A domiciliary account lets you hold and transact in foreign currencies like USD, GBP, and EUR inside Nigeria. It is the safest way to receive international payments, shop online with foreign cards, pay school fees abroad, and protect funds from exchange-rate swings. Okay.ng reports that opening one is straightforward when you know the required documents, the exact steps, and how to fund and use the account correctly.
- What is a domiciliary account
- Who should open one
- Documents you will typically need
- Step-by-step: how to open a domiciliary account
- How to fund your domiciliary account
- Typical fees and charges to ask about
- Practical tips that save time and money
- Sample message to request SWIFT details from your bank
- Common issues and how to fix them
- FAQs
What is a domiciliary account
A domiciliary account is a bank account in Nigeria that is denominated in a foreign currency. You can receive international transfers, deposit cash in that currency, and withdraw or transfer without immediate conversion to naira.
Common types:
- USD, GBP, EUR domiciliary accounts
- Savings (simpler, often lower fees) or Current (may support cheques, business features)
Who should open one
- Students paying tuition or receiving funds from parents abroad
- Freelancers and remote workers paid by foreign clients
- Importers, exporters, and SMEs receiving supplier or customer payments
- Travellers and online shoppers who need foreign cards for subscriptions or bookings
Documents you will typically need
Requirements vary by bank and account tier. Most banks will ask for the following.
| Document | Why it is required |
|---|---|
| Valid ID (NIN slip with photo, Nigerian passport, driver’s licence, or voter’s card) | Identity and KYC verification |
| BVN (Bank Verification Number) | Links your banking identity across institutions |
| Proof of address (utility bill, bank statement, tenancy agreement, not older than 3 months) | Confirms residence for correspondence and compliance |
| Passport photograph | Account records and card issuance |
| NIN (if not used as ID) | Mandatory national identity record |
| Referees (some current accounts) | Only for certain tiers or current-account variants |
| TIN (business accounts) | For companies or sole proprietors opening business dom accounts |
Step-by-step: how to open a domiciliary account
- Choose your bank and currency
Decide on USD, GBP, or EUR based on how you will receive funds. You can open more than one currency if needed. - Confirm the account type and requirements
Ask the bank for the account tier and whether referees are required. Confirm any minimum opening balance and card issuance options. - Prepare documents
Keep BVN, valid ID, proof of address, and passport photo ready. For business accounts, add CAC documents and TIN. - Apply in-branch or via the bank’s app
Complete the account opening form, FATCA/CRS tax residency form, and provide specimen signatures. Submit documents for KYC. - Get your account number
Once approved, the bank issues your foreign currency account number. You can now receive or deposit funds. - Fund the account
Use a cash deposit in that currency, a SWIFT transfer from abroad, or accepted money transfer operators that pay into domiciliary accounts. - Request your foreign-currency debit card
Ask for a USD or multi-currency card if available. Confirm issuance fees, ATM limits, and international usage settings. - Activate e-banking and alerts
Turn on mobile or internet banking, email and SMS alerts, and set up secure authentication for international transfers.
How to fund your domiciliary account
| Method | How it works | What to check |
|---|---|---|
| SWIFT transfer from abroad | Sender’s bank wires funds to your dom account | Provide beneficiary name, account number, bank name, branch address, and SWIFT/BIC. Ask about correspondent bank charges and whether the sender should choose OUR or SHA fees |
| Foreign cash deposit | Deposit USD, GBP, or EUR at the counter | Bring valid ID. Confirm any cash deposit limits and counting fees |
| Money transfer operators | Some MTOs allow credit to dom accounts | Confirm if your bank supports this route and the currency of payout |
Pro tip: Before your first wire, request your bank’s full SWIFT template and share it with the sender to reduce delays.
Typical fees and charges to ask about
- Account maintenance for foreign currency accounts
- Card issuance and annual fee for USD or multi-currency cards
- Incoming SWIFT fee and correspondent bank charges
- Outward transfer fee for international payments
- ATM withdrawal fee abroad and foreign purchase fee on cards
Ask your bank for the latest schedule of charges for the exact amounts.
Practical tips that save time and money
- Keep your name and address exactly the same on all documents to avoid compliance holds
- Share complete SWIFT details with senders, including any intermediary bank if your bank requires one
- Use email alerts for all incoming wires so you can confirm receipt quickly
- Maintain any minimum balance to avoid penalties
- For large transfers, send a small test wire first to verify routing
- Keep your ID and proof of address current to prevent account restrictions
Sample message to request SWIFT details from your bank
“Hello, I need the complete SWIFT details for receiving a USD transfer into my domiciliary account: beneficiary name format, account number format, bank name and address, SWIFT/BIC, and any intermediary bank details. Please also confirm your incoming wire fees and how correspondent bank charges are handled. Thank you.”
Common issues and how to fix them
- Delayed incoming wire: Ask the sender for the MT103 copy. Share it with your bank to trace funds through correspondent banks.
- Name mismatch: Ensure the sender used your full legal name as it appears on your account.
- Compliance hold: Provide any source-of-funds or invoice requested. Keep your ID and address proof updated.
- Incorrect SWIFT: Re-send correct BIC and bank address, then have the sender amend the transfer.
FAQs
Can I open more than one domiciliary account
Yes. You can hold USD, GBP, and EUR accounts, and you can keep them at the same bank or at different banks.
Do I need BVN
Yes. BVN is required for individual accounts in Nigeria.
How long does it take to receive international transfers
International SWIFT transfers typically arrive within a few business days. Timing depends on the sender’s bank, time zones, and any correspondent banks involved.
Can I use the card for online subscriptions
Yes. Ask for a foreign-currency card or a multi-currency card and enable international transactions in your app or at the branch.
What about exchange rates
If you spend directly from your domiciliary account with a foreign-currency card, no conversion to naira occurs. If you convert to naira or fund a naira card, the bank’s FX rate applies.
