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Best Domiciliary Account in Nigeria (Top 5 Banks in 2022)

Best Domiciliary Account in Nigeria (Top 5 Banks in 2022)

With Domiciliary accounts, transactions become easier and as a matter of fact most preferred by international business dealers in the country but over the years there has always been the question of which banks give the best options on this account.



Top 5 Banks To Open a Domiciliary Account in Nigeria

Nearly all commercial banks in Nigeria operates domiciliary account opening. But among them all, there are some of them that stood out in terms of discharging this service. They are ranked high because of the services rendered and the benefits available for users of domiciliary accounts. They are highly recommended.

1. Zenith Bank

Zenith bank logo

Unarguably, this is one of the leading banks in Nigeria with respect to good customer relations and products. With just a penny, i.e zero balance you can get a domiciliary account with Zenith. However, they operate two kinds of domiciliary accounts; Ordinary domiciliary accounts and Cash domiciliary accounts. For an Ordinary domiciliary account, one can make transfers while the reverse order is the case for Cash domiciliary account. Also, a Cash domiciliary account has an edge over the other simply because of access to EasyMoney as a feature on the account.

Features of Zenith Bank Domiciliary Account

  • A Zenith Domiciliary Account operates only these foreign currencies: USD, GBP and EUR
  • Zero opening balance
  • Internet banking and mobile banking services
  • Issuance of debit card (USD)
  • Email/SMS alerts on transactions
  • Customers can do cash withdrawals in foreign currency from any Zenith branch.

2. Guaranty Trust Bank

gtbank.jpg

Guaranty Trust Bank (GTBank) popularly called GTB is another leading bank option in Nigeria for a domiciliary account. GTBank domiciliary account is limited to US Dollars, British Pounds and Euro currencies. Another point of note is that their domiciliary account can be funded through cash deposits and cash inflows.

Feature of GTBank Domiciliary Account

  • Available for transactions in US Dollars, British Pounds and Euros currencies
  • 24/7 banking services through the various e-channels
  • Funds can be transferred in foreign currency to other bank domiciliary accounts
  • Users can do cash withdrawals in foreign currency from any GTBank branch.

3. First Bank

first-bank.jpg

Known to be the first commercial bank in Nigeria, First bank, aside from its wide coverage offer domiciliary accounts to enable their customers to process international transactions. As part of the benefits of running a domiciliary account with this bank, it can be accessed via cash deposits, foreign currency cheque deposits or traveller’s cheques.

Like Zenith Bank, they also have two kinds of domiciliary accounts; FirstDom Plus and Domiciliary account. FirstDom Plus is a foreign currency deposit account that is for users with balances of $5,000 and above. It has an attractive interest rate and reduced bank charges. On the other hand, the First Bank domiciliary account allows users to keep money in US Dollars, Pounds Sterling or Euros. This account is limited only to SMEs and Corporate organizations.

Features of First Bank Domiciliary Account

  • $500, €500 or £300 is the minimum opening balance
  • Minimum operating balance of $100, €100, or £50
  • No maximum amount of withdrawals in a month, and also, the cash withdrawal is at 0.5% flat per transaction
  • A Guaranteed FCY deposit
  • There are no restrictions on the number of withdrawals
  • A pool for interest on bank fund

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