This guide will leave you with a clear insight on how you can open a domiciliary account in Nigeria with any bank, for payments and other business purposes.
This method works for online payment, saving funds in dollars ( for importation, exportation) and other international transaction purposes.
As a web entrepreneur, one of the essential tools you need is a means of payment-either a credit or debit card. Being that online payments are mostly done in dollars, you need a dollar denominated card (ATM) for payments.
Else, your payments will keep being rejected. Alternatively, you will resort to local platforms that may not be ideal or provide the optimal results you desire.
Why You Need a Domiciliary Account as a Nigerian Entrepreneur
- The Nigerian government, through the central bank of Nigeria, has placed a $20 maximum card limit on all naira cards. The implication is that you cannot make payment online (in dollars) above $20 per day.
- Without a domiciliary account and a dollar (or multicurrency card) attached to your account, you will not be able to make payment online in foreign currencies.
Solutions to payments declined
Aside opening a domiciliary account, there are other ways you can make payments online in dollars.
The most viable solution to payment declined (refusal of your card to make payment online) comes in various shapes with their own advantages and limitations. Lets explain the solutions separately.
PayPal Payment
Choosing PayPal as an online payment is only if the following conditions are met;
If the website accepts PayPal payments.
If PayPal is accepted in your country. Unfortunately, PayPal is only allowed for making of payments-but not quite easy to receive payment in Nigeria unless you have a way around that.
Payments in Crypto Currency
Fortunately some platforms allow the use of various crypto for payments. If you own a crypto currency wallet, you may be lucky to have your coin enabled for payment.
Blockchain technology has made things pretty much easy but the last option remains handier. Perhaps, why you need to open a domiciliary account in Nigeria (with any bank that offers the services).
Credit/debit Cards
this is where your ATM cards play a very important role. The question is, do you have the right debit or credit card that can make payments in foreign currency from Nigeria?
This is why your payments will keep being rejected until you get a domiciliary account with a multi-currency card attached to it.
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How to Open a Domiciliary account/to get a Multi-currency Debit Card
Opening a domiciliary account in Nigeria is pretty much the same with all banks.
First, you need to present the minimum deposit of hundred dollars ($100) only. You don’t need to worry, that is still your money.
Documents you need to provide are;
- Recent passport photograph
- Means of identification
- Utility bills
Once you have these, simply head over to any bank for your account.
Right there as the account is being created you need to request and also ensure that you applied for a multicurrency visa card, with this card, you will be able to make payments online in dollars.
Related Content: 10 Profitable Skills that Pay You in Dollars (Start Learning Here)
Summary
There is a great similarity of process when it comes to how to open a domiciliary account in Nigeria.
All banks follow the same CBN approved method and virtually all banks I do know of, does the visa multi-currency card.
However top in our list includes united bank for Africa (UBA), first bank of Nigeria (FBN), Stanbic IBTC and the rest of the great banks.
Let me have/know your experiences in the comment section below:
