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Nairaland Forum / Nairaland / General / Business / Should I Open A Domiciliary Account? Why? (35895 Views)
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Re: Should I Open A Domiciliary Account? Why? by iswallker(m): 8:18pm On Sep 16, 2021 |
Ask the customer service officer - maybe they can enlighten you |
Re: Should I Open A Domiciliary Account? Why? by justified007: 8:18pm On Sep 16, 2021 |
I want to know too |
Re: Should I Open A Domiciliary Account? Why? by wisdomkid: 8:18pm On Sep 16, 2021 |
Dollar reaching 1000/$ is really shameful and that's not even a problem to the government. Sad times indeed. 1 Like |
Re: Should I Open A Domiciliary Account? Why? by PrinceJoeWan(m): 8:18pm On Sep 16, 2021 |
Still waiting for those with information or ideas to enlighten US 2 Likes |
Re: Should I Open A Domiciliary Account? Why? by olyrayy(m): 8:19pm On Sep 16, 2021 |
You need: 1. An ID document. 2. Referees from two people with a non-salary current account. 3. Some banks require you to have an initial deposit. I've used GTB and they don't require a pre-existing deposit. 4. Miscellanous. You should get a domiciliary account to protect yourself from naija inflation. If you have a substantial amount, switch from a dom account to a stablecoin. Emefiele is a mad man. He can seize all the funds from domiciliary accounts if he runs out of ideas. 23 Likes |
Re: Should I Open A Domiciliary Account? Why? by tunde4top(m): 8:19pm On Sep 16, 2021 |
Good but not the best when you actually want to take the best advantage out of the constant inflation of Naira against the dollar The same government through their banks will still determine the conversion rate of the saved dollar back to Naira which definitely will be lesser than the black market price. The banks are wise. They buy dollar from you at Inter-bank rate and sell dollar for you at black market rate. You will also be regulated on your own money. How much you can spend per time, etc. With the constant change in rules by the CBN, you can wake up tomorrow and hear that all your dollars has been automatically converted to Naira by the new CBN rule at 400 dollar. The least you can do to best take advantage of the constant devaluation of Naira is to open a Stable coin wallet like USDT and save digital dollars there. 7 Likes 2 Shares |
Re: Should I Open A Domiciliary Account? Why? by Archilouis(m): 8:20pm On Sep 16, 2021 |
CBN’s recognized store of foreign currencies to aid transactions. Not deemed as an investment option. 1 Like |
Re: Should I Open A Domiciliary Account? Why? by Kfady: 8:20pm On Sep 16, 2021 |
Good u open it 1 Like 1 Share |
Re: Should I Open A Domiciliary Account? Why? by Thryphosa(m): 8:22pm On Sep 16, 2021 |
Cos of the incessant fall of Naira, the value of your money depreciates when you have it saved in naira, it doesn't when saved in dollar. 1 Like |
Re: Should I Open A Domiciliary Account? Why? by tony360: 8:23pm On Sep 16, 2021 |
Set |
Re: Should I Open A Domiciliary Account? Why? by Botking: 8:23pm On Sep 16, 2021 |
OGA leave this old way of thinking, the financial world has innovate past centralized system of banking, Buy USDT, USDC or BUSD and hodl against the naira, simple 6 Likes 1 Share |
Re: Should I Open A Domiciliary Account? Why? by RuddyFusion(m): 8:24pm On Sep 16, 2021 |
I wish someone with useful answers to the ops questions willl help us here.... 4 Likes |
Re: Should I Open A Domiciliary Account? Why? by niel63(m): 8:24pm On Sep 16, 2021 |
I just opened one with Fidelity Bank... going to collect my card and details tomorrow. Requirements: 2 references Any valid form of identification... NIN preferably. Passport photograph Proof of address (Nepa Bill, waste management, etc) And your $100 I went with Uncle Fide for some reasons and they seem to be very flexible too... Naira is becoming a Joke. I'd stop charging clients in Naira anyways... Imagine collecting naira and you want to pay for any cloud service, na there better premium tears go dey flow... Modified: I practically used Barter to pay for most of my cloud based infrastructures until recently... just imagine, they provided me with a dollar $ account, I tried it... received just $100 in it... the next thing these people seized the money, prevented me from withdrawals and asked me to submit a picture of me holding my ID and told me to tell the client to snap the card they used in making the payment. Lol... I burst ... so furious I replied them with an answer they never expected and before you know it, they apologised and asked me to send whatsapp chat proof of the transaction and what it was meant for. Sigh... after doing their stupid KYC compliance last year. These people are so clueless... Long story short, Las Las when they opened it after like 6days, they gave me #41,000 for $100 but would charge you #57,000 to load dollars... you see the scam. I rush go open domiciliary account. So in retrospect, you need a dom account to have peace on mind first with USD transactions in 9ja. 15 Likes 1 Share
