to deposit, its differs with GTB branches, like my branch here in PH you

can open both accounts with no money 0.00 balance. i mean it uptil now,

like you asked, you can also open for Euro, Pounds, Dollars etc all as you fill your dom form.

you use dom accounts to make your foriegn exchange transfer(wire transfer) to any part of the world.

GTB charges you close to $10-20 when you're transfering from nigeria and the international bank you're transfering the money to will charge from $30-$45 dollars, it all depends on the international bank.

with your dom account you can actually fill the master card form and collect your mastercard which you can use directly to pay for stuffs online and also when you travel out of nigeria.

i hope i've been able to handle your question well.

0
Avatar
Newbie

Domiciliary Account[/color] is an account that enable you to send and withdraw money in business transaction especially when it involves foreign account transaction. More details can be read @ this link: www.kmtc.ueuo.com

0
Avatar
Newbie

what is the maximum amount you can transfer to a domiciliary account?.

0
Avatar
Newbie

in regard to the limit you can pay or withdraw all bank have different guide pls consult your bank before open dom a/c

0
Avatar
Newbie

If you do not have an international passport can you use the Nigerian Identity Card to open the domi. account anyway?

Please reply.

0
Avatar
Newbie

Guys just a quick question. if you have a GTB account in UK, can you lodged money(GB pounds) into it from GTB bank in Nigeria? An urgent response is required . thanks

0
Avatar
Newbie

There is no limit to the amount. So long as you can pay d charges involved

0
Avatar
Newbie

Domiciliary account are:

mostly conditions as follows

1. A current account with the bank;

2. operated the account for 3- 6 months

3.at least $100 or more as minimum deposit confirm from GTB PLC

That is all. It is very simple.

Other banks have different rules, but I opened my domi account for $100 Gtb

be sure you tick all the major currency. ie £, $ etc when opening an account.

and more to assistS you on forex market tips we can help you get a free millionaires cards send to your doorstep for free 100% free, no dime deposit, no courier charge, zero risk from us financial figure : us first bank (registered fdic member) to your hands, Trades forex and cash your money from zenith bank atms directs to your saving account no more stress of current and "DOMICILIARY"? accounts for more details on how makes global banking alot more easy sms us @ +2348060976647.wishing all the best!

See you at top,

0
Avatar
Newbie

@Babakenny,

So far from what i have understood is that you wish to trade forex and transfer funds into your account. I would advise you (if i am in any position) to bank with GTB. Why? beacuse they offer a 24/7 online banking, therefore making it easier for you to transfer funds in and out without going through the rassel of going to the bank, but you will need 2 refs.

0
Avatar
Newbie

I highly recommend GTB .

0
Avatar
Newbie

not sure what u meant cessienboy. Are you asking if you need to have an account to send wires through the bank? If so then the answer is yes. To send and receive wires you do it through your account. IT's fast, cheap and most definitely reliable

0
Avatar
Newbie

Do I need to own an account with standard chattered bank.

0
Avatar
Newbie

Hi friends,

I have read a lot of things above and I am afraid to

say most of them are merely crap.

Here is a powerful information below from an expert.

Follow it and get your dormicilary account opened

easily.

============================================

Many of you have complained about not being able to open

a domicilliary account(and this is needed to cash your Google

Adsense checks).Now,it's pretty easy.I have a dorm account

with GTBank,so,that's the only bank I can authoritatively talk

about.But,some of my students have talked about successfully

opening dorm accounts with FCMB,UBA and First Bank,so,you

may want to try them.

As per GTBank,the fastest way to go about this is to open a

current account with N5000.They will request for the following:

*your National ID card,Passport or Driver's License

*current NEPA bill,you can get this from your landlord

*1 picture

*2 referees who have current account in any Nigerian bank

*as well as N5k minimum

Once you successfully open the current account,just ask

them for the forms to open a dorm account.Remember to

choose all denominations,not just dollars.You don't want

to limit yourself,do you?

In the past,it was difficult to get an individual dorm account.

Not so anymore.Just go out there and get yourself a dorm

account to assist your online ventures.

All the best.

By Iyabo Oyawale.

Reply if you found this post useful.

0
Avatar
Newbie

In response to crazy legs'questions

The commission is 0.5% of what ur sending. So tell me if you know anyone that can beat that!

Yep, we've got minimum opening balances but depending on what you wanna use the account for all that can be negotiated. So don't worry much about it.

We've got branches outside Lagos as well. So let me know where u r and i'll hook you up. furthermore, who says you can't live somewhere else an still arrange your transfers over the internet. We've got Nigerians resident outside the country who operate accounts with us. So don't sweat it. Just holler at a brother and i'll hook u up. My number again is 08034032257!

0
Avatar
Newbie

I want to know how much gtb charges specifically for each wire transfer.

0
Avatar
Newbie

Think GTB is the best bank when it comes to dom account.

0
Avatar
Newbie

@recruiter1

How far. Just want to get a few things straight

1. By 0.005 do you mean 0.5% on transfer amount.

2. Is there a minimum opening balance amount?

3. Do you guys have branches everywhere? Not everyone lives in Lagos oh!

0
Avatar
Newbie

Please can I use to send money to Malaysia.I have been to many banks including GTB but their answers were not sastisfactory.Most of them can only transfer to USA UK and south africa.

Please let me know of any banks that can send money to Malaysia

0
Avatar
Newbie

If we are talking "customer-service", I would understand it when most people go for GTBank. But if the indice is "domicilliary account", well, i don't know about GTBank being the best. Best in what? In their Turn Around Time in fx remittance or in their charges?

