How to Open a Domiciliary Account in Nigeria

A domiciliary account lets you hold and transact in foreign currencies like USD, GBP, and EUR inside Nigeria. It is the safest way to receive international payments, shop online with foreign cards, pay school fees abroad, and protect funds from exchange-rate swings.

Illustration for How to Open a Domiciliary Account in Nigeria

What is a domiciliary account

A domiciliary account is a bank account in Nigeria that is denominated in a foreign currency. You can receive international transfers, deposit cash in that currency, and withdraw or transfer without immediate conversion to naira.

Common types:

USD, GBP, EUR domiciliary accounts

Savings (simpler, often lower fees) or Current (may support cheques, business features)

Who should open one

Students paying tuition or receiving funds from parents abroad
Freelancers and remote workers paid by foreign clients
Importers, exporters, and SMEsreceiving supplier or customer payments
Travellers and online shoppers who need foreign cards for subscriptions or bookings

Documents you will typically need

Requirements vary by bank and account tier. Most banks will ask for the following.

Document	Why it is required
Valid ID (NIN slip with photo, Nigerian passport, driver’s licence, or voter’s card)	Identity and KYC verification
BVN (Bank Verification Number)	Links your banking identity across institutions
Proof of address (utility bill, bank statement, tenancy agreement, not older than 3 months)	Confirms residence for correspondence and compliance
Passport photograph	Account records and card issuance
NIN (if not used as ID)	Mandatory national identity record
Referees (some current accounts)	Only for certain tiers or current-account variants
TIN (business accounts)	For companies or sole proprietors opening business dom accounts

Step-by-step: how to open a domiciliary account

Choose your bank and currency
Decide on USD, GBP, or EUR based on how you will receive funds. You can open more than one currency if needed.
Confirm the account type and requirements
Ask the bank for the account tier and whether referees are required. Confirm any minimum opening balance and card issuance options.
Prepare documents
Keep BVN, valid ID, proof of address, and passport photo ready. For business accounts, add CAC documents and TIN.
Apply in-branch or via the bank’s app
Complete the account opening form, FATCA/CRS tax residency form, and provide specimen signatures. Submit documents for KYC.
Get your account number
Once approved, the bank issues your foreign currency account number. You can now receive or deposit funds.
Fund the account
Use a cash deposit in that currency, a SWIFT transfer from abroad, or accepted money transfer operatorsthat pay into domiciliary accounts.
Request your foreign-currency debit card
Ask for a USD or multi-currency card if available. Confirm issuance fees, ATM limits, and international usage settings.
Activate e-banking and alerts
Turn on mobile or internet banking, email and SMS alerts, and set up secure authentication for international transfers.

How to fund your domiciliary account

Method	How it works	What to check
SWIFT transfer from abroad	Sender’s bank wires funds to your dom account	Provide beneficiary name, account number, bank name, branch address, and SWIFT/BIC. Ask about correspondent bank charges and whether the sender should choose OUR or SHA fees
Foreign cash deposit	Deposit USD, GBP, or EUR at the counter	Bring valid ID. Confirm any cash deposit limits and counting fees
Money transfer operators	Some MTOs allow credit to dom accounts	Confirm if your bank supports this route and the currency of payout

Pro tip: Before your first wire, request your bank’s full SWIFT template and share it with the sender to reduce delays.

Typical fees and charges to ask about

Account maintenance for foreign currency accounts
Card issuance and annual fee for USD or multi-currency cards
Incoming SWIFT fee and correspondent bank charges
Outward transfer fee for international payments
ATM withdrawal fee abroad and foreign purchase fee on cards

Ask your bank for the latest schedule of charges for the exact amounts.

Practical tips that save time and money

Keep your name and address exactly the same on all documents to avoid compliance holds
Share complete SWIFT details with senders, including any intermediary bank if your bank requires one
Use email alerts for all incoming wires so you can confirm receipt quickly
Maintain any minimum balance to avoid penalties
For large transfers, send a small test wire first to verify routing
Keep your ID and proof of addresscurrent to prevent account restrictions

Sample message to request SWIFT details from your bank

“Hello, I need the complete SWIFT details for receiving a USD transfer into my domiciliary account: beneficiary name format, account number format, bank name and address, SWIFT/BIC, and any intermediary bank details. Please also confirm your incoming wire fees and how correspondent bank charges are handled. Thank you.”

Common issues and how to fix them

Delayed incoming wire: Ask the sender for the MT103 copy. Share it with your bank to trace funds through correspondent banks.
Name mismatch: Ensure the sender used your full legal name as it appears on your account.
Compliance hold: Provide any source-of-funds or invoice requested. Keep your ID and address proof updated.
Incorrect SWIFT: Re-send correct BICand bank address, then have the sender amend the transfer.

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