How To Save Foreign Currency In A Nigerian Bank In 2022

At some point, you needed to save foreign money in our local banks, but you can’t because you don’t know how to do it.

If you have a problem sending or receiving money from your relatives abroad at some stage in your life.

Then this article is just for you. For many reasons, it is difficult for many Nigerians to deposit foreign money and even transfer it through local banks.

Sometimes it may be some CBN directive that affects such transactions; in other cases, this may be due to requirements set by your bank.

In this article, I explain the options available to every Nigerian who wants to receive dollar funds and deposit them in our local banks.

Today, in addition to payment platforms such as Paypal, Flutterwave, etc., many Nigerians are aware that they can also send, receive and deposit money in foreign currency and in our domestic banks. UBA, FCMB and ZENITH BANK.

Oops. As the old saying goes, “Knowledge is power.”

Nigeria’s inability to diversify its economy and the constant lending of money from other countries is predicted to force Naira into continuous devaluation.

Some experts warn that if these deficits are not resolved, Naira will continue to fall against the dollar and there can be no hope of rescuing Naira.

Read this Detailed Guide On Domiciliary Account For All Bank In Nigeria

How can you save Naira in other currencies?

This article will walk you through all the methods to help you save money (Naira) in foreign currency (dollar).

If we look at how badly the currency has performed on the international market, such as the recurring rate of inflation, the value of our currency will continue to decline. If this trend continues, it may be difficult for you to deposit your money in our local currency.

Perhaps the only way to preserve Naira’s value is to save much stronger and harder money.

The only way to save money, not just in dollars, is through a domiciliary account opened by your bank here in Nigeria.

You might want to check out Euro to Naira (OFFICIAL RATE & Black Market Today 2022)

What Is A Domiciliary Account?

A domiciliary account is a specific type of account that you can use to send and receive money in a foreign currency.

This type of account can only be opened at your bank here in Nigeria. When you open a domiciliary account, you have the option of withdrawing money in one of the following currencies: euros, US dollars and pounds, while earning interest.

The good thing about a domiciliary account is that all your funds are valued at the current naira rate.

This account is not limited to one currency. You can create this account with any money, depending on what you need or the bank you want.

The nice thing about this account is that you can also convert your local currency to a foreign currency of your choice.

Who can open a domiciliary account?

Some banks in Nigeria allow both cooperate businesses and individuals to create and run a domiciliary account.

For most banks, as long as you meet the requirements and provide the necessary paperwork such as:

ID’s, Address verification, Residence permit, Correct bank forms, you can create a domiciliary account.

Pros and Cons of having a domiciliary account

In the same way, you enjoy numerous benefits, and there are also some negativities involved with being a domiciliary account holder. Enjoy when you open a Dom account:

Pros

  • You can save money in other currencies in domestic banks in Nigeria
  • Depending on your bank, you can receive direct foreign currencies
  • You gain some level of control over unstable currencies

Cons

  • Sometimes you could be restricted to one particular type of currency
  • There are some extra charges attached to whatever withdrawals you make

Reasons Why You Need A Domiciliary Account

For starters, if you want to save money with foreign currency in Nigeria, this is your only option.

You can open a domiciliary account with some banks in Nigeria. However, the benefits of becoming a home account holder vary depending on the bank. Here are the main reasons why people need a domiciliary account

  • It is almost the best option for individuals and cooperative organizations who want to make a local and international transaction.
  • You can send and receive funds in foreign currencies such as USD, EUR, YEN, GBP, etc.
  • You can equally use your domiciliary account as a savings account.

See Also: Fixed Deposit Interest Rates of Banks in Nigeria (2022)

Top Five Nigerian Banks that allow domiciliary account

First bank

The first bank domiciliary account can help you facilitate your international business transactions. Like other banks, you can open an account in US dollars, pounds sterling and euros. The account can be operated by anyone, including individuals, small and medium-sized businesses, and business organizations.

Interestingly, the number of withdrawals you can make is not limited.

As an account holder, you can also make inter-transaction transactions and withdrawals.

However, you need a minimum opening balance of  €500,  $500, or £300 to open an account. And a minimum operating balance of £50, €100 or $100.

To sign up, just download the form for your domiciliary account, fill out your details and send it to the nearest First Bank branch.

Finally, it is also worth noting that certain conditions lead to the supply of fixed foreign currency deposits.

Guarantee Trust Bank (GTBank)

GTBank is one of those banks that

Benefits of GTBank domiciliary account

  • You enjoy 24/7 banking services via various e-channels.
  • You have the privilege of making withdrawals in any foreign currency from any GTBank branch near you.
  • It is easy to transfer funds in foreign currency from your domiciliary account to another bank’s domiciliary accounts in Nigeria and abroad.

It is straightforward for anyone to open a GTBank domiciliary account. You will only have to meet a few requirements.

