This article will provide you step-by-step guide to fund your Nigerian Domiciliary account.
While you can have full control over a domiciliary account in Nigeria and it can accept foreign currency instead of naira, the majority of people always wonder what the process or way to fund the account would be.
If someone sends you money from outside the country, you can get money in your domiciliary account, but what if no one sends you money but you still need money in your domiciliary account? That’s what am here to teach you today. You can save money in this kind of account in US dollars, British pounds, and European euros.
Benefits of having a dollar account in Nigeria
– You will not be subject to the spending limitations placed on conventional Naira Debit Accounts if you have a domiciliary account in Nigeria. This implies that you are to use your dollar card to pay for any domestically or internationally made dollar-billed items.
– You can also increase your income and accept payments from individuals and businesses abroad if you have a Nigerian domiciled account. Not to mention that you can make purchases anywhere online using the card linked to your domiciliary account.
– Commercial banks and some digital banking apps offer domiciliary accounts, which you can use to open a virtual domiciliary account and get a virtual dollar card for online use. However, the procedure for funding your commercial and digital domiciliary accounts will be the same.
How to Fund Your Nigerian Domiciliary Account
The following are some methods you can fund your Nigerian domiciliary account. You have three options for funding your domiciliary account: Physical cash deposit, Western Union and Payoneer.
The first method is simple and demands that you have actual cash on hand.
Step 1: Getting Of Physical USD
To get the full amount of money you desire in your account, you should be prepared to pay the whole amount into your domiciliary account and you should confirm your bank’s dollar exchange rate.
You are totally responsible for obtaining this genuine USD note. The most reliable option right now is to buy from a Bureau De Change, sometimes referred to as the “Black Market.” Finding a reputable bureau de change that converts dollars to naira is a necessary step in this process. Confirm the currency rate first either with them or online (a quick Google search should enough). Go to any “black market” vendor of your choice and pay the naira equivalent of the amount you want in dollars after knowing about the current exchange rate.
Additionally, you might ask a friend who you know receives payment in dollars or other foreign currencies to sell you the required amount in your preferred currency. Finish the deal in the same way that you would have if you had used the black market strategy. That’s it.
Step 2: Self Deposit of USD Into Your Account
Once you have the actual USD, visit one of the bank’s locations where you opened your domiciliary account, get a deposit slip, and fill it out with information about your domiciliary account and the total you wish to deposit.
Bring your cash and deposit slip to the counter, and the funds will be transferred to your domiciliary account as USD.
Funding Your Domiciliary Account With USD via means of Western Union
The most popular way to finance a domiciliary account is using Western Union, MoneyGram, or WorldRemit.
Money must first be received into your domiciliary account before you may receive any information.
You’ll want the following details in order to fund your Nigerian domiciliary account via MoneyGram, Western Union, or WorldRemit:
- Name of your beneficiary.
- The number on your beneficiary account.
- Last Words Your Beneficiary Bank Name.
- Your Bank Swift Code.
Payoneer
Payoneer is another method of funding your Dollar account. if you are one who earns in the dollar and your money is paid into your Payoneer, you can transfer the dollars directly to your Domiciliary account.
Frequently Asked Questions and Answers
Can I pay naira to my dollar account?
You cannot use your naira savings account to fund your dollar account. Prior to using any of the depositing methods to finance your account, you must first have a Dom account.
How can I deposit money into a Nigerian domiciliary account?
Strategies for funding your Dollar account in Nigeria
- Self Deposite
- Western Union
- Payoneer
How much of a deposit must be made to open a domestic dollar account?
A domiciliary account has no minimum deposit at all. I still remember when I opened one if my dollar account with Fidelity Bank, I was ask to deposit at least $100 before I would be eligible to open a dollar account. So I think it also depends on the bank you are using.
Conclusion
Funding your domiciliary account is incredibly easy with the solutions we’ve described above. We hope it helps. Make sure you have all the necessary information regarding your account, including the name of your bank, when funding your DOM account from outside the country.