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Should I Open A Domiciliary Account? Why? - Business - Nairaland

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Should I Open A Domiciliary Account? Why? by SamuelLoch: 5:50pm On Sep 16, 2021
Hello, people! I hope you had an amazing day

I would make this short, and precise.
Sometime last year, a friend visited me briefly. Before he left he advised me to open a Domiciliary Account and I just said "OK"

Although, I made enquiries cause I had some money stuck with UBA at the time, but some things turned me off the plan to get the account - I can't remember exactly.
For some time now, some people have been ringing it in my head to open a Domiciliary Account. The most recent one was this evening.

I would rather hear from a subscriber than a customer service agent at the bank. I don't want to have regrets later, that's why I brought it here...
We all know that our Naira is really losing its value to the Dollar. People are concerned about hoarding dollars till the day it hits N1,000 LOL!

I know that a Domiciliary Account is perfect for receiving dollars from abroad, but I don't know some other things.

I would like to know the benefits and disadvantages of running a Domiciliary Account.
What Nigerian bank is best to open this account with?
What terms and conditions concerns me before, and when running this account?
Is a Domiciliary Account best understood as a savings account in foreign currency or a fixed deposit?

Please, don't derail the thread
Thanks for contributing, and enjoy the rest of your day!

This is highly beneficial for me and many other people out there.

57 Likes 1 Share

Re: Should I Open A Domiciliary Account? Why? by IJOBA11: 8:14pm On Sep 16, 2021
GOOD LUCK
Re: Should I Open A Domiciliary Account? Why? by lloydtruth: 8:15pm On Sep 16, 2021
Nothing wrong with opening domiciliary account.

3 Likes

Re: Should I Open A Domiciliary Account? Why? by Tos87(m): 8:15pm On Sep 16, 2021
Every Nigerian should have a Dom-account.
As Naira is depreciating now.

44 Likes 2 Shares

Re: Should I Open A Domiciliary Account? Why? by prezee1(m): 8:15pm On Sep 16, 2021
All is well

6 Likes

Re: Should I Open A Domiciliary Account? Why? by Truth234(m): 8:15pm On Sep 16, 2021
First, given the Nigeria's unstable economic situation and policymakers' fire brigade approach to foreign exchange and other economic matters. It is important to have a more stable savings account that can help curtail, manage and even profit from their recklessness or cluelessness.

Nigeria is a petrol-dollar economy. This simply means that Nigeria, Africa's largest economy with population of 200 million, have to sell crude oil to generate the US dollar needed to service her economy. Suggesting that any time OPEC or OPEC+ capped Nigeria's production or Millitants strike, the economy will suffer as the healthiness of the economy is directly tied to her foreign reserves (an account where all foreign revenues are kept for use).

However, the reason we suffer so much or why we have high forex volatility is because Nigeria is an import dependent economy. We import over 90 percent of what we consume due to our weak manufacturing sector. This, also explains the high unemployment rate of 33.33 percent since we export all of our jobs.

Now, here is how to mitigate the risk associated with this unpredictable nature of the Nigerian economy. Read one of my articles titled How to Save, Invest and Earn in US Dollar in Nigeria https://investorsking.com/2021/06/28/how-to-save-invest-and-earn-in-us-dollar-in-nigeria/

OPEN a Domiciliary Account

Recently, I discovered a better and economically viable Domicilary Savings Account (FCMB, pls note this is purely for information purposes and not paid ads).

This account can be opened with just $10, Euro or Pound depending on your type of account.

Here is why I think this is better for people looking to start saving in USD, especially the youth.

Interest bearing account but forfeited once there are more than 3 withdrawals in a month.
A serialized non-clearing cheque-type withdrawal booklet used for withdrawal by account holder only.
Allows for Foreign Currency Salary payments and cash lodgement.
Account can be operated either as an individual or a joint account
NO charge on cash withdrawal.
Offers Issuance of foreign currency denominated drafts
Free E-mail transaction notifications
Free monthly electronic statements

Requirements for Opening FCMB Domiciliary Savings Account - the most straightforward I have seen

Completed account opening form
1 passport photograph
Minimum of 18 years-old and provide the following:
International passport or Driver’s License or National ID card or Voters Card or Resident Permit (for immigrants)
Address verification e.g. Utility bill, recent bank statement or local authority tax bill etc.

To read more on FCMB Domiciliary Savings Account click https://www.fcmb.com/domiciliary-savings-account

Any more question? Ask me.

51 Likes 14 Shares

Re: Should I Open A Domiciliary Account? Why? by Odogwua: 8:15pm On Sep 16, 2021
If you can open it. E get why.

