What is Domiciliary (dom) Account ?
Domiciliary Account is a special account in foreign currency especially in US dollars opened in a local bank that allows you to make international bulk payment in form of bank wire transfer for goods or services online. Dom account comes handy when dealing in Mega transactions which your MasterCard or VisaCard might not handle.
However, charges emanating from wire transfer in Dom account can be very high. This also varies from bank to bank. Love to engage in business with a company in China, USA etc ?, then Dom account is for you.
Types of Dom Account
Current Dom account and Savings Dom account are the basic two types of Dom account being operated upon by some Nigeria Banks. Current Dom account is operated like a normal current account, however, you are issued cheque booklet denominated in dollars. The minimum balance is usually $100 in most Nigerian banks. No cheque booklet is issued for Savings Dom account.
What are the requirements for opening a Domiciliary Account?
Requirements for opening a Dom account varies from bank to bank, but the basic things you must have are highlighted below:
1. 2 referees whom have operated Current account for at least 6 months with the bank or any other bank. Usually it is better and faster to get referees from the same bank so that confirmation will take place as early as possible.
2. Utility Bills like PHCN bill etc
3. National ID card, International Passport, Driver's License for proper identification.
4. About $100 for minimum balance. You might be charged extra fee for MasterCard or VisaCard.
I think you can get MasterCard from Intercontinental Bank without opening a domiciliary account but always try and make more enquiries from your bank. You can talk with the Customer care agents of your bank and they will brief you more about their bank's current policies with regards to Domiciliary accounts.
Which Banks Operate Domiciliary Account In Nigeria?
Examples of popular banks operating this kind of Account in Nigeria are Guaranty Trust Bank (GTB), Intercontinental Bank Plc, Zenith Bank Plc, Equitorial Trust Bank, First City Monument Bank (FCMB). The list is by no means complete, nor does the order of the banks indicate any preference or affiliation. You should carefully make enquiries from those banks, compare fees, rates and then go for the one that suits you most.
If you have anything to say about this or you have questions to ask, feel free to use the comment form below this post.
In my future posts, I will share with you how you can use your MasterCard to buy anything on the internet and how you can withdraw money from your Mastercard/VisaCard at ATM locations.
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Written By Jide Ogunsanya on December 26, 2009
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