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If you are an individual or business person who sends and receives funds from outside the country, you must know how sending and receiving money into a domiciliary account in Nigeria works. With the regulations and ban on Nigerians on e-payment solutions like PayPal, the need to make and receive payments in a foreign currency using a domiciliary account is important. This kind of account is simple to open, maintain and use, depending on the bank and their requirements.
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One vital benefit of having a domiciliary account is that you own accounts that enables you receive currencies in foreign denominations like Dollars, Euro, Pounds, Yen, etc. Other kind of bank accounts in Nigeria receive only the Naira currency. To pay money into your dom account, you can either do it via traveler’s cheques, cash deposits or through foreign currency cheque deposits.
HOW TO RECEIVE MONEY INTO DOMICILIARY ACCOUNT IN NIGERIA EASILY
There are numerous means of receiving money into your domiciliary account easily. This is dependent upon the bank, website, payment gateway or even through Western Union transfer.
The following are the knowledge you would require to provide to whoever likes to send money into your domiciliary account in Nigeria:
The Dom account number
Full name used in opening the account.
The name of the bank receiving the funds.
The address of the bank branch where the funds will be transferred.
The routing number which is a nine-digit code that will used to specify the bank.
Swift BIC Code.
HOW TO SEND MONEY INTO DOMICILIARY ACCOUNT IN NIGERIA EASILY
If you want to send money into your account, you can directly go to the bank with the foreign currency and easily make a deposit into your domiciliary account or via online banking. No matter the bank, the steps are usually similar. To be certain that you have received the funds, the bank usually sends you a bank alert on whatever transaction you do in your domiciliary account. You can also withdraw directly from the local bank by filling the foreign currency withdrawal slip.
WHERE TO CHANGE FOREIGN CURRENCY ($) TO NAIRA (₦)
If you are looking for best place to change you US Dollar, Euros, Pounds or any foreign currency to Naira, you can alter it at the Bureau De Change. It’s at this place where you can either sell or buy numerous currencies. You can also decide to meet Aboki as they are littered around banks. You only have to be cautious because some are fraudulent.
BENEFITS OF OPENING A DOMICILIARY ACCOUNT IN NIGERIA
There are many benefits of opening a dom account in Nigeria. These advantages include:
ABILITY TO RECEIVE FOREIGN CURRENCIES INTO YOUR ACCOUNT
This is one of the major difficulties we face in Nigeria when attempting to send or receive foreign currencies. If you don’t have a domiciliary account, the bank will convert the foreign currency to your local currency at the official CBN rate which is way far lower than the black market rate. Most people love to withdraw over the bank counter and change their monies at the black market rate which is generally higher. As of writing this post, 1 USD equals to ₦480.
INTERNATIONAL TRANSACTION PAYMENT
With a domiciliary account, you have the capacity to make International transactions. This is probable with the assistance of your dollar MasterCard which you should order from your bank. It’s this card that you would use to spend for items or services on international e-commerce sites like Amazon.com, ebay.com, Alibaba, etc. As an online business individual, the advantage of having a domiciliary account as a blogger can’t be underrated.
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HAVING CONTROL OVER YOUR FOREIGN CURRENCY
Since the Nigerian Naira hasn’t been constant, it’s wise to open a dom account where you can save your foreign currencies. The Naira exchange rate has often been a thorn in the flesh for importers who import from abroad which causes hike in prices of products. With a well funded domiciliary account, this makes it simple to have control over your money as you can buy and carry out foreign transactions effortlessly as you like.
TO SAVE YOUR FUNDS
This is the major reason why people open any type of account and having a dom account isn’t different either. You only have to find out the best banks to open a domiciliary account in Nigeria before you begin. While we have written greatly on that, note that these banks will allow you to save in US Dollars, Pounds Sterling, Euro or any other foreign currency.
CONCLUSION
As seen above the advantages of having a domiciliary account outweighs it’s disadvantages. Having the comfort to send and receive funds in foreign money is why opening a domiciliary account in Nigeria is very crucial. The only surprise to this type of account is the care involved as some Nigerian banks charge for retaining this kind of account. Also, in opening a dom account, you might be expected to have the minimum of $100 before such account can be able to active and do special transactions of receiving funds in international currencies.
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