1 Like

Re: Should I Open A Domiciliary Account? Why? by UncleKoboko: 8:15pm On Sep 16, 2021
sad
Re: Should I Open A Domiciliary Account? Why? by UncleKoboko: 8:15pm On Sep 16, 2021
sad sad
Re: Should I Open A Domiciliary Account? Why? by AmuEbule: 8:16pm On Sep 16, 2021
Ok
Re: Should I Open A Domiciliary Account? Why? by saferoom: 8:16pm On Sep 16, 2021
Okay
Re: Should I Open A Domiciliary Account? Why? by Winters23: 8:16pm On Sep 16, 2021
@samuelLoch if this advice you seek is from 10yrs ago I would have said open the dam account and change some naira to dollar.

But this is 2021 and the world have moved on from this kind of thinking except you plan to receive foreign currency on a regular basis through the account.

However, if you have some naira you want to secure from inflation I will advise you download trust wallet or metamask and get yourself a stable coin.

Nobody can access or close down your account like cb forking n just did to abokifx as long as you secure your keys.

83 Likes 12 Shares

Re: Should I Open A Domiciliary Account? Why? by Theultimate(m): 8:16pm On Sep 16, 2021
Looking forward to people's contributions
Re: Should I Open A Domiciliary Account? Why? by inoki247: 8:16pm On Sep 16, 2021
open it and start saving in foreign currency cause saving in Naira is so useless...


if you keep 100k in Naira in your account for just 30days if u take it to market to buy the same thing u priced the day u save the money u will discover say he don add extra 10k I don't know if Nigeria inflation na per seconds...


At least if you can't take any Cryptoo Risk I believe putting ur savings in Dorm account is ok cause iz risk free...

42 Likes 2 Shares

Re: Should I Open A Domiciliary Account? Why? by Nobody: 8:16pm On Sep 16, 2021
Here to learn .
Re: Should I Open A Domiciliary Account? Why? by confirmedniggae: 8:16pm On Sep 16, 2021
You are rolling with gee boys abi

4 Likes

Re: Should I Open A Domiciliary Account? Why? by drtee247(m): 8:17pm On Sep 16, 2021
Following

1 Like

Re: Should I Open A Domiciliary Account? Why? by notmyrealmonika: 8:17pm On Sep 16, 2021
All eyes are 360° opened to read and learn.

1 Like

Re: Should I Open A Domiciliary Account? Why? by Umartins1(m): 8:17pm On Sep 16, 2021
I'll like to know too. Also, what is involved in opening a business account?

1 Like 1 Share

Re: Should I Open A Domiciliary Account? Why? by FreeStuffsNG: 8:17pm On Sep 16, 2021
No. Not necessary if you don't have need for it. It comes with its own costs too like paying for the debit card. So why open it if you don't need it.

6 Likes 1 Share

Re: Should I Open A Domiciliary Account? Why? by PerfectlyPerfect(m): 8:17pm On Sep 16, 2021
SamuelLoch:
.....

This is highly beneficial for me and many other people out there.
It'll be more beneficial to you to open a binance account and save your funds in USDT than putting it into any Nigerian bank

34 Likes 5 Shares

Re: Should I Open A Domiciliary Account? Why? by yunqdady: 8:18pm On Sep 16, 2021
Why do seun and other moderators allow people hoard and keep space on front page? Only to end up talking rubbish or advertise

7 Likes

Re: Should I Open A Domiciliary Account? Why? by iykepromotions: 8:18pm On Sep 16, 2021
Very important if you're doing online business and getting paid in dollars. The best bank so far from experience is Gtbank.

Good luck.

29 Likes 5 Shares

Re: Should I Open A Domiciliary Account? Why? by Cof1ex(m): 8:18pm On Sep 16, 2021
Let's wait for the council of elders
Re: Should I Open A Domiciliary Account? Why? by Mykemore(m): 8:18pm On Sep 16, 2021
Plz those with valid contributions wld speak,tanx
Re: Should I Open A Domiciliary Account? Why? by taiwofawole: 8:18pm On Sep 16, 2021
Very important if you into the online transactions and business .. CBN as restricted spending on Naira mastercard to $100 per month , also to easily get international payment especially for services like Google adsense , if you have a blog and it’s monetised with Google adsense , you can receive direct deposit in dollars there and withdraw your dollar to Aboki market for exchange grin , blogging sweet for who know way
Also freelancers can only get paid via dom account

See the cost of creating , hosting & monetising your blog below

https://www.nairaland.com/4161635/business-cost-creating-blog-website

4 Likes

Re: Should I Open A Domiciliary Account? Why? by joyandfaith: 8:18pm On Sep 16, 2021
Hope it would be an interesting thread to learn

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