Constant developments in technology has necessitated the need for foreign currencies, over the past years. From paying for a British visa in Pounds and getting paid for side hustles in Dollars to paying for online Masters in Euros – there are too many reasons to own a domiciliary account. Opening a dom account these days is not as stressful as it used to be as long as you choose the right bank. This article will tell you what a dom account is, the types of domiciliary accounts offered by UBA and what you would need to open one.
What is a Domiciliary Account?
A domiciliary account, popularly called a ‘Dom Account’, is any account type that is run in foreign currency. It could be a savings or a current account, but it is in every other currency but Naira.
Why You Need a Domiciliary Account
Domiciliary accounts were made to help you use foreign currencies conveniently, in the same manner that your current or savings account operates. With a dom account, you can receive money in the foreign currency directly into your account.
Who is Eligible to Open a Dom Account?
Anyone who has a Bank Verification Number (BVN), both residents and non-residents in Nigeria can open a domiciliary account with UBA. (This does not allow inclusion for diaspora customers). Business corporations can also open and operate a dom account.
Requirements for Opening a Domiciliary Account in Nigeria
• Completed account opening form.
• Completed specimen signature card.
• Two recent passport photographs.
• Address verification document, such as a utility bill.
• Valid identification document, such as international passport, driver’s license, international drivers license or national ID card.
• Residence permit.
• Proof of address (stamped reference letter or a stamped bank confirmation that shows your address).
• A stamped reference letter or a stamped banker’s confirmation of your bank abroad.
• Two (2) reference forms from Nigerian current bank account holders.
• Marriage certificate (for joint account).
Types of Domiciliary Accounts Offered by UBA
Freedom Savings Domiciliary Account
You can open the Freedom Savings Dom account with zero balance. The only requirement for this account is BVN. It allows you to receive remittances directly into your account. You can check your account balance and transaction history via the mobile app and internet banking platform. You can access your cash when you visit any UBA branch.
Requirement: BVN
Dom Advantage Account
With a minimum opening balance of $ 50, € 50 or ₤ 50 you can open a Dom Advantage Account. This account can be the Savings variant or the Current account variant. It is available in USD, GBP and EURO.
Requirements
• Valid Identification (International Passport, Driver’s License, National ID card Voter’s card).
• Utility Bill.
• A Passport photograph.
• References.
Kiddies Domiciliary Account
Kiddies Domiciliary Account was created for parents who want to save for their children’s secondary/tertiary education abroad. With more and more students trooping overseas to study, the best way to secure you child’s future financially is to save in a foreign currency which isn’t prone to depreciation. With an opening balance of $100 or £70 or its equivalent and an operating balance of £350 or its equivalent, you’re good to go.
Requirements
• Valid Identification of Parent/Guardian.
• Two Passport photographs of child and parent.
• Child’s birth certificate.
• Address verification of the parent/guardian.
Whatever your needs, there’s a domiciliary account structured just for you at UBA. Click here to learn more.
Read Also: Savings Account Vs Current Account: Which is Right for You
