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Nigerian Bank With The Best Domiciliary Account System? - Business (3) - Nairaland

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Re: Nigerian Bank With The Best Domiciliary Account System? by Eyop: 5:46pm On Nov 25, 2013
plusfield: Fidelity bank is the best and cheapest in terms of domicillary transactions. You can verify for yourself.

What makes them the best? Just do justice to the question

1 Like

Re: Nigerian Bank With The Best Domiciliary Account System? by digitite: 5:57pm On Nov 25, 2013
Eco-bank is good too. Check it out.
Re: Nigerian Bank With The Best Domiciliary Account System? by howfarwhatagwan: 6:00pm On Nov 25, 2013
What do you mean by best domiciliary account services? Are you looking for that with the lowest/least charges?
Re: Nigerian Bank With The Best Domiciliary Account System? by texaco1: 6:23pm On Nov 25, 2013
howfarwhatagwan: What do you mean by best domiciliary account services? Are you looking for that with the lowest/least charges?
flexible account opening procedure,efficient and effective money transfer transactions,and affordable rates for their services

1 Like

Re: Nigerian Bank With The Best Domiciliary Account System? by Nobody: 6:31pm On Nov 25, 2013
thanks sir
I have a brother schooling in Wolves (UK) under schoolarship, I tried sending money to him but was unable. now I understand why.
but do ur recepiant abroad needs to own a domiciliary account for the transactions to pull through?
Re: Nigerian Bank With The Best Domiciliary Account System? by eluquenson(m): 6:31pm On Nov 25, 2013
texaco1: flexible account opening procedure,efficient and effective money transfer transactions,and affordable rates for their services
Then come to UBA, we value our customers & also provide a seamless transactions grin
Africa's Global Bank
Re: Nigerian Bank With The Best Domiciliary Account System? by Nobody: 6:34pm On Nov 25, 2013
texaco1:
a domiciliary account is a type of account that is used to do foreign transactions . it can be used to receive money from abroad or used to send money to other countries . this is a feature which is not available to other account types . are you ok now ? wink




thanks sir
I have a brother schooling in Wolves (UK) under schoolarship, I tried sending money to him but was unable. now I understand why.
but do ur recepiant abroad needs to own a domiciliary account for the transactions to pull through?
Re: Nigerian Bank With The Best Domiciliary Account System? by Eyop: 6:38pm On Nov 25, 2013
eluquenson:
Then come to UBA, we value our customers & also provide a seamless transactions grin
Africa's Global Bank

UBA ke , except you guys have another story to tell when doing foreign exchange. I had a savings account with UBA but i stopped using it because of excess charges on it. I did a withdrawal of #445,000 on that account and was charged #6000 and when i complained to the manager,i was told it's inter state charges because the money was deposited into my account from Kaduna. Can you imagine that? If that should happen in a savings account what will then happen when doing Foreign exchange?

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Re: Nigerian Bank With The Best Domiciliary Account System? by eluquenson(m): 7:20pm On Nov 25, 2013
Eyop:

UBA ke , except you guys have another story to tell when doing foreign exchange. I had a savings account with UBA but i stopped using it because of excess charges on it. I did a withdrawal of #445,000 on that account and was charged #6000 and when i complained to the manager,i was told it's inter state charges because the money was deposited into my account from Kaduna. Can you imagine that? If that should happen in a savings account what will then happen when doing Foreign exchange?

Inter state charges have long been stopped, there is no charges of sort again, may be this your transaction occurred over 2yrs ago.

1 Like

Re: Nigerian Bank With The Best Domiciliary Account System? by Eyop: 7:23pm On Nov 25, 2013
eluquenson:

Inter state charges have long been stopped, there is no charges of sort again, may be this your transaction occurred over 2yrs ago.

