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Domiciliary Account Opening: Which Bank Has Best To Offer? - Business - Nairaland

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Domiciliary Account Opening: Which Bank Has Best To Offer? by qwertygeni: 9:36am On Jul 28, 2018
Dear Nairalanders, please I would like to know the best bank to open a Domiciliary account with with respect to the ease of opening, charges likely to be incured ( bank commission, travelex and offshore) and minimum account balance. I intended to make a payment of less than $1,000 to a company in China thru transfer or western union. So I decided to use transfer using Dom account as I can't make subsequent transaction using Westernunion cos of quarterly restrictions.

I have been to more than one branch of some banks like GTB, first bank and FCMB and I hear different things from different branches of same bank . My experience is that most of these guys at the FX table of these banks are either not sure of these information especially on charges or purposely not sincere.

Dear all, I will be grateful for all info that could be of help in this regards.

Thank you.

12 Likes

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by qwertygeni: 11:49am On Jul 28, 2018
This is urgent please.

UPDATE

I eventually settled for GTBank's Dorm account. For every foreign fund transfer, you will be debited the following: Principal (the actual money you intend to send), Telex, Commission & VAT and offshore charge. However, my advice to whosoever wish to transfer such fund abroad should fill their forms in CAPITAL LETTERS to avoid story that touch. In my own case, the bank made an error in the letters in the name of the merchant I intend to send the money to. This lead to some delay as the offshore bank had to send the money back to my account. This made me incur extra charge in sending the money again. I hope to make a case against the bank in this regard once my funds gets transferred cos my supposed transaction is belated.

Many thanks to all who contributed meaningfully.

4 Likes 2 Shares

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by Pentools(m): 2:00pm On Jul 28, 2018
qwertygeni:
Dear Nairalanders, please I would like to know the best bank to open a Domiciliary account with with respect to the ease of opening, charges likely to be incured ( bank commission, travelex and offshore) and minimum account balance. I intended to make a payment of less than $1,000 to a company in China thru transfer or western union. So I decided to use transfer using Dom account as I can't make subsequent transaction using Westernunion cos of quarterly restrictions.

I have been to more than one branch of some banks like GTB, first bank and FCMB and I hear different things from different branches of same bank . My experience is that most of these guys at the FX table of these banks are either not sure of these information especially on charges or purposely not sincere.

Dear all, I will be grateful for all info that could be of help in this regards.

Thank you.

Zenith bank and Gtbank for now followed by UBA n Firstbank.

11 Likes 2 Shares

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by qwertygeni: 12:37am On Jul 29, 2018
angry
qwertygeni:
This is urgent please.
Pentools:


Zenith bank and Gtbank for now followed by UBA n Firstbank.

Please kindly give specific reasons for this

2 Likes

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by Pentools(m): 2:50am On Jul 29, 2018
qwertygeni:
angry

Please kindly give specific reasons for this

I've tried them out, but I'm currently with zenith cus of the juicy offer.

7 Likes

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by Eustace70: 12:01pm On Jul 29, 2018
I am using zenith Bank now, but my problem with them is that they refuse to take lower dollar notes, when depositing you must have $100-notes

5 Likes 1 Share

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by qwertygeni: 11:06pm On Jul 29, 2018
Pentools:


I've tried them out, but I'm currently with zenith cus of the juicy offer.

Oh! Thanks for your timely contribution. Kindly elucidate on what you mean by juicy offer, sir.

3 Likes

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by qwertygeni: 11:07pm On Jul 29, 2018
Eustace70:
I am using zenith Bank now, but my problem with them is that they refuse to take lower dollar notes, when depositing you must have $100-notes

Thank you for this piece

Modified:

OlujobaSamuel: 8:35am
the guy is asking for specific info and everyone is giving vague answers, I no just understand us.
Can someone pls give specific info in respect to his choice bank, some of us also needs the info aside the op
Please, help explain to people to be more specific as per the charges and not the unbridled advert some are dishing out.

2 Likes 1 Share

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by princeimma: 6:59am On Jul 30, 2018
GTB, you can pay in any amount you want but they are on percentage level when transferring but fcmb is fixed. I have transferred $2000 , $800 and $1500 the charge is just same.

22 Likes 2 Shares

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by Pentools(m): 2:59pm On Jul 30, 2018
qwertygeni:


Oh! Thanks for your timely contribution. Kindly elucidate on what you mean by juicy offer, sir.

Good offer.

1 Like 1 Share

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by qwertygeni: 11:14pm On Aug 04, 2018
princeimma:
GTB, you can pay in any amount you want but they are on percentage level when transferring but fcmb is fixed. I have transferred $2000 , $800 and $1500 the charge is just same.

