See Also: HOW TO REGISTER FOR YOUR PAYONEER MASTERCARD OR DEBIT CARD FOR FREE USING YOUR NIGERIA VOTERS CARD

In this article, I will explicitly tell all you need to know about domiciliary account, why you need to get a domiciliary account for your online business and the requirements for creating a domiciliary account in different Nigerian banks such as UBA, First Bank, Zenith Bank, etc. I will also explain the benefits of creating and having a dollar or foreign currency account and a debit MasterCard.

What is a domiciliary account?

A domiciliary account is a foreign currency account needed by merchants who have business establishments in foreign countries. It is also needed by those who receive funds from or pay funds from friends and business associates abroad.

Most Nigerian banks allow you to create a domiciliary account for one or each of the three main foreign currencies, which are US Dollar, Euro and Pounds. So a Dollar, Euro or Pounds account is a type of domiciliary account that allows you transact with any of these foreign currencies as a Nigerian. You also need a Debit MasterCard for your domiciliary account.

See Also: HOW TO REGISTER FOR YOUR PAYONEER MASTERCARD OR DEBIT CARD FOR FREE USING YOUR NIGERIA VOTERS CARD

What is a Debit MasterCard and Why Do You Need it For Your Domiciliary Account?

A domiciliary account Debit MasterCard is a card issued to you when you create a domiciliary account. It is a debit card issued on your Dollar, Pounds or Euro account in Nigeria.  With this card, you can access your money anywhere in the world which includes making purchases over the internet wherever the MasterCard or Maestro logo is displayed. For example when you open a domiciliary account with UBA, you will be issued a UBA Gold Debit MasterCard.

UBA’s Gold Debit MasterCard for Domiciliary Account products are tied to card holder’s domiciliary account instead of Naira current or savings account. They offer the same flexibility in usage anywhere in the world, including Nigeria and any of the1 million MasterCard enabled ATMs in over 210 countries and purchases at over 31 million merchant locations worldwide.

All transactions carried out with the MasterCard for Domiciliary Account are debited from card holder’s Dollar, Pounds or Euro account, depending on the currency in which transactions are consummated.

Benefits of Having a Debit MasterCard for your Domiciliary Account

There are many advantages of having a debit MasterCard for your domiciliary account. Some of the benefits include:

• You Roam your Money the Way You Like

With this debit card, you can access funds in your domiciliary account via your card anywhere in the world. You can travel anywhere you want, stay wherever your heart desires and shop online as much as you could. This is what I mean by Roam your Money.

Each bank has the maximum amount you can spend using their debit MasterCard.

Another benefit of having a debit MasterCard for your domiciliary account is that the amount is not restricted by the CBN cap of $40,000 that applies to the Naira debit MasterCard.

• The Card is Your Shopping Card

The Debit MasterCard for your Domiciliary Account can be used for cash withdrawal at any ATM where MasterCard is accepted anywhere in the world, as well as for making purchases at over the world. You can also pay for your bills, recharge your phone online or do much more with QuickTeller.com

• You Have Convenience and Safety in One Card

Your Debit MasterCard for Domiciliary Account is extremely versatile and simple to use. You have the convenience of paying for your purchases directly from your domiciliary account, without having to carry cash. That’s the cashless lifestyle! Yet, your card and your transactions are highly secured with the best card technology.

• Global Acceptability

Your Debit MasterCard for Domiciliary Account is internationally valid and very handy when you are traveling abroad. Get access to over 1 million ATM's and 32 million merchant locations worldwide, wherever MasterCard is accepted.

• Zero Lost Card Liability

If your Debit MasterCard for Domiciliary Account is stolen or misplaced, you are protected against fraudulent transactions from the moment. Al you need to do is to report your lost or stolen card to call your Bank Customer care line.

Features of a Debit MasterCard for a Domiciliary Account

• Available only for specified currencies. For example, the UBA Gold MasterCard is only available for Dollar, Pounds or Euro domiciliary accounts.
• It has a validity period of 4 to 5 years from the month of issue. The UBA Gold MasterCard is valid for 5 years.
• It requires a Personal Identification Number (PIN) for all ATM and POS transactions
• Access to MasterCard Global Services (emergency card replacement, etc.)
• Transfer money instantly from your account to other accounts in your bank or other banks in Nigeria.

What do You Need to Get this Debit MasterCard?

• You need to have an active Dollar, Pounds or Euro domiciliary account
• Completed and signed Debit Card Application Form.

Requirements and Procedures for Opening a Domiciliary Account in the Different Banks in Nigeria

The requirement and procedures for creating a domiciliary account in the various Nigerian banks are almost the same. The major difference is that different banks charge different amount and require that you have a specified minimum amount. For example, First bank requires that you have a minimum of $500 before you can open a domiciliary account with them, whereas GT Bank will zero naira and it very easy to open a domiciliary account with GT Bank.

Requirements for Creating a Dollar Account with UBA, GT Bank, First Bank, Zenith Bank, FCMB, Diamond Bank, etc.

For a personal or cooperate domiciliary account, you will need the following:

Proof of identity: 

Any of these cards can serve:

• International ID Card
• Driver’s license
• National identity card

2 Passport Photographs

Proof of Address

Use any of these Utility bills below and the bill must not be older than 3 months.

• electricity
• phone bill
• waste bill
• water bill

Personal account details of 2 current account holders

This is the most stressful part. You need the details of two Referees that have current accounts either in the same bank or in any other bank. The following details about these referees are needed:

• Name and Home address
• Account number
• Bank
• Contact Address

General Business Details

• Business name
• Address and contact numbers
• Principal trading activity
• Date of commencement of the business

Requirements for Opening Domiciliary Account for Limited Liability Companies

The following documents and details are needed for creating a domiciliary account for a Limited Liability Company:

• Copy of Certification of Incorporation
• Copy of form C07
• Printed copy of Tax Identification Number (TIN)
• Company seal
• Memo and Article of Association
• 1 passport photo of each signatory to the account
• Board resolution (signed by 2 directors/1 directors and Company Secretary)

Conclusion      

Once you have all those details, simply take them to the branch nearest to you and you will be assigned an account officer who will collect the details and process them. The two referees will be verified to make sure they are real people and within a week, you will be contacted and your account details will be forwarded to you. 

That’s all. Fund your card, send and receive fund on the go!

See Also: HOW TO SOP WTH YOUR CREDIT CARDS SAFELY ONLINE


For full details on opening a domiciliary account with UBA visit: https://www.ubagroup.com/countries/ng/personalbanking/domaccounts/fsd

For full details on opening a domiciliary account with First Bank visit:
https://www.firstbanknigeria.com/products/personal-banking/domiciliary-accounts/domiciliary-account

For full details on opening a domiciliary account with GT Bank visit:
http://www.gtbank.com/domiciliary-account#opening-your-account

Have any further inquiry on how to create a domiciliary account?
Comment it below in the comment section. I will help you out!

Also click Here to subscribe for free so that you will get our latest tutorial article updates directly to your email.


Good Luck!