How to Open a Domiciliary Account in Nigeria: Requirements, Benefits and Charges (2026)
A domiciliary account is a bank account that allows you to save, receive, and make payments in foreign currencies such as US dollars, British pounds, and euros.
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Here is what you need to know before opening one in Nigeria.
What Is a Domiciliary Account?
A domiciliary account, commonly called a dom account, is a bank account maintained in a foreign currency rather than Nigerian naira.
Depending on the bank and account type, you may use it to:
– Receive international payments.
– Save money in foreign currencies.
– Transfer funds to other eligible accounts.
– Make approved international transactions.
Requirements for Opening a Domiciliary Account
Requirements differ between banks and account types. However, individuals are commonly asked to provide:
1. A completed account opening form.
2. A valid means of identification.
3. Bank Verification Number (BVN).
4. National Identification Number (NIN), where required.
5. A recent passport photograph.
6. Proof of residential address, such as a recent utility bill.
7. Reference letters, where required by the account type.
Some banks may request additional documents. Confirm the exact requirements before visiting a branch.
Domiciliary Account Options from Nigerian Banks
Here are some examples of published requirements and opening balances from selected banks.
1. FirstBank
FirstBank offers domiciliary accounts in US dollars, pounds, euros, and CFA francs.
Its published requirements include an account opening form, identification, proof of address, passport photograph, and two references. Its listed minimum opening balance varies by currency.
2. UBA
UBA offers different domiciliary products, including Freedom Dom and Dom Advantage.
The Freedom Dom account advertises zero-balance opening, while Dom Advantage has a published minimum opening balance of $50 or its equivalent in other supported currencies.
3. FCMB
FCMB offers domiciliary savings and current accounts.
Its published savings account information lists an opening amount as low as $10 or £10. The current account has different requirements and a higher opening balance.
4. Access Bank
Access Bank offers domiciliary current and savings accounts. Its published information lists different opening balances and documentation depending on the account type.
Important: These are examples, not a complete ranking. Opening balances, fees, and requirements can change. Confirm the latest terms directly with your chosen bank.
Benefits of a Domiciliary Account
– Receive foreign payments: Useful for eligible international transfers and payments.
– Save in foreign currency: Keep savings in a supported currency.
– Convenient transfers: Send and receive foreign currency through supported banking channels.
– Multiple account options: Choose between available savings and current account products.
Charges to Check Before Opening
Before choosing a bank, ask about:
– Minimum opening and operating balances.
– Cash withdrawal charges.
– International transfer and SWIFT fees.
– Debit card issuance and maintenance fees.
– Account maintenance charges.
– Deposit and withdrawal limits.
Do not compare banks using opening balance alone. Transaction charges and account features also matter.
How to Open a Domiciliary Account
1. Choose a bank and account type.
2. Check its latest requirements and charges.
3. Complete the account opening form.
4. Submit the required documents through the bank’s approved channel.
5. Follow the bank’s verification process.
6. Fund the account if an opening balance is required.
Frequently Asked Questions
Can I open a domiciliary account in Nigeria without an initial deposit?
Some products, such as UBA’s Freedom Dom, advertise zero-balance opening. Other accounts require an initial deposit.
Can freelancers receive USD payments into a domiciliary account?
Yes, eligible international payments can be received, subject to the bank’s procedures and applicable regulations.
Can I withdraw dollars from my domiciliary account?
Cash withdrawals are available subject to the account terms, applicable regulations, and the bank’s available services.
Final Thoughts
A domiciliary account can help Nigerians receive international payments and manage foreign-currency savings. Compare the account types, opening balances, documentation, and transaction fees before making your choice.
Always confirm the latest information with the bank before applying