Thanks for this information.

1 Like

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by Emmafe(m): 7:23am On Aug 05, 2018
Diamond bank. Only use the account to receive payment.

Check my signature for Samsung phones

2 Likes

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by eluquenson(m): 7:24am On Aug 05, 2018
Commercial bank products are almost the same with slight difference.

Just open in any bank of your choice.

27 Likes

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by ellalina(f): 7:25am On Aug 05, 2018
See rich people talking about money

34 Likes 2 Shares

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by Opinionated: 7:26am On Aug 05, 2018
Don't know
Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by Remijuice: 7:26am On Aug 05, 2018
princeimma:
GTB, you can pay in any amount you want but they are on percentage level when transferring but fcmb is fixed. I have transferred $2000 , $800 and $1500 the charge is just same.
Getting A Referee is my problem.
Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by nonxo007(m): 7:26am On Aug 05, 2018
Eustace70:
I am using zenith Bank now, but my problem with them is that they refuse to take lower dollar notes, when depositing you must have $100-notes
Same with Diamond and UBA

2 Likes

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by yesloaded: 7:27am On Aug 05, 2018
Emmafe:
Diamond bank. Only use the account to receive payment.

Check my signature for Samsung phones
I use diamond bank dom acct too, easy to open/operate with interest on your deposit

8 Likes

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by bravehost4u(m): 7:27am On Aug 05, 2018
qwertygeni:
Dear Nairalanders, please I would like to know the best bank to open a Domiciliary account with with respect to the ease of opening, charges likely to be incured ( bank commission, travelex and offshore) and minimum account balance. I intended to make a payment of less than $1,000 to a company in China thru transfer or western union. So I decided to use transfer using Dom account as I can't make subsequent transaction using Westernunion cos of quarterly restrictions.

I have been to more than one branch of some banks like GTB, first bank and FCMB and I hear different things from different branches of same bank . My experience is that most of these guys at the FX table of these banks are either not sure of these information especially on charges or purposely not sincere.

Dear all, I will be grateful for all info that could be of help in this regards.

Thank you.

Visit any branch of Diamond Bank, and open a Dom account. That is all you need.

2 Likes

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by Remijuice: 7:28am On Aug 05, 2018
princeimma:
GTB, you can pay in any amount you want but they are on percentage level when transferring but fcmb is fixed. I have transferred $2000 , $800 and $1500 the charge is just same.
I hope Transferring Is not the same as Paying
Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by seyiojomu(m): 7:29am On Aug 05, 2018
GTB is your best option. Flexibility of controlling your accounts at ease is a selling point. They are also the most international transaction friendly bank I have seen around even in the midst of our FX instabilities.

30 Likes 1 Share

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by atikubaba(m): 7:30am On Aug 05, 2018
Try Skye Bank.

1 Like 1 Share

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by BruncleZuma: 7:30am On Aug 05, 2018
FirstBank

13 Likes 2 Shares

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by emmie14: 7:31am On Aug 05, 2018
princeimma:
GTB, you can pay in any amount you want but they are on percentage level when transferring but fcmb is fixed. I have transferred $2000 , $800 and $1500 the charge is just same.
This is case of facts and figures. What is the charges or percentage? Be comprehensive sir.

10 Likes

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by Iyaboonibipe: 7:32am On Aug 05, 2018
I will recommend Ecobank. You can choose between the savings and current variant. Lower transfer and withdrawal charges. Card issuance fee is the cheapest in the industry.

8 Likes 2 Shares

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by busky101(m): 7:32am On Aug 05, 2018
I need it too, op thanks for bringing it up
Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by Jimmy231: 7:33am On Aug 05, 2018
Community Bank is the best you will tank me later

3 Likes

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by Touchey: 7:34am On Aug 05, 2018
I'd suggest fidelity bank for peace of mind

2 Likes

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by dingbang(m): 7:35am On Aug 05, 2018
cool


My signature
Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by tempex88(m): 7:36am On Aug 05, 2018
Diamond and stanbic bank's charges are low but Diamond doesn't have good financials

1 Like

Re: Domiciliary Account Opening: Which Bank Has Best To Offer? by 3rdavefarms(m): 7:38am On Aug 05, 2018
First bank is the best for the following reasons
1. The bank staffs treat you with respect when they realize you are transacting on a dom acct compared to regular naira acct


2. the transfer charges are relatively low and affordable

3. They always notify you with sms even when the money is yet to drop into your acct I.e incoming wire transfer alert

4 the transfer duration is maximum of 72 hours with there over active ACH Automatic clearing house in Marin Lagos


5. They always offer to change the hard currency to naira at a reasonable rates

13 Likes 1 Share

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