Now that we have more people into the online business, the best time to talk about Domiciliary account opening is now with zenith bank. 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 June 2017, dollar exchange rate from black market is 358 while the inter-bank exchange rate is pegged at 315. 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 Zenith Bank in Nigeria?
Many banks offer this services but I’m going to focus on Zenith Bank in this article.
Zenith Bank Domiciliary Account Opening
- Zenith Bank Account Opening form duly completed & signed.
- Two (2) specimen signature cards duly completed.
- Two (2) recent clear passport size photographs with your name and signature wrote on the reverse side.
- Residence permit (where applicable).
- A valid form of I.D. (International Passport, Driver’s License or National I.D.)
- A copy of a Public Utility Receipt (not older than 3 months)
- Initial Deposit.
- Two (02) References.
- Make sure you have an active account with the bank operating in not less than 6months.
Once you have the above in place, walk into any Zenith bank and request for Domiciliary account opening. You’ll be guided on what next to do.