There are times when as an individual or business, you need to make and receive payments in a foreign currency. A Domiciliary Account lets you have accounts in currencies other than the Naira. You can pay into these accounts through cash deposits, traveler's cheques or foreign currency cheque deposits.
What does it offer you:
- It provides the services of an offshore account and still gives you access to your money from any of our branches.
- You can withdraw cash from your account anywhere in the world.
- You can also transfer money overseas, subject to current CBN rules and regulations on such transactions.
- It enables you to do business transactions internationally.
How much it will cost you:
- You need a minimum account opening balance of $100 for personal and $500 for business accounts.
- You only pay a fee of 1% of the amount of each transaction.
What you need to apply:
- You need two reference forms
- A valid copy of a form of ID (original must be shown to your account manager)
- Two passport photographs
- A filled in "Know Your Customer" (KYC) form
- Certification of registration (for business owners)
- Search report and partnership deed agreement (if any)
- Valid residence permit for non-Nigerians.