How to open a domiciliary account at Access Bank
Simple steps to opening Access Bank domiciliary account
What is a domiciliary account?
Who is suitable to open the domiciliary account?
Types of domiciliary Account
The requirement to open a domiciliary account
How can a prospective domiciliary account customer submit documents to Access Bank for account opening?
The Access Bank has done very great work by allowing the average Nigerian to be able to open a domiciliary account in Nigeria. This account is a foreign account that allows you to save your dollars or receive foreign currencies abroad from friends and relatives.
The domiciliary account is an account opened in Nigeria that helps Nigerians and non-Nigerians save or receive dollars.
Non-Nigeria cannot open this type of account except if he or she is someone who has now resided in the country for 3 years preceding the date of deposit or switch or a resident as a way of living outside of Nigeria after giving due notice to the bank.
READ MORE: Simple steps on How to Transfer Money from Access bank
However, when starting a domiciliary account to get entry to the bank, a non-resident of Nigeria remains required to enter into a deposit/withdrawal agreement with the bank before the account may be opened. The agreement needs to stipulate the terms and circumstances for opening and maintaining the account.
In this article, we will give you more information about everything you want to know about a domiciliary account, including the steps and essential documents required to open a domiciliary account and get entry to the bank.
What is a domiciliary account?
A domiciliary account is a foreign currency current account, e.g., pounds, euros, dollars, yen, etc.
Who is suitable to open the domiciliary account?
Individuals of all classes and Corporates
How to open Access Bank Domiciliary Account
Types of domiciliary Account
There are types of domiciliary accounts
Primary
The primary is a normal domiciliary account.
The normal domiciliary account is an account that can be opened with any amount of cash you have with you. This account has a minimum opening balance of $100. Note that this type of account is not tied to where leave or the bank is placed and may be opened at any access bank branch.
Secondary
The second kind is a unique domiciliary account.
A unique domiciliary account is a type of bank account that is opened inside the United States of America and in which a person lives for profit overseas. This calls for a minimum account stability of N100,000 to N400,000, depending on the forex. The forex denominations that you can hold in this account are naira, dollar, pound sterling, euro, and eastern yen.
The requirement to open a domiciliary account:
The following documents are required to open a domiciliary account:
- Means of address verification
- 2 references
- 2 Passport photographs
- Valid ID of each signatory
- Residence Permit (Foreigners)
- Forms CO7 and CO2 are applicable for companies
- Certificate of Incorporation / Business Registration for companies
- Memorandum and Articles of Association as applicable for companies
- Board resolution, as applicable
- Search report as applicable
Note: you must be 18 years old before you can open this account, either a normal domiciliary account (unique domiciliary debts are an exception)
How can a prospective domiciliary account customer submit documents to Access Bank for account opening?.
Domiciliary account opening documentation should be submitted through the following below:
- Prospective customers should visit any Access Bank branch to submit the account opening packages.
- Scanned copies are to be sent via email to sandip@accessbankplc.com
A domiciliary Account Holder can Transfer a Fixed Amount of Money Regularly (weekly or monthly) to Beneficiaries in Nigeria
A domiciliary account holder can transfer a fixed amount of money regularly to beneficiaries in Nigeria by setting up a standing order instruction for direct debit on Internet banking to the following:
- Beneficiaries with Access Bank accounts, E.g. 0912345678
- Beneficiaries with accounts in other banks in Nigeria
A Domiciliary Account Holder can Lodge Cheques and Dividend Warrants into their Domiciliary Account
Both local cheques and dividend warrants can be lodged into the customer’s domiciliary account through any of the bank branches in Nigeria.
A Domiciliary Account holder can Transfer Money from their Domiciliary Accounts to Beneficiaries in Nigeria
Note: Using the Access Bank electronic banking platform: Internet banking, with the aid of the secure token device, the Domiciliary Account customer can transfer money to:
- Beneficiaries who have Access Bank accounts.
- Beneficiaries who have accounts with other banks.
Note that there is a Monthly Maintenance Fee Charged on the Domiciliary Account
There is a 0.5% cash handling charge on withdrawals.
There is a Minimum Daily Balance for Domiciliary Banking
The minimum daily balance is zero
Can Domiciliary Account Customers Apply for Their Internet Banking Token?
Yes, customers can apply for their internet banking token.
How to open a domiciliary account in access Bank
Opening a domiciliary account to go to any Access Bank near you. or you may phone the client care branch at +234-1-280-2500 for assistance with all transactions. Interested candidates should undergo the steps below if they want to open a domiciliary account with Access Bank:
1. get an application form for a domiciliary account from the bank;
2. fill the form with details or data
3. display proof of ID, i.e. a license, voter card, international Passport
4. NEPA Bill
4. deposit of 100 dollars for the minimum balance to the bank;
5. Submit the domiciliary account package to the Bank
Domiciliary account opening documentation should be submitted through the following below:
- Prospective customers should visit any Access Bank branch to submit the account opening packages.
- Scanned copies are to be sent via email to sandip@accessbankplc.com
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