If you often have transactions with foreigners or you hope to someday, then it is important to have a domiciliary account. This type of account enables you to transact in foreign currencies. In other words, you can send and receive money in other currencies without hassles.
A domiciliary account is a type of current account that you can fund through foreign currency cheque deposits, cash deposits etc. If you are wondering how to send money to this type of account easily in Nigeria, then it’s good you are here! In this article, we would be exposing the easy ways you can send money to a domiciliary account in Nigeria and other relevant information.
Before we look at how to send money to a domiciliary account, let’s discuss how you can create one.
How do you Open a Domiciliary Account in Nigeria?
If you don’t have a domiciliary account yet, following these simple steps could help you in creating one:
- Get some photocopies of the following documents and any other documents required by your bank:
- Passport photograph
- Bio-data page of your international passport
- Government-issued ID card
- Signature mandate card got from your bank.
- Reference form got from your bank
- Apply for a domiciliary account from your bank’s official website or obtain the form at your bank.
- Upload or submit the relevant documents as requested by your bank.
- Fill out all the necessary details on the application page/form.
- Patiently wait for the bank to approve your application. You may be required to visit the bank, later on, to finalize the process if you started online.
Note that the process varies as some banks may require particular documents and information.
How to Send Money to Domiciliary Account in Nigeria
Before you can successfully send money to a domiciliary account in Nigeria, the recipient must provide you with the following details:
- Name on the account
- Name of the bank
- Branch address of the bank
- Routing Number
- Swift Code ( If you don’t know this, you can make enquires at your bank or Google the Swift Code of your Bank).
In order to send money to a domiciliary account in Nigeria, you would need to make use of the Online banking system or visit your bank to help you with the process. After the transaction process is confirmed, the recipient would receive a bank notification and should proceed to the bank and fill out a foreign currency withdrawal slip. Then, he or she would be able to collect the money. To change the money to a local currency, it is best to visit Bureau de Change, which is an official place for buying and selling foreign currencies.
Opening and transacting with a domiciliary account is not as hard as it may seem. If you have been having issues opening the account or sending money to a domiciliary account in Nigeria, then we believe following the steps in this article would make the process easier