Best Domiciliary Accounts in Nigeria & Initial Deposits (2021)

Operating a domiciliary account helps you to carry out international transactions with ease. If you carry out international transactions a lot, then you need one. As such, you can run transactions in Dollars, Pounds, Euros, Yen, etc.

Several banks allow you to open domiciliary accounts in Nigeria. The question is which one is the best? We will answer this question in this post and also show you their initial deposits.

Best Domiciliary Accounts in Nigeria

Initial Deposits of the Best Domiciliary Accounts in Nigeria

When you open a domiciliary account, you get access to mobile and internet banking as well as debit cards. As such, you can carry out transfers, payments, and standing orders from any location. We have checked out the different domiciliary accounts in Nigeria on your behalf. The list below contains the best as well as their initial deposits:

  • Zenith Bank Domiciliary Account: Zero initial deposit
  • Guaranty Trust Bank Domiciliary Account: Zero initial deposit
  • First Bank Domiciliary Account: $500, €500 or £300
  • United Bank for Africa Domiciliary Account: $1,000, or €700 or ₤600

With this out of the way, let’s look at each of these accounts and their benefits in the next section.

Best Domiciliary Accounts in Nigeria

All the banks in Nigeria present their customers with the opportunity to have domiciliary accounts. We have done some research on your behalf to find out the best of the lot. In this section, we will show you our top 4 domiciliary accounts in Nigeria, their requirements, and benefits.

Zenith Bank Domiciliary Account

Zenith Bank has built a reputation as one of the top banks, not just in Nigeria, but on the African continent. This company has developed several amazing products and services for its customers including domiciliary accounts.

There are two types of domiciliary accounts in Zenith Bank. They include:

  • Cash domiciliary account
  • Ordinary domiciliary account

There is a slight difference between both. The ordinary domiciliary account allows you to make transfers while the cash domiciliary account doesn’t. Also, the cash account gives you access to another Zenith Bank product, EazyMoney. What are the features and benefits of a Zenith Bank Domiciliary Account?

  • Zero opening balance.
  • Access to a debit card (USD).
  • SMS and email alerts.
  • Access to mobile banking and internet banking.
  • Standing orders.

What are the requirements to set up a Zenith Bank Domiciliary Account?

  • Fill and submit the account opening form.
  • Valid ID (this includes National ID, Driver’s license, Voter’s Card, or International Passport).
  • Visitation report (address).
  • One passport of the authorized signatory.
  • Public utility bill (PHCN bill, rent receipt, tenement rate, telephone bill, or water rate bill).

Guaranty Trust Bank Domiciliary Account

Just like Zenith Bank, Guaranty Trust Bank, popularly called GTB, is a very popular bank in Nigeria. This bank has several products and services designed to meet the needs of its customers. When it comes to value for money, you can bet that you will enjoy this with the Guaranty Trust Bank Domiciliary Account.

We must let you know that this account accepts just British Pounds, Euros, and US Dollars. You can fund the account through cash deposits and cash inflows. Let’s look at a few features and benefits of the Guaranty Trust Bank Domiciliary Account:

  • 24/7 banking via different e-channels.
  • Withdrawals in foreign currency.
  • Transfer of funds to other domiciliary accounts in other Nigerian banks in foreign currency.

Below are the requirements for opening a Guaranty Trust Bank Domiciliary Account:

  • Fill and submit the account opening form.
  • One passport photograph.
  • Two completed reference forms.
  • Valid ID (this includes National ID, Driver’s license, Voter’s Card, or International Passport).
  • Utility bill that was issued with the last three months.

First Bank Domiciliary Account

First Bank is one of the oldest banks in Nigeria. This bank allows you to fund international transactions through your domiciliary account in different ways. You can make cash deposits, use traveler’s checks, or make deposits using foreign checks.

Just like Zenith Bank, First Bank has two types of domiciliary accounts. They are:

  • FirstDom Plus
  • Domiciliary account

FirstDom Plus is designed for account holders who have balances of $5,000 or more. It is more like a regular current account. The Domiciliary account is similar to a savings account as it allows you to save funds in Dollars, Euros, or Pounds. Usually, funds are valued at the current exchange rate. Below are the features and benefits of the First Bank Domiciliary Account:

  • Minimum initial deposit of $500, €500, or £300.
  • Minimum operating balance of $100, €100, or £50.
  • Guaranteed FCY deposit.
  • Pool for interest on the bank fund.
  • No withdrawal restrictions.
  • The charge on cash withdrawal is 0.5% per transaction.

Here are the requirements for opening a First Bank Domiciliary Account:

  • Two recent passport photographs.
  • Complete account opening form.
  • Signed signature specimen card.
  • Recent utility bill for address verification.
  • Valid ID.

United Bank for Africa Domiciliary Account

United Bank for Africa, also known as UBA, is also a very popular bank with branches in Nigeria and several other countries. You have a wide array of options when it comes to the United Bank for Africa Domiciliary Account.

This account operates in different currencies including Euro, Pounds, Dollars, and others. There are different domiciliary accounts from UBA. They include:

  • Dom Advantage Account.
  • Dom Advantage Plus Account.
  • Freedom Dom Account.
  • U-Care Plus Domiciliary Account.

Features and benefits of United Bank for Africa Domiciliary Account include:

  • Zero withdrawal charge.
  • Zero transfer charge.
  • Unlimited withdrawals per month.
  • The interest rate is payable on your account balance.

Below are the requirements for opening a United Bank for Africa Domiciliary Account:

  • Minimum initial deposit and operating balance of $1,000, or €700 or ₤600.
  • Zero withdrawal charge as long as you have a sufficient amount in the account.
  • Compulsory swift communication charge on every foreign transfer. The charges include $25, €20, or ₤15.

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