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.

How to Make Transactions into A Domiciliary Account in Nigeria

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.

Wrapping up

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.

Chinedu Okeke

Chinedu is the founder of Nigerian Tech. He is a tech enthusiast who has the passion for emerging trends in the tech industry. He is also a professional web content developer.

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115 Responses

  1. Ekene says:

    Thank you for your information. Please what is the best way(s) to fund a domiciliary account?

  2. Margaret says:

    Thanks for the enlightenment. How do I fund my dollar account,here in nigeria.

  3. FOLARIN IZHAQ says:

    Thanks for the INFO. How can I fund my Nigeria dollar account.

  4. Tman says:

    I am also very much interested in how to fund the account.. This is my WhatsApp number +234 7065290965

  5. Olayinka says:

    Thanks for the information
    How can I fund my nigeria dollar account ?
    Here is my contact 07063667074

  6. John says:

    Good afternoon, thanks for the information above. please how can I fund my domiciliary account with dollars, I’m residing in Nigeria.
    Here is my WhatsApp contact 07032189706. Thanks.

  7. Dhul-Qarnain says:

    I’m also very interesting. Please how can I fund my Nigeria dollar account.

    This is my Whatsapp number.. 07069058043

  8. MIke says:

    Hi please how can i fund my follar account in nigeria .. contact 08122508552 please chat up please

  9. Samtanyi says:

    Please how can I fund my domicillary account at cheaper rate, here is my watsap number 07086875228 thank you

  10. George says:

    Hi, thank you for the detailed information. I’d please like to know the best option to fund a EURO dorm account. I’d appreciate if you can reach out on WhatsApp 09073892404

  11. M16 says:

    Nice article! I’ve got a question though. If my domiciliary account is in dollars, can I receive pounds there? Or it would accept only dollars

  12. codeHive says:

    How do i fund my dollar account.

  13. Dymax says:

    Nice one bro, but pls how do i fund my dollar account in Nigeria?

  14. peter says:

    Please I want to fund my domicilliary account, my whatsapp line is+2348180762804

  15. Peter says:

    Please how can I fund my domicillary account at cheaper rate, here is my watsap number 09037708404

  16. Femi says:

    Hello, please I would like more information on how I can send money to my euro domiciliary account.
    My number is 08114484562

  17. Johnson says:

    Hello, good info, can i make transfer from my naira account to my dommy acct? Watsapp Contact; 08035410478

  18. Nwaolisa Henry says:

    Nice one,please,how do I fund my Dom Account? I’m finding it hard to get an exchange.

  19. Adesewa says:

    Nice one . Please how do I fund my dominciary account

  20. Victor says:

    Please how can I fund my domiciliary account this is my WhatsApp number

  21. Ike says:

    Pls how do I fund my domiciliary account 08165333583 pls call me

  22. Newman says:

    I need to get the cheapest rate to fund my Dom acct from Europe +2348062948441

  23. Jeremiah says:

    how do I fund my domicilliary account

  24. Norbert Ephraim says:

    Hello …
    I will like to know how to fund my dom account..
    This is my number 09069106064

  25. Joe says:

    How to find my dollar account with my niara account

  26. Segun says:

    Can naira also be transferred into a Dom account?

  27. DELIGENCE says:

    I want to know if I pay naira into my euro domiciliary account can the money convert to euro

  28. DELIGENCE says:

    How can I pay an international account(Europe) with my domiciliary account

  29. Oreoluwa says:

    Please how can I fund a domiciliary account my number is 08169918898

  30. adeyemi says:

    pls I like to open my domi acct…how can I go about it

  31. Mac says:

    How long will it take to receive money into my domiciliary account after is been sent from another country? Thanks

  32. Chi says:

    If i travel abroad and make some money, how do I send dollars to my dorrmicillary account in Nigeria . 07018046177

  33. Lizzy says:

    Please contact me 07033470039 WhatsApp

  34. Lala says:

    Please how can I fund a domiciliary account at a cheaper rate my number is 07036949054

  35. Jane says:

    Edu please I would like to know 1stly if I can fund my domiciliary with naira currency and 2ndly apart from dollar,euro,pounds,yen, can withdraw other country’s currency my contact +2347087777282

  36. mustapha musa says:

    I am also interested in how to fund my Dom account.. This is my WhatsApp number +234 8085416606

  37. Kola says:

    Please would like to know how to fund my domi account with naira. My WhatsApp ‪+234 901 856 4895‬

  38. Yemi says:

    I want to fund my domiciliary dollar account too.
    WhatsApp number 08038525909
    Please reach out if you have dollars at close to official rates. thanks

  39. Ayomide says:

    Please how do i fund my dom account at cheaper price in Nigeria
    Please whatsapp number?? +2348114509610

  40. Evans says:

    Please I want to know how I can fund my UBA domiciliary Account, can I do that through transfer from my UBA naira Account, please more details on this. Here’s my contact/whatsapp 07068361931

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