In this article, I will explicitly explain what a domiciliary account, 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.
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?
Click http://joelinkstech..com.ng/2016/11/requirements-and-procedures-for-domiciliary-account-in-nigerian-banks.html to read more

I dey very busy now but I post so dat ah go check am well later. Good job

Nice buh I humbly fault your theoretical permutation on subject, it's centered on a bank(UBA), so many other details ranging from requirements, cash implication were not spelt out.
#MyCandidOpinion