How to make transactions (send and receive money) with your domiciliary account in Nigeria, banking tips & guides. It is easy to fund your domiciliary account if you reside in Nigeria or anywhere in the world.
The new Central Bank of Nigeria (CBN) regulations left most of us confused about money transfers to Nigeria. As sending Naira is no longer possible, we need to look for alternative ways to send money to Nigeria.
As times have evolved, sending funds to Nigeria is now pretty easy and in this post, you will get to know how to send and receive money with your domiciliary account in Nigeria.
What is Domiciliary Account? A domiciliary account is a type of current account that allows you to fund it with foreign currencies such as dollars, pounds, or euros and enables you to do foreign transactions on that account.
To receive money to a domiciliary account in Nigeria you will need the following information:
- Account number
- Name on the account
- Name of the bank
- Branch address of the bank
- Routing Number
- Swift Code of your bank
To send the money you will make use of Online Banking or you can use the local Bank. Depending on the Bank, the steps are almost the same. After you receive your bank notification alert, you can go to your bank and withdraw the money by filling your foreign currencies withdrawal slip. After that you will receive your money in the currency, it can be Dollar or EURO.
Then you can proceed to change it to your local currency at the Bureau De Change. The Bureau De Change is an official place to meet buyers and sellers of foreign currency. There you can exchange your dollars for any currency both Naira or any other foreign currency.
How to send and receive money from anywhere with your domiciliary account in Nigeria
How to Fund A Domiciliary Account – If you live in Nigeria, you can fund a domiciliary account by making a cash deposit in the currency or make transfers. People outside the country can send money to the account through Western Union and MoneyGram.
How to Receive Money to A Domiciliary Account – Money can be sent through Western Union, MoneyGram, direct deposit, or via transfers. However, before you can receive cash to a domiciliary account, there are some account details you must send across to the money sender.
These include the account number and name (as it appears on the account), bank name, branch address, routing number, and swift code. You may consult your bank for the correct routing number and swift code.
Why should you open a domiciliary account in Nigeria?
To start with, if you want to send money into Nigeria, this is your only option. You can open a domiciliary account with most banks in Nigeria and can make transactions from in and outside of Nigeria.
The benefits of having a dom account vary from one bank to another but usually include the following:
- International business. It is the best option for those who do business internationally as it enables them to make both domestic and international transactions
- Savings account. You can use the domiciliary account as a savings account, which proves especially useful for parents who want to save money for their children’s education abroad
- Send and receive money internationally. The domiciliary account can be used to transfer funds abroad and also to receive funds in USD, EUR, GBP, etc. from another international account
- Attractive rates. Check with your bank as usually, banks provide attractive interest rates for dom accounts
- Online banking. Gain access to online features such as mobile banking, debit card, online banking, transaction alert via Email, and more
How to open a domiciliary account with Guaranty Trust Bank (GTB)
If you are a Nigerian resident, you can open a domiciliary account with GTBank. To do so, you must follow these steps:
- Fill in and sign a Domiciliary Account opening form
- A copy of your identification document (driver’s license, international passport, or your national I.D card)
- One (1) passport photograph
- Two (2) reference forms – these must be filled out by current bank account holders, which are not salary accounts
- Utility bill issued within the last 3 months
Best financial services that work with your domiciliary account in Nigeria
- MoneyGram: Western Union controls 20% of all remittance transactions. It is a fast and easy way to send or receive money in naira or dollars and is available in your bank
- Western Union money transfer: Money can be received directly into a your account or at a branch with the reference code received from the sender. The maximum cumulative send limit per individual is $1,000 or its Naira equivalent within 90 days
- Worldremit: The initial transaction is subject to a maximum of USD 2,000, while the maximum limit per transaction is USD 7,500, the total of which must not exceed USD 50,000 every 6 months. It is fast, affordable and transparent.
- Payoneer: Payoneer’s cross-border payments platform empowers businesses, online sellers and freelancers to pay and get paid globally as easily as they do locally.
- Transfast offers by Polaris Bank: Transfast offers you the option of receiving inflows directly into your bank account (in Naira) or cash pick up service at any of polaris branch locations.
- Ria Money Transfer: RIA allows you receive money within minutes directly into you naira account or cash at a Branch close to you from friends and family living abroad.