Now that we have more people into the online business, the best time to talk about Domiciliary account opening is now. Because in one way or the other, you will always want to transact business that involves foreign currency.
I do receive foreign currency from my clients abroad, but not into my Naira account. If you have been receiving foreign currency into your Naira account, then you are being cheated because bank rate is not the same as black market rate. As at 02/08/2016, dollar exchange rate from black market is 381 while the inter-bank exchange rate is pegged at 320. You see the difference?
What is Domiciliary Account?
Domiciliary account is a bank account in Nigeria that is operated in foreign currency. The account allows you save money in US Dollars, Pounds Sterling or Euro with your money valued at the prevailing exchange rate. This account is funded through bank deposits, traveler’s cheques, cash inflows, and lodgement of foreign currency cheques.
Note that you cannot transfer money from a naira account to a dollar account. But you can easily transfer money from DOM account to another DOM account
So if you are a serious online business entrepreneur, and you don’t have a DOM account, then you should consider opening one for yourself. This is why I don’t too border about PayPal not receiving money because I use my DOM account to receive money from online stores abroad.
How to Open a Domiciliary Account with GTBank in Nigeria?
Many banks offer this services but I’m going to focus mainly on GTB in this article.
How to Open a Domiciliary Account With GTBank Nigeria
- Identification Card: This simply means, valid Identity card like International passport, drivers license, National ID card.
- 2 clear passport photos recently taken
- 2 referee: Two persons that would serve as referee and fill each of the two reference forms that will be issued to you are required. Both referees need to have a current account each preferably with GTbank to facilitate opening of the account.
- Utility Bill: Photocopy of your Utility bill issued in not more than 3 Months
Once you have the above completely in place,
>>Visit any GTB branch closest to you and walk straight to their customer service department.
>>Request for Dom account opening process and you’ll be guided through on what to do.