I love the "orange rules", but it's going to be hard giving them top marks here. FCMB, for one, has fx concessions for some of their market locations, that will not be easy to beat. They can charge as low as 0.5% for transfers as opposed to the standard 1% charged by most banks. And believe or not, you can deposit $50k and get it wired or remitted abroad, all on the same day. I work there, so I should know.

And if your account officer really wants to "woah" you, you can confirm the transfer with the beneficiary in 48 hours or less.

Now, who can beat that?

0
Avatar
Newbie

GT bank and its sister bank skye bank are not the best for dom account keeping the best is zenith, access or Equitorial Trust Bank (mike adenugas bank) I say this because:

Skye bank charges 1% on withdrawals from your account which is not practiced in any other bank, also GT banks website has links that dont work i,e useless website.

Equitorial trust bank is the first in nigeria to have a fully functional online banking system that allows you to tranfer from your account to another account in another bank in nigeria the rest of the banks are either yet to sign up for the interswitch system that allows that or are control freaks who do not want you controlling your own money!

0
Avatar
Newbie

Hello Mate,

Good day. Plz am interested in learning forex trade. I need a good trainer and a good trader to put me through.My private box is babtsuccess@yahoo.com

0
Avatar
Newbie

could someone tell me

what you could do with a domicilliary account

0
Avatar
Newbie

It is an account for internation trasaction. asing when they wired money from intertion country you receive you money in their currency i.e Dollar, Pound,

0
Avatar
Newbie

account with original form of the funds i.e. dollars

0
Avatar
Newbie

Please does anybody know whether there is a limit to the amount of money one can receive through a dom account?

0
Avatar
Newbie

Please does anybody know whether there is a limit to the amount of money one can receive through a dom account?

0
Avatar
Newbie

nope,u can wire $10000 on alternate days

dats mon,wed and fri.all the same it goes to cbn and efcc

0
Avatar
Newbie

regulation has it that you can't wire out more than $10,000.00 ( or its equivalent) per week using your dom account.

0
Avatar
Newbie

Oluwaseun, you need someone willing to buy your egold and pay dollars into your domiciliary account.

0
Avatar
Newbie

CAN SOMEONE TRANSFER FROM EGOLD TO A DOMICILIARY A/C?

NEED A FAST REPLY GUYS,

0
Avatar
Newbie

GTB is good, because it is very easy for you to open any account with them and even now it is so cheap to do it. so go for it. Cheers.

0
Avatar
Newbie

Got a question for people with GTBank domiciliary accounts. How much does GTBank charge for receiving wire transfers?

0
Avatar
Newbie

na wa o!e be like say every1 for nairaland dey use GT Bank?so te pple just dey praise dem

0
Avatar
Newbie

You must not have a current account to be able to operate a dom account.

Just walk into any bank,obtain a dom account opening package,fill it with two passport photos,you international passport/drivers licence,two references from people that run current accounts either in that bank or in any other bank.If it's a dollar account you make an initial deposit of $100,also if it's a pound account you make an initial deposit of #100.

Try Fidelity bank,they are good in it,especially with BTA and PTA.

Cheers

0
Avatar
Newbie

1% of wat amount you are transferring

0
Avatar
Newbie

I use GT bank i think they are cool

0
Avatar
Newbie

Good one from you nikinash

I troway salute Kassaa.

papa

0
Avatar
Newbie

@poster,

am wondering what u mean by unsatisfactory response.have been using oceanic bank for sometime now and theres been no problem.u can wire money in or out without even a dom acct,thats if u have a naira current account with them.but for ease of transactions its better to have a dom account.opening one is just like opening a naira current account.

and yes every transaction goes to efcc and cbn.so watch it.

0
Avatar
Newbie

a domiciliiary account is simply a foreign currency denominated account. this means accounts in currencies other than our dear old naira.

GTB seems to still have the best and easiest to run dom account. and all you need are:

2 references

fill the form (ensure to tick all the major currencies on the form, (it negates you having to fill a form everytime you want to open other currencies, and you dont have to fund it all at once)

one passport picture

your id card

utility bill (phcn, nitel water etc)

i think thats all (at least thats what i can remember) and you no longer need to have a current account running with them, you can simply open the dom account only.

when you wire money in, in addition to the cots of wiring you will pay to the bank abroad, you will also pay a 1% fee to withdraw it in nigeria. and beware, your transactions are always logged with cbn and efcc, so ensure you do no fraudulent transactions!

and no, i do not work with gtb.

0
Avatar
Newbie

What makes GTB the best? Can you give specific points?

0
Avatar
Newbie

GTB is the best as far as domiciliary acct is concerned

0
Avatar
Newbie

A domicilliary account is very easy to open these days.

At GTB you can open one if you have a current account with them with just $100.

0
Avatar
Newbie

Conditions for domiciliary account are:

You must have:

1. A current account with the bank;

2. operated the account for 6 months

3.at least $50 or more as minimum deposit(it depends on the bank, GTB is $50-$150) pls confirm from GTB

That is all. It is very simple.

Other banks have different rules, but I opened my domi account for £50 at GTB.

And make sure you tick all the major currency. ie £, $ etc when you open your account.

All the best.

0
Avatar
Newbie

Thanks.But i don't know, how do i open such account?Please state it,

0
Avatar
Newbie

hello,

yes,your friend is rite about you get a domin account.[color=#990000][/color]

0
Avatar
Newbie
Your answer
Add image

By posting your answer, you agree to the privacy policy and terms of service.