Opening a Domiciliary Account/Dollar Account in Nigeria comes very handy and does not require much to open. Many Nigerians are interested in opening dollar/domiciliary accounts due to the high rate of inflation in the country and it does not come as a surprise to many in the banking industry.
Access Bank Plc in Nigeria offers such services in their banking system. You can comfortably open a dollar account with Access bank without much hassle in Nigeria.
A domiciliary account is a type of bank account that allows you to receive and send money in foreign currencies such as US dollars. The value of all funds in a domiciliary account is determined by the current naira exchange rate.
Access Bank is a Nigerian commercial bank that was established in 1989. In 1998, the bank was listed on the Nigerian stock exchange. In the early 20th century, the bank purchased Intercontinental Bank. The bank is based in Lagos and has various offices throughout the country. Although the bank is not widely known, it possesses significant financial resources.
Access Bank also has one of the banking industry’s most aggressive bad loan recovery programs, recovering N38.9 billion in 2019 and N24.7 billion in the first nine months of 2021. These improvements flow down to the bottom line, increasing trust in the company’s ability to meet and overcome challenges.
Types of Domiciliary Account In Access Bank
Domiciliary accounts in Access Bank are divided into;
- Current Domiciliary account
- Savings Domiciliary account
The Domiciliary account allows you to conduct local or international transactions from the convenience of your home, office, or abroad. The account is funded in Pounds, Euros, Dollars, and Yen.
Features of A Domiciliary/Dollar Account in Access Bank
- 0.1% and 0.2%% per year in interest, but paid monthly (Classic and Plus respectively)
- Various Debit Card variations based on the preferences of the customer
- Access to alternative channels, such as mobile banking and the internet, etc.
- Non- chequing account
- The Banker’s Tariff is applied to all other transactions.
- Issuing a debit card for $10
- Debit card for Dom Plus is free.
Documents Needed To Open A Domiciliary/Dollar Account With Access Bank
- Valid Identity Information which can include; International Passport, Drivers License, National ID card, Voters Card (PVC) etc.
- Utility Bill (NEPA/PHCN) with your address visibly shown in the bill for last three months
- 2 Recent Passport photographs
- Bank Verification Number (BVN)
Requirements To Open A Domiciliary Account/Dollar Account With Access Bank
In summary, the requirements needed to open a domiciliary account with access bank include;
- Means of Identity which can either be International Passport, Drivers License, National ID card, Voters Card (PVC) etc. Any of these means of identity can be used.
- 2 Recent Passport Photographs
- $100 in cash
- Utility Bill (NEPA/PHCN) with your address visibly shown in the bill for last three months
- Bank Verification Number (BVN)
Processes To Open A Domiciliary/Dollar Account With Access Bank
Step 1
Walk into any Access Bank branch closest to you and request to open a domiciliary/dollar account.
Step 2
Fill in the required information in the forms that would be given to you to fill. Some of the details required to fill include; name, contact address, email, BVN number etc.
Step 3
Provide your means of identification which can either be the National ID card, Voters card (PVC), Drivers License or International passport.
Step 4
Deposit a minimum of $100, £100 or €100 opening balance with the bank staff assigned to register your new domiciliary/dollar account
Step 5
Make inquiries as to whether you can immediately apply for a debit card that can be linked to the domiciliary account you just opened.
Step 6
Wait for the bank official to tell you what to do next. This can include when you should get your account number and how to access your funds in foreign currency.
Opening a domiciliary account in access bank is fast and easy. It can take between 24 hours to 3 days. You should get your new account number after 3 business days.
To open a domiciliary/dollar account, some of the documents that you would be required include; International Passport, Drivers License, Utility Bill, Voters card (PVC) etc. Also, a $100 opening amount will help fund the newly created account.
No, you cannot withdraw dollars with your domiciliary/dollar account debit card in a Nigerian bank ATM.
Advantages of Opening A Domiciliary/Dollar Account With Access Bank
There are so many advantages of opening a domiciliary account with Access bank. Some of these advantages include;
- Maximum daily cash deposits of $10,000.
- The daily $50,000 transfer amount
- Transfer fee of 0.5 percent
- $20 weekly fast fee reduction (savings to the customer of $80).
- Weekly offshore fee cut to $25 (savings to customer of $100)
- Easy access to foreign funds Self-service transfer on Primuslite and Access online
- Customers may pay handling fees at the interbank rate in Naira.
- Transactions that are economical (the customer saves at least $180 each transaction)