Requirements for opening a GTBank domiciliary account

To open a domiciliary account, you have to provide the following:

  • A domiciliary account form that has been filled and
  • A passport photograph
  • Utility bills issued to you within the last three months
  • A valid means of identification. It could be an international passport, a driver’s license, a National I.D Card, or any other means of identification that GTBank will accept.

See Also: Top 10 Best Digital Banks in Nigeria

Access Bank

An access bank domiciliary account is a foreign currency account that allows you to deposit, transfer and receive funds in pounds sterling, yen, dollars, euros and other currencies. It is open to individuals of all classes and legal entities.

Once you have set up this Access Bank account, you can apply for an internet banking token. And as a domicile account holder, you can transfer money from your domicile account to other recipients who have access bank accounts or home accounts with other banks in Nigeria. You can make transfers using the Access Bank e-banking platform. The only downside to opening a domicile account with Access Bank is the 0.5% cash processing fee on withdrawal.

To open a domiciliary account with Access Bank, you will be asked to provide the following documents:

  • Two references
  • A residence permits for those living abroad
  • A valid means of verifying your address
  • Forms CO2 and CO7 (for companies)
  • Business registration and certificate of incorporation
  • Board resolution as applicable
  • Articles and memorandum of association as applicable for companies

Zenith Bank

In addition to having to save money in dollars, if you are also looking for a way to create a foreign currency account, you can consider opening a domiciliary account in Zenith Bank. Opening a domiciliary account with Zenith Bank allows you to easily send and receive money wherever you are.

With a single application for mobile banking, debit cards or internet banking, you can make transfers and payments, fixed orders, etc. without physically appearing at the bank.

Zenith Bank has two types of domiciliary accounts: The Ordinary current domiciliary account and a cash domiciliary account.

The difference between the two is that the Ordinary domiciliary account allows transactions in USD, EUR and GBR, while a cash domiciliary account does not.

The cash domiciliary account also does not allow transfers. It is intended for collection and cash withdrawal purposes only.

Check Out: Nigerian Banks And Their Customer Care Service Line

Fidelity Diaspora Bank

Fidelity Bank has another name for a domiciliary account – Diaspora Banking.

The fidelity diaspora account is open to Nigerian citizens living legally abroad. You can open accounts in only USD, EUR, NGN, and EUR.

If you or your friends and relatives open a domiciliary account with Fidelity bank, it is straightforward to transfer and access funds on your account from your location abroad.

Fidelity Bank has made it easy for anyone to credit their diaspora account directly from their bank abroad using any RIA money agent or offshore bank details.

The unique thing about the Fidelity diaspora account is that you access your money in your country of residence currency.

And there is also no limit to the amount you can transfer within the bank network.

There are five different options available under the Fidelity Bank domiciliary account. They are:

  • Fidelity Diaspora current account

This account allows Nigerians in the diaspora to do more at home. For those who want to spread their banking tentacles and access loans. With this account, they can access credit facilities.

  • Global Edge Account

Also known as Fixed Deposit and Investment, the global edge account allows people in the diaspora to earn more by investing dollars in the Global Edge Scheme.

Customers operating this account get up to 5% interest depending on the amount. One unique feature of this account is that funds can be repatriated.

  • Fidelity Diaspora Sweeta Account

The sweet account is designed especially for children with Nigerian parent(s). like every other type of diaspora account, the account is tailored for Nigerians who reside abroad.

It allows customers to build wealth from a young age. Parents have the opportunity to get a loyalty cash reward of about N150,000.

The difference in this account is that you will need a minimum operating balance of N1,000.00.

  • Fixed deposit Account

The fidelity fixed deposited account is created to make the funds of people living in the diaspora more profitable.

You have the option of fixing your Nigerian and foreign currency (GBP and EURO) at attractive rejoices

  • Diaspora saving account

This particular account allows Nigerians in other countries to save money in our local banks here in Nigeria.

Your relatives in the diaspora can open this account with zero and a minimum operating balance of N2,000.00. there is a substantial competitive saving interest for every amount that is saved in this account

To open a diaspora banking account with Fidelity bank, you need the following forms:

  • A domiciliary account form that has been filled and
  • A passport photograph
  • Utility bills issued to you within the last three months
  • A valid means of identification. It could be an international passport, a driver’s license, a National I.D Card, or any other means of identification that GTBank will accept.

How To Save Foreign Currency In A Nigerian Bank: Wrapping up

We all know how fluctuating the Naira can be at times and this is why some people up to save their money in a more stable currency like the dollar or Euro.

Saving money in foreign currency is not really as difficult as some people think.  Do you have intentions of saving your money in foreign currency? 

We hope this article will help you choose the best bank to save your money and also see the need why you should open a domiciliary account.

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