While you can have full control of a domiciliary account in Nigeria, getting money inside it is usually a question most people ask. Domiciliary accounts are types of accounts that accept foreign currencies rather than Naira.
If someone outside the country sends you money, you can get the funds into your domestic account.
But if no one is sending you money, how can you get the funds there? Here on Humortainment, I’ll show you exactly how to achieve that. What? How To Fund Your Domiciliary Account In Nigeria.
What is A Domiciliary Account?
Generally, a domiciliary account is a current account that can be funded with foreign currencies, such as dollars, pounds, or euros, and used to make foreign transactions.
How to Fund Your Domiciliary Account in Nigeria
Domiciliary account in Nigeria provide you with some of the following benefits: you aren’t affected by the under $20 monthly spend limit that’s been imposed on normal Naira Debit Accounts; it also allows you to earn more; and you can purchase anywhere online using your dom card.
A commercial bank can provide you with a domiciliary account, and some digital banking apps allow you to open a virtual domiciliary account and use a virtual dollar card online.
You will still need to fund both your commercial bank account and your digital account, but here’s how.
Steps To Fund Your Domiciliary Account In Nigeria
You can fund your domestic account in Nigeria in a few different ways. The first method will require you to have physical cash on hand.
Funding Your Domiciliary Account With Physical Cash
- You’ll need to have the total amount of funds you want to send into your domiciliary account ready, you should check your bank dollar exchange rate in order to get the total amount of cash you want in your account.
- Now walk into one of the branches of the bank you opened your domiciliary account, then pick up a deposit slip and fill in the details of your domiciliary account and the total amount you want to send in.
- Now walk to the counter with your deposit slip and cash, the money will be sent and converted to USD into your domiciliary account.
Funding Your Domiciliary Account With Western Union, Moneygram, WorldRemit
Western Union, MoneyGram, or WorldRemit are three methods most people use to fund their domiciliary accounts. For your domiciliary account to start receiving money, you will need to provide some details.
It’s important to have these details at hand in order to fund your domiciliary account in Nigeria via MoneyGram, Western Union or WorldRemit:
- Your Beneficiary Name
- Your Beneficiary Account Number
- Your Beneficiary Bank Name
- Bank Swift Code
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 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 the money within minutes directly into you naira account or cash at a branch close to you from friends and family living abroad.
Why Should You Open A Domiciliary Account In Nigeria Today?
As far as sending money to Nigeria is concerned, this is your only option. You can open a residence account with most banks in Nigeria and make transactions from both abroad and within the country.
There are a number of benefits to having a Domiciliary account, but they all 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
Frequently Asked Questions About Domiciliary Account In Nigeria
What Can I Do With My Domiciliary Account?
A domiciliary account is a specific kind of bank account that allows you to receive and make payments in foreign currencies, including US dollars. All money in a domiciliary account is valued at the current naira exchange rate.
Can I Withdraw Dollars From My Domiciliary Account In Nigeria?
Make foreign currency transactions conveniently from the comfort of your home, office, or anywhere in the world with your GTBank Domiciliary Account. Available in US dollars, Pounds, or euros, you can fund your account via cash inflows and deposits. You can also make withdrawals from any GTBank branch.
How To Fund A Domiciliary Account In Nigeria
If you live in Nigeria, you can fund a domiciliary account by making a cash deposit in the currency or making transfers. People outside the country can send money to the account through Western Union and MoneyGram.
How To Receive Money to A Domiciliary Account In Nigeria
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.
It’s very easy to fund your domestic account using the methods we’ve provided above. We hope that these methods prove useful for you. It is always advisable to have all the accurate information about your account and your bank name when funding your Domiciliary account from abroad.