How to Open a Domiciliary Account in Nigeria (2025 Step-by-Step Guide)

If you want to receive payments in dollars, euros, or pounds while living in Nigeria, you need a domiciliary account.

Let’s break it down.

In today’s global economy, having access to foreign currencies like US dollars, British pounds, and euros is essential. It’s more than just a financial advantage. It’s a necessity for many Nigerians.

Whether you’re a freelancer, digital nomad, or international student, a domiciliary account in Nigeria is beneficial. It also helps if you receive remittances from abroad. The account gives you the freedom to receive and save foreign currencies directly.

This comprehensive 2025 guide will walk you through how to open a domiciliary account in Nigeria. It includes the best banks to choose and required documents. You will learn step-by-step procedures, withdrawal limits, and charges. The guide even provides alternatives like Payoneer and Wise for more flexibility.

🔍 What Is a Domiciliary Account?

A domiciliary account, commonly called a “dom account,” is a type of account you open in a Nigerian bank that lets you receive and transact in foreign currencies like USD, GBP, and EUR.

Instead of receiving international payments through third-party services or facing conversion charges from Naira accounts, a dom account allows you to:

• Receive foreign currency directly
• Withdraw dollars physically from your bank
• Transfer funds internationally
• Save in stable currencies

These accounts are essential for Nigerians involved in:

• Remote work and freelancing
• Import and export businesses
• International tuition and visa payments
• Foreign stock investments

💡 Why Open a Dom Account in Nigeria in 2025?

With inflation and the volatility of the Naira, more Nigerians are turning to dollar savings to protect their money.

Here’s why you should consider opening one:

✅ Protect Against Naira Depreciation

Your money maintains value when saved in stable currencies.

✅ Get Paid Internationally

Freelancers on Fiverr, Upwork, and remote workers for U.S./UK companies need a reliable way to receive dollars.

✅ Send Money Abroad

For tuition, travel, or business, a dom account simplifies international transfers.

✅ Receive PayPal/Stripe/Payoneer Funds

Even though PayPal isn’t fully functional in Nigeria, many freelancers use Payoneer or Wise to receive payments and send them to their dom account.

✅ Buy Foreign Stocks & Crypto

You’ll often need access to foreign currency accounts to fund platforms like Binance, Robinhood, or international real estate investments.

🏦 Best Banks for Domiciliary Accounts in Nigeria (2025)

Here’s a table comparing the top Nigerian banks offering domiciliary accounts:

Bank	Initial Deposit	Referees Required	Debit Card	Strengths
GTBank	$100 (waived sometimes)	Yes (2)	✅ Visa USD	Freelancer-friendly, easy online banking
Zenith Bank	$100	Yes (strict)	✅ Visa USD	Great for corporate/dom business
UBA	$100	Not always	✅ MasterCard USD	Flexible requirements, low entry barrier
First Bank	$100	Yes	✅	Wide branch network
Access Bank	$100	Yes	✅	Business-oriented, good for Form A/M

📄 Documents Required to Open a Domiciliary Account

To open a dom account, walk into the bank with the following:

1. Valid ID:
   • NIN Slip/Card
   • International Passport
   • Driver’s License
   • Voter’s Card
2. One Passport Photograph
3. Recent Utility Bill
   • NEPA, Water, Internet (not older than 3 months)
4. Two Referees (Some banks now waive this)
   • Must hold current accounts in any Nigerian bank
5. Account Opening Form
   • Get this in-branch or online
6. $100 Initial Deposit
   • Some banks accept less or allow you to deposit later
7. Tax Identification Number (TIN) (Optional in some banks)

📝 How to Open It: Step-by-Step (2025 Process)

1. Visit your preferred bank branch early (morning queues are shorter)
2. Request the domiciliary account opening form
3. Fill in personal details
4. Submit with ID, passport photo, utility bill
5. Add referee information (or skip if not required)
6. Submit and wait 1–3 working days for account approval
7. Fund the account with $100 or its equivalent
8. Request for your USD debit card
9. Activate internet banking/mobile app

⏱ Some banks offer faster approval if you’re already a customer.

💵 Dollar Withdrawal Options & Charges (2025)

Method	Daily Limit	Typical Charges
ATM (local)	$100–$300	$3–$5 per use
POS	Varies (merchant POS)	1%–2.5%
Over-the-Counter	No strict limit	Depends on negotiation
Wire Transfer	No limit	$15–$25 per transfer

🔒 Banks require ID verification for teller withdrawals.

🤔 Frequently Asked Questions (FAQs)

Q1: Can I open a domiciliary account online?
Some banks (GTB, Zenith) offer online initiation, but final steps still require physical ID verification.

Q2: Can I receive PayPal funds into a domiciliary account?
Not directly. You’ll need to receive through Payoneer or Wise, then transfer.

Q3: Is the $100 deposit compulsory?
Some branches waive it temporarily, but it’s best to go with at least $100.

Q4: Can students open domiciliary accounts?
Yes, with valid ID and supporting documents. Some banks require parent’s consent if under 18.

Q5: Are there maintenance charges?
Yes, but minimal. Dormant accounts may be charged inactivity fees.

🧭 Alternatives to Domiciliary Accounts in Nigeria (2025)

If you find it hard to open a dom account, consider these options:

1. Payoneer

• Free USD, EUR, GBP accounts
• Receive payments from Fiverr, Upwork, Amazon
• Withdraw to Naira bank account
• Mastercard available

2. Wise (formerly TransferWise)

• Real-time conversion rates
• International transfers to 80+ countries
• Supports local bank withdrawals
• Virtual card available

3. Chipper Cash / Grey.co / Geegpay

• Fast-growing African fintechs
• Virtual USD/GBP accounts
• Easy transfers & withdrawals
• Ideal for freelancers & side hustlers

📊 Domiciliary Account vs Payoneer vs Wise

Feature	Domiciliary Account	Payoneer	Wise
Bank-Issued	✅ Yes	❌ Virtual	❌ Virtual
Easy to Open	❌ Needs documents	✅ Online	✅ Online
Receives PayPal	❌ Indirect only	✅ Yes	✅ Yes
Card Access	✅ Physical	✅ MasterCard	✅ Wise Card
FX Rates	Bank-determined	Market-based	Market-based
Ideal For	Businesses, large transactions	Freelancers	Remote workers, tuition

🛠 Expert Tips to Avoid Issues

1. Use Banks You Already Have Accounts With – Faster KYC
2. Avoid Third-Party Currency Brokers – Go through official bank processes
3. Be Patient with the Process – Some banks delay if referees aren’t verified
4. Get a Bank Officer’s Contact – For follow-ups and updates
5. Request Alerts & Internet Banking Setup Immediately

📌 Final Thoughts

Opening a domiciliary account in Nigeria is one of the smartest financial moves you can make in 2025. With the Naira’s unpredictability and increasing need for global transactions, you need control over how you receive, save, and spend your foreign currency.

Whether you’re a freelancer, student, digital entrepreneur, or someone receiving funds from family abroad, don’t wait. Set up your dom account today and take charge of your international finances.

💬 Got Questions or Need Help?

Drop a comment below or contact your bank directly. You can also message us, and we’ll point you in the right direction.

Don’t forget to share this guide with someone who needs it!