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Re: Should I Open A Domiciliary Account? Why? by TenQ: 8:25pm On Sep 16, 2021 |
SamuelLoch:Why should you own a domiciliary account? 1. Do you buy things online? With your Naira debit card, your maximum limit is $100 per month, however with your domiciliary account, there is no limit of how much you can spend. 2. With the depreciating Naira, your savings should be in dollars and not the Naira. With the way these politicians and APC is managing our economy, the Naira is going to fall to N700 to a dollar before it slows down 3. Do you intend to make money online? Your domiciliary account is your best bet to receive such funds. 2 Likes |
Re: Should I Open A Domiciliary Account? Why? by emmnprince(m): 8:25pm On Sep 16, 2021 |
inoki247: Na wetin I do be that! Access bank are doing me well. |
Re: Should I Open A Domiciliary Account? Why? by Archilouis(m): 8:26pm On Sep 16, 2021 |
yunqdady: Moderators don’t seem to get that the quality of a discuss should start from the front page. That said, they should delete all non-related post on the front page of any topic….distractions can be tolerated in subsequent pages 9 Likes |
Re: Should I Open A Domiciliary Account? Why? by KingMack(m): 8:26pm On Sep 16, 2021 |
people wey get brain for Nairaland don leave this forum nobody dey contribute..it's well wettin i know. Modified..mk sombori explain 5 Likes
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Re: Should I Open A Domiciliary Account? Why? by MajorOvakporaye(f): 8:27pm On Sep 16, 2021 |
Winters23: The OP would be a fool if he should take this your baseless advice 4 Likes |
Re: Should I Open A Domiciliary Account? Why? by emmnprince(m): 8:28pm On Sep 16, 2021 |
olyrayy: Our CBN governor a mad-man. But he do act on instructions from oga at the top na! |
Re: Should I Open A Domiciliary Account? Why? by Xeedorf: 8:29pm On Sep 16, 2021 |
Benefits: I bought $20,000usd in July 2021 @496. But today 16 Sep 2021 rate is 570. 20,000*570=11,400,000 20,000*496= 9,920,000 Different= 1,480,000 within 2month 13 Likes |
Re: Should I Open A Domiciliary Account? Why? by McStoic(m): 8:31pm On Sep 16, 2021 |
Hmmm... Domiciliary bank account is good. But in all thy domiciliation, make sure you don't house all your money in Naira. For me, I prefer leaving some immediate cash I am gonna need in the interim in Naira and leaving the bigger ones for he future in dollar and Bitcoins etc. Too bad the stability of Bitcoins are not cast in stone either.. In other news, this is the best time for any well doing person living abroad to help their Nigerian relatives by sending them dollars especially USD and other hard currencies (God bless my family ). Sending things from abroad to sell here now is goldmine, so far you have the people who can afford your price here! Naira is going the way of Zimbabwean currency! Only God knows what lies ahead before 2023. Make contingency plans to evacuate when shit hits the ceiling!! 8 Likes |
Re: Should I Open A Domiciliary Account? Why? by TenQ: 8:33pm On Sep 16, 2021 |
Xeedorf:You have not really gained (because price of the things you would have bought with Naira has also gone up) BUT you have saved your money from depreciation. 19 Likes |
Re: Should I Open A Domiciliary Account? Why? by Winters23: 8:34pm On Sep 16, 2021 |
MajorOvakporaye: Like I said it's just an advice and not a financial advise. Wether you like it or not everyone will transact in crypto one way or the other, and you can never be able to live in denial for long because even cbn is launching e-naira next month. So continue living in 1999 and watch evolution pass you by. 3 Likes |
Re: Should I Open A Domiciliary Account? Why? by owagbeba: 8:34pm On Sep 16, 2021 |
Botking: Good day. Can you elaborate on these options: USDT, USDC and BUSD? How does it work? Are these option better than having a dormicilliary account? 5 Likes |
Re: Should I Open A Domiciliary Account? Why? by kay29000(m): 8:35pm On Sep 16, 2021 |
Xeedorf: Wow! That's a lot of gain. |
Re: Should I Open A Domiciliary Account? Why? by notmyrealmonika: 8:36pm On Sep 16, 2021 |
yunqdady: You no sabi road go DSS office? |
Re: Should I Open A Domiciliary Account? Why? by Botking: 8:37pm On Sep 16, 2021 |
owagbeba: Bro this are cryptocurrency, Oh I see, it seems you're new to this kind of stuff, You can do your research and understand about it. Good luck |
Re: Should I Open A Domiciliary Account? Why? by LawyerEmilord(m): 8:42pm On Sep 16, 2021 |
PerfectlyPerfect:This is the best advice. Take it and enjoy. Leave Nigerian banks alone. |
Re: Should I Open A Domiciliary Account? Why? by UncleSnr(m): 8:43pm On Sep 16, 2021 |
Convert your Naira to USDT or any other stable coin. Join Binance and use their P2P platform in purchasing a stable coin. You can earn interest from their savings platform too. Thank me later. |
Re: Should I Open A Domiciliary Account? Why? by PENNYSWAP: 8:43pm On Sep 16, 2021 |
Truth234: Rubbish Rubbish Rubbish Fidelity bank pays 4% to the dom account holder every month But you will open. With 200 $ 1 Like |
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