Things you can do with a domiciliary bank account

Posted by Felix Okoli on Monday January 28, 2013 at 17:20:47:

A domiciliary bank account is a special bank account domiciled in foreign currency. In Nigeria, the currency is commonly the popular used ones for international trade such as the US dollar, Euro and British Pounds.

There are a lot of things one can do with a domiciliary bank account and these includes:

Saving funds:
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You can save money in your foreign currency account without having to save it in the local currency. This also allows you to earn some interest on your savings.

Sending international payments:
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A domiciliary account allows you to also send money internationally to other people using bank to bank wires. It normally carries some charges for getting the service. People may want to send money for reasons such as trade, making advance payments, paying in advance for a travel or paying for foreign tuition.

Receiving international payments:
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With a domiciliary account, apart from being able to send money using bank wires, you can also receive money from anyone abroad be it from China, America or UK. It takes about a week and the money would be credited to your account.

It doesn't take much to open and manage a domiciliary account in Nigeria. You just need to provide the right documentation, provide referees, opening balance and you are good to go.