On this article, I am going to show you how to open a dollar account, also known as domiciliary account in Nigeria.
What is a Dollar Account?
A dollar account is also known as a domiciliary account, it is an account that allows you to receive as well as send money in dollars overseas.
A domiciliary account is a type of bank account that operates mainly on one particular foreign currency other than the Nigerian naira.
Who Should Open A Dollar Account in Nigeria
If you are an importer/exporter, especially from the US; you need to open a domiciliary account.
Nigerians who are planning to travel abroad should also open a dollar account.
If you are into an online business like blogging, freelancing, etc., then you must open a dollar account to enable you receive your payments; for instance, from Google AdSense, or send money to someone overseas in dollars.
With the continuous increase in dollars, it is very important for Nigerians to get a domiciliary bank account.
Requirements for Opening a Dollar Account in Nigeria.
Incase you want to open a dollar account in Nigeria; the process is almost the same as opening a new naira bank account.
However, there are some basic requirements you are supposed to meet; in order to be able to open a dollar account.
- A photocopy of a government-issued ID card. e.g; International passport, Driver’s License, Voter’s Card, National I.D. Card, or other legitimate means of identification that banks accept.
- One recent passport photograph
- Two reference forms that must be signed by owners of Current accounts in your bank.
- A utility bill (Nepa bill) not older than 3 months that carries your residential address.
Read also: How To Start An Online Business.
Banks you can open a dollar account in Nigeria.
Below are the banks you can open a dollar account in Nigeria.
- First Bank.
- Zenith Bank.
- UBA.
- Fidelity Bank.
- GTB.
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