With the rising value of the dollar against the naira, many Nigerians are now looking for opportunities to earn foreign currencies, even while still in Nigeria. Fortunately, the gig economy and the growing remote work landscape are making that easier.
This has made opening a dorm account necessary for Nigerians more than ever before. But what is a dorm account?
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A domiciliary account is a bank account that allows you to hold and transact in foreign currencies. It is a useful account to have if you receive or send money abroad, travel frequently, or do business with international clients.
In this article, we take you through the process of opening a domiciliary account in Nigerian banks and the requirements.
What you need to open a domiciliary account
To open a dorm account in a Nigerian bank, you will typically need to provide the following documents:
- A completed domiciliary account opening form
- A valid means of identification, such as an international passport, national identity card, or driver’s license
- Recent passport photograph
- Proof of address, such as a recent utility bill
- Two references, who can be friends, family members, or business associates who have known you for at least two years
In addition to the above, some banks may also require you to make an initial deposit into your domiciliary account. The amount of the deposit will vary depending on the bank.
Once you have submitted your documents and made the required deposit, your domiciliary account will be opened. You will then be able to start receiving and sending money in foreign currencies.
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Step-by-step approach
The steps below will guide you through the process of opening a domiciliary account:
Choose a bank: There are many different banks in Nigeria that offer domiciliary accounts. Do some research to compare the different banks and choose one that is right for you.
Visit a branch of the bank: Once you have chosen a bank, visit a branch of the bank to open your domiciliary account.
Fill out the domiciliary account opening form: The domiciliary account opening form will ask for your personal information, such as your name, address, date of birth, and occupation. It will also ask for your identification and proof of address documents.
Submit your documents and make the required deposit: Once you have filled out the dorm account opening form, submit it to a bank representative along with your identification and proof of address documents. You will also need to make the required deposit into your account.
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Wait for your account to be opened: Once you have submitted your documents and made the required deposit, your dorm account will be opened. You will then receive a debit card and/or checkbook for your account.
Note that bank charges may also apply on this account and this why it is important to research first about these banks to know which one offers the best terms and conditions for you. It is also advisable to ask the bank representative about any fees or charges that may be associated with your domiciliary account.