So even if it was stopped was #6000 deduction on a savings account justified?
Re: Nigerian Bank With The Best Domiciliary Account System? by texaco1: 8:04pm On Nov 25, 2013
kenonze:




thanks sir
I have a brother schooling in Wolves (UK) under schoolarship, I tried sending money to him but was unable. now I understand why.
but do ur recepiant abroad needs to own a domiciliary account for the transactions to pull through?
it is more or less like a universal system but I think its application and system varies from one country to the other . But definitely not all accounts can receive money from abroad,this is done all in a bid to stop money laundering and to protect the economy of that country.
Re: Nigerian Bank With The Best Domiciliary Account System? by texaco1: 8:05pm On Nov 25, 2013
eluquenson:
Then come to UBA, we value our customers & also provide a seamless transactions grin
Africa's Global Bank
big boss,long time ooo.how you dey?
Re: Nigerian Bank With The Best Domiciliary Account System? by Robertbob: 8:47pm On Nov 25, 2013
I advise you guys to try FCMB, they provide the best service in this regard. A day international transfer to America was very good for me the last time I transferred $9,500 to Wells Fargo Bank. The tranfer was effected by 9am and by 3pm same day my Friends Account had received the fund. The total charge was just $62.

I've also enjoyed their Mobile and internet services which are superb. Overall FCMB is Customer Centric.

4 Likes

Re: Nigerian Bank With The Best Domiciliary Account System? by Gospelgirl(f): 9:40pm On Nov 25, 2013
Robertbob: I advise you guys to try FCMB, they provide the best service in this regard. A day international transfer to America was very good for me the last time I transferred $9,500 to Wells Fargo Bank. The tranfer was effected by 9am and by 3pm same day my Friends Account had received the fund. The total charge was just $62.

I've also enjoyed their Mobile and internet services which are superb. Overall FCMB is Customer Centric.

Well said! FCMB's foreign transfers are super fast, no going back n forth. I will recommend them anytime anyday. Did a transfer to baclays, got a call less than an hour confirming the receipt of the funds.
Re: Nigerian Bank With The Best Domiciliary Account System? by myola777(m): 9:40pm On Nov 25, 2013
Robertbob: I advise you guys to try FCMB, they provide the best service in this regard. A day international transfer to America was very good for me the last time I transferred $9,500 to Wells Fargo Bank. The tranfer was effected by 9am and by 3pm same day my Friends Account had received the fund. The total charge was just $62.

I've also enjoyed their Mobile and internet services which are superb. Overall FCMB is Customer Centric.
whao! the charges are ok compare to Gtb and Uba. what about their account opening procedure.
Re: Nigerian Bank With The Best Domiciliary Account System? by eluquenson(m): 9:52pm On Nov 25, 2013
Eyop:

So even if it was stopped was #6000 deduction on a savings account justified?
Don't expect banking services to be free anywhere in the world, even CBN charges high, the best bank has their own way of charging customers, nowadays Commercial banks has reduced their charges to a barest minimum whereby reducing competitive advantage to some extent.

1 Like

Re: Nigerian Bank With The Best Domiciliary Account System? by Ofuks(m): 9:55pm On Nov 25, 2013
Eyop:

What makes them the best? Just do justice to the question

Fidelity bank is actually very good in Foreign transfers and has received consistent international awards to buttress this. Customers with majority of their funds in other banks run their domiciliary transactions actively from Fidelity bank because of the excellent service. Transfer instructions sent before 12pm are processed and received by the beneficiary same day while transfer requests received after 12pm are credited the following day. Again the transfer charge is relatively low as it takes $78 to send $10000 that is; $26 swift charge, 0.5% vat on transfer charge and 0.05% concession on the actual transfer amount. The swift amount is fixed and regardless of transfer amount while the vat and concession vary with the transfer amount. You can also open a domiciliary account with $100 and you are not requirwd to maintain a minimum balance. The account opening process is faster if you already have an existing naira account since they already have your documentation....same documents required for opening current accounts apply. Domiciliary accounts attract a charge of 0.2% for cash withdrawals....

