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Posted by Felix Okoli on Sunday March 10, 2013 at 20:57:56:

A domiciliary account is an account which enables you to be paid in any foreign currency of your choice. Any earned or proceeds from your online business transactions will be deposited directly or through a cheque issued in your name which is payable into domiciliary account.

With the use of online marketing strategies these days to promote business, a domiciliary account is necessary to be able to cash in the money made as said earlier. Foreign cheques and drafts from a foreign land can only be paid into a domiciliary account which is cleared after working 21days. A business man who places an advert of his goods or services, as the case may be will have buyers from many parts the world. Such buyers may decide to mail a cheque which is then paid into the dorm account of the receiver by himself.

A domiciliary account can be opened with any bank here in the country, usually in different currency, such as dollar, euro, or sterling. This helps the owner to receive any currency directly into his bank account without changing it .Note that there are usually different account number given with respect to each currency.

Apart from doing business online, it is easier to send money directly into the bank account of any relative outside one’s own country, with a token amount of commission paid. Owning a domiciliary account also helps when travelling, as one can be able to withdraw in the currency of the country one finds him or herself instead of looking for currency exchangers to exchange the money into the local currency of that country.

Without much ado about domiciliary account, it is obvious that it is a necessary tool for business, when travelling or sending money to relatives abroad. I wish you a happy financial family and business life.

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Comments:

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Re: The Uses of Domiciliary Account Reply by Pst Sam on Sunday July 28, 2013 at 5:41:20:

This is well explained. Tnx. It means if u are an int'l figure, u must open a domiciliary acct. Pst Sam A. E.



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Re: The Uses of Domiciliary Account Reply by sir Jay on Monday August 26, 2013 at 21:27:16:

This a/c allows flow of businesses.am one of those that benefit from it. join us and be bless.





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Re: The Uses of Domiciliary Account Reply by akila on Sunday September 29, 2013 at 10:34:46:

what are the disadvantage of the account?
and can one open it to save money only?
thank you




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Re: The Uses of Domiciliary Account Reply by Felix Okoli on Sunday September 29, 2013 at 10:34:46:

Yes, you can just open it to save money


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Re: The Uses of Domiciliary Account Reply by kareem emmanuel on Saturday March 22, 2014 at 13:22:50:

pls what are the necessary requirement for opening this bank in Nigeria.




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Re: The Uses of Domiciliary Account Reply by Felix Okoli on Saturday March 22, 2014 at 13:22:50:

You would need to at least have a national id card or international passwport, funds, a reference or two and proof of address e.g. utility bill


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Re: The Uses of Domiciliary Account Reply by Rukayat olushola on Wednesday June 11, 2014 at 16:21:54:

Please how long will it for the account to be accessible after opening




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Comments:
Re: The Uses of Domiciliary Account Reply by Frank on Friday July 18, 2014 at 18:17:45:

Can that be used to pay for products and services (such as web domain & hosting for website) online?

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Re: The Uses of Domiciliary Account Reply by Felix Okoli on Friday July 18, 2014 at 18:17:45:

Not necessary unless you get a Mastercard or Visa that is linked to the account. Most shopping websites and web hosting providers only accept Card payment

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Re: The Uses of Domiciliary Account Reply by Benjamin Ibeji on Tuesday July 29, 2014 at 22:16:20:

Thanks for your posts. However, really want to get cleared. the card attached to domi accounts, is it the same as the normal naira MasterCards/visa cards?
is it accepted for online purchase?
recently heard about payoneer MasterCard; does domi cards serve with the same efficiency as payoneer cards?
thanks

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Re: The Uses of Domiciliary Account Reply by Felix Okoli on Tuesday July 29, 2014 at 22:16:20:

It's not the same as the Naira mastercard since they are in foreign currency. You can use it for online purchases and making foreign currency payment anywhere Visa/Mastercard is accepted. Payoneer Mastercard is different in that it also allows you to receive payment from US based merchants and also have a US bank account.

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Re: The Uses of Domiciliary Account Reply by merry on Saturday August 23, 2014 at 17:21:37:

How much do i need to open up an account domicillary

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Re: The Uses of Domiciliary Account Reply by Felix Okoli on Saturday August 23, 2014 at 17:21:37:

For most banks that I know, you need at least $150

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