How to send or receive money with domiciliary account in Nigeria
Are you searching for how to send or receive money with a domiciliary account in Nigeria? KissTech will guide you through how to send or receive money with a domiciliary account in Nigeria, either by sending or receiving money from abroad with your domiciliary account in Nigeria. Note that it is easy to fund your domiciliary account if you reside here in Nigeria or any part of the world. The new Central Bank of Nigeria (CBN) regulations are tough when it comes to receiving and sending USD. As sending and receiving foreign currency became difficult, we needed to look for alternative ways to send money to Nigeria.
You may also read: HSBC Swift Code For International Wire Transfer
What is a domiciliary account?
A domiciliary account is a foreign account that allows you to receive foreign currencies such as dollars, pounds, or euros and enables you to do foreign transactions on the account.
What can I do with a domiciliary account?
A domiciliary account is a type of bank account that allows you to receive and make payments in foreign currencies, including US dollars, pounds, and euros. All money in a domiciliary account is valued at the current naira exchange rate.
Can I withdraw dollars from my domiciliary account in Nigeria?
Domiciliary accounts make foreign currency transactions convenient and comfortable at the home, office, or anywhere in the world. For example, UBA domiciliary accounts are available in US dollars, pounds, or euros. You can fund your account via cash inflows and deposits. You can also make withdrawals from any UBA branch.
Simple steps to receive money from your domiciliary account in Nigeria
To receive money to a domiciliary account in Nigeria, you will need the below information:
- Account number
- Name on the account
- Name of the bank
- Branch address of the bank
- Routing Number
- Swift Code of your bank
If you want to send money through your domiciliary account, you have to make use of Online Banking, the local Bank, or other Apps like WorldRemit, etc. Note that the steps are almost the same. After you have received your bank alert notification, you can proceed to your bank and withdraw the money by filling out your foreign currency withdrawal slip or withdrawal book. After that, you will receive your money in a foreign currency, which can be a dollar, pound, or euro.
How to send and receive money abroad with your domiciliary account in Nigeria
How to Fund a Domiciliary Account
If you would like to fund your account, you can fund your domiciliary account by making a cash deposit in a foreign currency or by making transfers. Family and friends outside the country can send money to the account through Western Union, MoneyGram, or other apps like WorldRemit.
How to Receive Money from a Domiciliary Account
Note that money can be sent through Western Union, MoneyGram, direct deposit, or transfers. Therefore, before you can receive money in your domiciliary account, you will need to send your account details to the sender. These include the account number and name as it is registered on the account, bank name, branch address, routing number, and Swift code. You may visit your bank for the correct routing number and Swift code.
Why should I open a domiciliary account in Nigeria today?
Opening a domiciliary account in Nigeria in order to receive foreign currencies from abroad, as it is the only option to send money to Nigeria, Note that you can open a domiciliary account with virtually all the banks in Nigeria, and you can also make transactions from it outside of Nigeria.
What is the benefit of having a domiciliary account in Nigeria?
The benefits of getting a domiciliary account differ from one bank to another but usually include the following:
- International business. Is it an international account that is the best option for those who do business internationally, as it will enable them to make both domestic and international transactions
- Savings account. it’s used for a savings account, which is good and useful, especially for parents who want to save money for their children’s education abroad
- A domiciliary account is used to send and receive money internationally. The domiciliary account is a means of transferring funds abroad and also receiving funds in USD, EUR, GBP, etc. from another international account
- Getting money in your domiciliary account gives you attractive rates. Considered Checking your bank: as usual, banks provide attractive interest rates for domiciliary accounts
- A domiciliary account gives you online banking. When you gain access to online banking, you will get features such as mobile banking, debit cards, online banking, transaction alerts via email, and more.
How to open a domiciliary account with Guaranty Trust Bank (GTB).
Note that if you live in Nigeria, you can open a domiciliary account with GTBank. In order to do that, you have to follow the steps below:
- Fill out and sign a Domiciliary Account opening form
- A copy of your identification document (driver’s license, international passport, or your national ID card)
- One (1) passport photograph
- Two (2) reference forms must be filled out by current bank account holders who do not have salary accounts or domiciliary accounts.
- Utility bills issued within the last 3 months
The 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 transferred and 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 is an online platform where 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.
- Pioneer: This is an online platform that allows cross-border payments that empower 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 to receive money within minutes directly into your naira account or cash at a branch close to you from friends and family living abroad.