3 Likes

Re: Nigerian Bank With The Best Domiciliary Account System? by sboga: 9:56pm On Nov 25, 2013
texaco1: Hello ,please I will like to know which of the nigerian banks has the best domiciliary account services in nigeria.
Thanks

without a doubt, it is


[size=16pt]
UNITY BANK [/size]
Re: Nigerian Bank With The Best Domiciliary Account System? by eluquenson(m): 10:00pm On Nov 25, 2013
texaco1: big boss,long time ooo.how you dey?
Baba I still dey loyal oh cheesy
Re: Nigerian Bank With The Best Domiciliary Account System? by Nobody: 10:15pm On Nov 25, 2013
Eyop:

What makes them the best? Just do justice to the question
Re: Nigerian Bank With The Best Domiciliary Account System? by pouch(f): 10:17pm On Nov 25, 2013
FirstBank is the best. online realtime transfer from the comfort of your home or office.

1 Like

Re: Nigerian Bank With The Best Domiciliary Account System? by fancypet: 10:19pm On Nov 25, 2013
Sterling bank is the best
Re: Nigerian Bank With The Best Domiciliary Account System? by ifenadi(m): 10:43pm On Nov 25, 2013
No bank is faster than the other. It all depends on so many factors which are not limited to; access to swift system, number of intermediary banks involved and human factor. Banks makes use of SWIFT network to wire money abroad. Almost all the banks in nigeria are on swift. And again every bank in nigeria has several corresponding banks in major cities in the world. For instance if you want to transfer fund from your dollar account to uk, It will take longer time than a person that wanted to transfer from pounds account to the same location. Also some banks in nigeria do not have corresponding banks in USA. In that case if you wants to transfer funds to USA in those banks, it will take longer time than it will take if you do the transaction in a bank that has corresponding bank in USA.

N.B: 1.if you want your funds to get to USA faster , always request routing number from the beneficiary(if the beneficiary provides only swift code, the transfer process will take longer time)
2. For Europe and UAE transfer make sure that IBAN is part of the info provided by the beneficiary or else it may take longer time to get to the beneficiary.

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Re: Nigerian Bank With The Best Domiciliary Account System? by Eyop: 10:54pm On Nov 25, 2013
Robertbob: I advise you guys to try FCMB, they provide the best service in this regard. A day international transfer to America was very good for me the last time I transferred $9,500 to Wells Fargo Bank. The tranfer was effected by 9am and by 3pm same day my Friends Account had received the fund. The total charge was just $62.

I've also enjoyed their Mobile and internet services which are superb. Overall FCMB is Customer Centric.

I love FCMB a lot but my challenge in opening a Corporate account and domiciliary account with them is getting FCMB references for the account opening process. Immediately i have the reference i will open up the account because the bank doesn't make noise at all because they are silent achievers. I already made my enquiry about the process but delays is the reference.
Re: Nigerian Bank With The Best Domiciliary Account System? by honestpoju: 11:02pm On Nov 25, 2013
Hello @all .i have read and listen to ur. Comments. As far as banking is concerned fidelity bank plc has the cheapest rate bros.
Re: Nigerian Bank With The Best Domiciliary Account System? by Chlbenze: 11:16pm On Nov 25, 2013
Ofuks:

Fidelity bank is actually very good in Foreign transfers and has received consistent international awards to buttress this. Customers with majority of their funds in other banks run their domiciliary transactions actively from Fidelity bank because of the excellent service. Transfer instructions sent before 12pm are processed and received by the beneficiary same day while transfer requests received after 12pm are credited the following day. Again the transfer charge is relatively low as it takes $78 to send $10000 that is; $26 swift charge, 0.5% vat on transfer charge and 0.05% concession on the actual transfer amount. The swift amount is fixed and regardless of transfer amount while the vat and concession vary with the transfer amount. You can also open a domiciliary account with $100 and you are not requirwd to maintain a minimum balance. The account opening process is faster if you already have an existing naira account since they already have your documentation....same documents required for opening current accounts apply. Domiciliary accounts attract a charge of 0.2% for cash withdrawals....
you really explain in detial, i will surely get a dom acct with fidelity. But one question. Are you thier customer care/agent in nairaland? Need to enquire abt a plan
Re: Nigerian Bank With The Best Domiciliary Account System? by LeSaint(m): 11:32pm On Nov 25, 2013
Chlbenze: need more experience contributors here, has any use the eco banks dom account?

