How to open a dollar account in Nigeria – Dollar account which one of the accounts types generally referred to as Dom account, Domiciliary Account or FX Accounts is an account type opened in Nigeria mostly due to need than luxury.
Under Domiciliary accounts, we have the following: The US Dollar account, Great Britain Pounds account – GBP, The Euro Account – EURO, The Chinese Yen account, The Swiss Franc account, The French account, the South African Dollar Account and many more.
To understand this topic more, the following will form our course outline:
- What is a domiciliary account in Nigeria?
- What is a dollar account in Nigeria?
- How to open dollar account in Nigeria
- Conclusion
What is a domiciliary account in Nigeria?
There is no way we can understand the topic: How to open a dollar account in Nigeria; the requirements, costs and benefits without first understanding what domiciliary account is all about.
Domiciliary Account with respect to Nigeria perspective and the Naira is any account denominated in the currency of another country other than the Nigerian Naira.
From the above definition, one can see that domiciliary account is defined with respect to a countries currency. For instance Domiciliary Account with respect to USA perspective and the Dollar is any account denominated in the currency of another country other than the American Dollar.
This now takes us to the definition of:
What is a dollar account in Nigeria?
A dollar account in Nigeria is a domiciliary account denominated in the American US dollars. Please don’t confuse this with South African dollars or any other countries that uses the dollar as their currency.
Although it can this definition can fit in for them in a more particular terms, it fits more the American dollars in a more general terms.
The American dollar is not just the best domiciliary account in Nigeria; it is also the best domiciliary account in the world because 80 percentage of the global trade are done with it.
The concept of the best bank for domiciliary account in Nigeria is like one chasing shadow. This is because it is experience based thing which is hinged on the services one gets in ones bank as far as Dollar account Nigeria is concerned. Just as beauty lies in the eyes of the beholder, experience also lies in the taste of the customers.
This means what I count as beautiful experience might be what another person hates. I have experiences where a customer walked into a bank creating scene on why he was not getting an alert. A minute after another customer walked in crating scene that he told the bank that he does not want alert in his account.
You can now see why we maintained the above position. The best bank is the bank that meets up with the various needs of the customers no matter how divergent they may appear to be.
How to open dollar account in Nigeria
This is also referred to as: How to open a dollar account in Nigeria, how can I open a dollar account in Nigeria, How to create a dollar account in Nigeria.
We advise that you pay attention to details because this answers the question on how to open a domiciliary account in Nigeria too.
Visit any bank of your choice in Nigeria with the following:
- One passport photograph
- Current Utility bill that is not more than 3 months old from the issued date or the date of payment
- A minimum of $100.00 initial deposit which answers of how much does it cost to open a domiciliary account in Nigeria.
- Your means of identification like national ID card, Driver’s license, International passport or voter’s card
- Your Biometric Verification Number (BVN)
- Submit same to the bank for and Dollar account will be opened immediately.
This is simply how to get a domiciliary account in Nigeria
Conclusion
You can conclude your foreign exchange in a minute. All you need is to get your Dollar account opened, fund it and make your FX request as appropriate.
You can contact us if you need more on our FX services.
We are very hopeful to open Financedropbox Bureau De change soon.
You can also read our work on Fixed deposit account.
FinanceDropbox is the brain child of Okekeobi Chisom Ferdinand, a seasoned Banker. He holds in his treasure box a whopping 13 years of Banking experience from which you are being furnished with the very best of financial information and blogs.
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