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What is a Domiciliary account?
A domiciliary account (also known as a “Dom Account”) is a type of current account in Nigeria that allows you to make and receive payments in foreign currency.
You can use a domiciliary account to transfer money from Nigeria to another country, or receive foreign currency into Nigeria from another country. Domiciliary accounts accept foreign currencies such as euros, dollars and pounds. If you have a dollar account for example, money should be sent to your account in dollars. You can withdraw foreign currency from your domiciliary bank account and exchange it into your local currency.
How to set up a Domiciliary account in Nigeria:
- A completed domiciliary account opening form
- An existing Naira account with the bank. It can either be a savings or a current account
- Valid means of identification: such as an international passport, permanent voters’ card, National ID card, or a driver’s license
- Passport photograph
- Select the relevant bank, enter account number and enter your recipient’s details
- Utility bill issued within the last 3 months
- Referees: Two current account holders (preferably with the same bank) to sign the reference forms