Ecobank is probably cheaper, from what I have read here of other banks, and they will even give you option to pay the charges from your naira account. But I dropped their dollar card because of lousy accounting.
I think Ecobank could be the best in Dom acct. because it is a transnational bank.
Re: Nigerian Bank With The Best Domiciliary Account System? by Chlbenze: 11:38pm On Nov 25, 2013
LeSaint:

Ecobank is probably cheaper, from what I have read here of other banks, and they will even give you option to pay the charges from your naira account. But I dropped their dollar card because of lousy accounting.
I think Ecobank could be the best in Dom acct. because it is a transnational bank.
with all i have read ecobank shouldnt be mention. Infact ecobank is the worst bank in nigeria, sorry to say this, always having bad network, not serious with thier customer etc. Mayb it is only d one in my area. Though i have an account with ecobank
Re: Nigerian Bank With The Best Domiciliary Account System? by Eyop: 12:00am On Nov 26, 2013
Chlbenze: you really explain in detial, i will surely get a dom acct with fidelity. But one question. Are you thier customer care/agent in nairaland? Need to enquire abt a plan

Then what will you have to say to the below?

Kindly note that the minimum opening balance for domiciliary account is  USD100.00 or Euro100.00 or GBP100.00 and different account is opened for each denomination.

 

Find below FX transfer charges on USD, EURO and GBP.

(1)      Local Charges by FCMB (Corporate Customers):  Outward Remittance Fees is 0.525% (Commission + Vat ) of Principal transfer amount subject to the following Minimum Charges:

·         GBP: GBP10.50   (Commission + Vat)

·         EUR: Euro15.75  (Commission + Vat)

·         USD: $21.00        (Commission + Vat)

 

Where;

Commission=0.5% of Principal transfer amount

Vat=5% of Commission

(2)       Local Charges by FCMB (Individual Customers):  Outward Remittance Fees is 1.05% (Commission + Vat ) of Principal transfer amount subject to the following Minimum Charges:

 

·         USD: $10.50        (Commission + Vat)

 

    Where;

Commission=1% of Principal transfer amount

Vat=5% of Commission

(3) Swift/Telex usage charge (All Customers): presently this is fixed at $25 or its equivalent in other currencies per transfer and it’s taken locally from the sender’s Dom account with FCMB and by FCMB, it is different from offshore charges

(4)       Offshore charges: these are service charges by FCMB Correspondent Banks abroad (CITIBANK NEWYORK, CITIBANK LONDON and STANDARD CHARTERED BANK LONDON) on each transfer they remit on behalf of FCMB.

Below offshore charges are usually deducted from the amount transferred by FCMB Correspondent Banks offshore

 

·         GBP: GBP8.00

·         EUR: Euro10.00

·         USD: USD15:00
Re: Nigerian Bank With The Best Domiciliary Account System? by FBIolalusi(m): 6:01am On Nov 26, 2013
For me. I'll advise you try Standard chartered bank. Very cheap and convenient to transfer. This is because they have presence in over 150countries. You can open account with 250k to 150k. Trust me. Gtb services arent fantastic as those other guys have painted it. Ive used it and I knw.
Re: Nigerian Bank With The Best Domiciliary Account System? by lanrefront1(m): 8:40am On Nov 26, 2013
This domiciliary account, can also use it to make payments online, or it's just mainly for making funds transfer.

Also, pls Iwant to ask this question, when you pay online for products with your GTB master card, at what exchange rate do the naira deductions from your account?

Is there a way of knowing the prevalent rate before each transaction so you make purchases when the rates are most favourable, or you only get to know the prevalent after a purchase is made?

Can't a master card also be used to transfer funds or do most of the things domincilary account is used for? Does the domiciiary account have advantages over simply using master card?

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