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What Is A Domiciliary Account? - Business - Nairaland

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Nigerian Bank With The Best Domiciliary Account System? / Nigerian Bank With The Best Domiciliary Account System? / How To Open A Domiciliary Account In Nigeria (1) (2) (3) (4)

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What Is A Domiciliary Account? by Babakenny(m): 12:16am On Jul 29, 2007
What Is A Domi Account In Banking Language?

Please i'd like to know what a domi account mean in a banking world.I was trying to ask my bank oceanic bank if they operate money wiring from or to a foreign account (forex account)but their response was not satisfactory,so i asked a friend and he told me i can transfer money via money wire if only i have a domi account.Please i'm confused.
Re: What Is A Domiciliary Account? by kenis12: 12:26am On Jul 29, 2007
hello,
yes,your friend is rite about you get a domin account.[color=#990000][/color]
Re: What Is A Domiciliary Account? by Babakenny(m): 12:34am On Jul 29, 2007
Thanks.But i don't know, how do i open such account?Please state it,
Re: What Is A Domiciliary Account? by naijacutee(f): 12:37am On Jul 29, 2007
Domicillary account.
Re: What Is A Domiciliary Account? by phemmy26(m): 2:23pm On Jul 29, 2007
You can work in to any bank and tell them you want to open a domi acct there. You would be required to fill out some form and also you would need to have two ref.

After this you would make a deposit in your acct after it has been opened and whenever you need to to make a transfer you do it with you domi acct. Before a money wire can be made, it has to be form your domi acct or you would have to have a domi acct. Banks have different minimum open balance. You can try GTB smiley
Re: What Is A Domiciliary Account? by Princesege(m): 6:29pm On Jul 29, 2007
Conditions for domiciliary account are:
You must have:
1. A current account with the bank;
2. operated the account for 6 months
3.at least $50 or more as minimum deposit(it depends on the bank, GTB is $50-$150) pls confirm from GTB
That is all. It is very simple.

Other banks have different rules, but I opened my domi account for £50 at GTB.
And make sure you tick all the major currency. ie £, $ etc when you open your account.
All the best.
Re: What Is A Domiciliary Account? by fojames(m): 7:09pm On Jul 29, 2007
A domicilliary account is very easy to open these days.

At GTB you can open one if you have a current account with them with just $100.
Re: What Is A Domiciliary Account? by ronnie-slimz(f): 12:42pm On Jul 30, 2007
GTB is the best as far as domiciliary acct is concerned
Re: What Is A Domiciliary Account? by niyyie(m): 12:54pm On Jul 30, 2007
What makes GTB the best? Can you give specific points?
Re: What Is A Domiciliary Account? by nikinash(f): 1:55pm On Jul 30, 2007
a domiciliiary account is simply a foreign currency denominated account. this means accounts in currencies other than our dear old naira.

GTB seems to still have the best and easiest to run dom account. and all you need are:

2 references
fill the form (ensure to tick all the major currencies on the form, (it negates you having to fill a form everytime you want to open other currencies, and you dont have to fund it all at once)
one passport picture
your id card
utility bill (phcn, nitel water etc)

i think thats all (at least thats what i can remember) and you no longer need to have a current account running with them, you can simply open the dom account only.

when you wire money in, in addition to the cots of wiring you will pay to the bank abroad, you will also pay a 1% fee to withdraw it in nigeria. and beware, your transactions are always logged with cbn and efcc, so ensure you do no fraudulent transactions!

and no, i do not work with gtb.
Re: What Is A Domiciliary Account? by seun001(m): 6:53pm On Jul 30, 2007
@poster,
am wondering what u mean by unsatisfactory response.have been using oceanic bank for sometime now and theres been no problem.u can wire money in or out without even a dom acct,thats if u have a naira current account with them.but for ease of transactions its better to have a dom account.opening one is just like opening a naira current account.
and yes every transaction goes to efcc and cbn.so watch it.
Re: What Is A Domiciliary Account? by papabaks(m): 10:49am On Jul 31, 2007
Good one from you nikinash

I troway salute Kassaa.

