How to Make Transactions into A Domiciliary Account in Nigeria
As times have evolved, sending funds to Nigeria is now pretty easy but in this post you will get to know how to send and receive money into a domiciliary account in Nigeria. And as a business person or an individual receiving funds from outside the country, a time will come and you too will be required to make and receive payments in a foreign currency. This is the time you’ll need this type of account
A domiciliary account is a type of current account that allows you to fund it with foreign currencies such as dollars, pounds or euros and enables you to do foreign transactions on that account. You can use a domiciliary account to transfer money to another country or receive foreign currency from another country.
Having a Domiciliary Account lets you have accounts in currencies other than the Naira. You can pay into these accounts through cash deposits, traveler’s cheques or foreign currency cheque deposits.
Steps To Receive Money into A Domiciliary Account In Nigeria.
To receive money to a domiciliary account in Nigeria you will need the following information…
- Account number
- Name on the account
- Name of the bank
- Branch address of the bank
- Routing Number
- Swift Code. (You can Google the Swift Code of your Bank.)
To send the Money you will make use of the Online Banking or you can use the local Bank. Depending on the Bank, the steps are almost the same. After you receive your bank notification alert, you can go to your bank and withdraw the money by filling your foreign currencies withdrawal slip. After that you will receive your money in the currency, it can be Dollar or EURO.
Then you can proceed to change it to your local currency at the Bureau De Change. The Bureau De Change is an official place to meet buyers and sellers of foreign currency. There you can exchange your dollars for any currency both Naira or any other foreign currency.
Benefits of Having a Domiciliary Account Nigeria
Receive Any Currency Directly To Your Account: Most of the problem we faced is the official bank currency covert. Traditionally, the bank will be the one to convert any currency sent from abroad to you which is not always at the black market rate. For example, a dollar is equal to around N360. Now when you receive any foreign currency into your local bank account the bank will convert it at their official rate which will be around N320 instead of N360.
But with a domiciliary account, you will be the one to exchange your foreign currency to Naira. You can sell it at any rate and you can also use to pay foreign hosting or buy anything on the foreign website which will be more cheaper.
Imagine banking charging me N360 anytime I make foreign payment using my Naira MasterCard but if they want to convert my foreign currency to Naira they will convert it to N320 per $1. I don’t know about you but I think this is pure cheating.
Pay For International Transaction: Just as stated above, with a domiciliary account and your dollar MasterCard on your wallet you can pay for any foreign transaction anywhere in the country. You can renew your hosting plan and can buy any paid software or purchase any game on Google PlayStore. This is one of the best things about domiciliary account for bloggers and businessmen.
Control Over Unstable Currency : It’s no longer news that Naira has been fluctuating over the years. The Naira exchange rate has been a course to worry about especially for those that import from foreign countries.
With a domiciliary account, you don’t have anything to worry about as long as you have a fund on your account you can buy and carry out any foreign transaction anytime any day.
Saving In Foreign Currency : You read that right. First Bank allows you to save in US Dollars, Pounds Sterling or Euro using the domiciliary account. And your money will be valued at the prevailing exchange rate.
Having a domiciliary account is really good and at this point some big banks should be giving access to their customers for this service. A domiciliary account enables one to perform international transactions without hitches. You can send or receive funds in international currencies.