papa
Re: What Is A Domiciliary Account? by uzomaeze(m): 11:12pm On Jul 31, 2007
I use GT bank i think they are cool
Re: What Is A Domiciliary Account? by Everbright(f): 7:20am On Aug 01, 2007
You must not have a current account to be able to operate a dom account.
Just walk into any bank,obtain a dom account opening package,fill it with two passport photos,you international passport/drivers licence,two references from people that run current accounts either in that bank or in any other bank.If it's a dollar account you make an initial deposit of $100,also if it's a pound account you make an initial deposit of #100.
Try Fidelity bank,they are good in it,especially with BTA and PTA.
Cheers
Re: What Is A Domiciliary Account? by blackracle(m): 4:25am On Aug 02, 2007
na wa o!e be like say every1 for nairaland dey use GT Bank?so te pple just dey praise dem
Re: What Is A Domiciliary Account? by tglaz(m): 12:22pm On Aug 02, 2007
@blackracle
i guess an innovative bank like GTB deserves no less a recognition. smiley
Re: What Is A Domiciliary Account? by shockreaction(m): 5:33pm On Aug 02, 2007
Got a question for people with GTBank domiciliary accounts. How much does GTBank charge for receiving wire transfers?
Re: What Is A Domiciliary Account? by LADUNDE(f): 10:23am On Aug 03, 2007
1% of wat amount you are transferring
Re: What Is A Domiciliary Account? by LADUNDE(f): 10:24am On Aug 03, 2007
1% of wat amount you are transferring
Re: What Is A Domiciliary Account? by ajayi1(m): 10:45am On Aug 03, 2007
GTB is good, because it is very easy for you to open any account with them and even now it is so cheap to do it. so go for it. Cheers.
Re: What Is A Domiciliary Account? by jayvin01: 10:49am On Aug 03, 2007
ajayi1:

GTB is good, because it is very easy for you to open any account with them and even now it is so cheap to do it. so go for it. Cheers.

true, thats rite, grin
Re: What Is A Domiciliary Account? by beetintin(m): 12:16pm On Aug 03, 2007
I learnt all these 6 months of Current Acct stuff is crap. I learnt it is possible to open it
at anytime you wish provided you've got a current account. I was told this by someone
that opened his with, whoelse but GTB!

GTB seem to be the best bank in town to me. wink
Re: What Is A Domiciliary Account? by OLUWASEUN.: 11:36pm On Aug 03, 2007
CAN SOMEONE TRANSFER FROM EGOLD TO A DOMICILIARY A/C?

NEED A FAST REPLY GUYS,
Re: What Is A Domiciliary Account? by niyyie(m): 7:44am On Aug 08, 2007
Oluwaseun, you need someone willing to buy your egold and pay dollars into your domiciliary account.
Re: What Is A Domiciliary Account? by hammah(m): 4:36am On Aug 10, 2007
GT is the best 4 it!
Re: What Is A Domiciliary Account? by Emedem(m): 8:22am On Aug 10, 2007
regulation has it that you can't wire out more than $10,000.00 ( or its equivalent) per week using your dom account.
Re: What Is A Domiciliary Account? by seun001(m): 5:50pm On Aug 10, 2007
nope,u can wire $10000 on alternate days
dats mon,wed and fri.all the same it goes to cbn and efcc
Re: What Is A Domiciliary Account? by Purist(m): 8:05pm On Aug 10, 2007
I intend opening a dorm account with GTB very soon, but what I want to know now is this:

If I open the account in all 3 currencies (Dollar, Pound & Euro), do I need to deposit seperate amounts for each currencies, or is it just a one-time fee of $100?
Re: What Is A Domiciliary Account? by Cotton(m): 8:35pm On Aug 14, 2007
Please does anybody know whether there is a limit to the amount of money one can receive through a dom account?
Re: What Is A Domiciliary Account? by Cotton(m): 8:37pm On Aug 14, 2007
Please does anybody know whether there is a limit to the amount of money one can receive through a dom account?
Re: What Is A Domiciliary Account? by simiad: 9:05pm On Aug 14, 2007
account with original form of the funds i.e. dollars
Re: What Is A Domiciliary Account? by car-dealer(m): 1:22pm On Aug 20, 2007
smileyhi, is bank wire done through domiciliary account?

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