How much does it cost to open a domiciliary account in Nigeria? Explained

The very first question that comes up when planning to open a domiciliary account is the question of the day, how much does it cost to open a domiciliary account in Nigeria.

From the answer given to the question you will conclude or consider the best bank that will be suitable for you to open a domiciliary account.

The truth is that some bank offers no opening balance while other do have a minimum opening balance ranging from $10 and above.

This article covers most banks domiciliary account opening balance but I promise to update it with all banks Dom account opening balance.

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How much does it cost to open a domiciliary account in Nigeria?

Domiciliary account in Nigeria cost from zero account opening balance to $500 which differs from bank to bank here in Nigeria.

Now let’s head over to knowing the actual cost of opening a domiciliary account in Nigeria based on the number of banks we have.

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1. Guaranty Trust Bank (gtbank)

Have you ever wondered why gtbank domiciliary account is quite popular in Nigeria?

It is simply because the operate a zero balance domiciliary account opening balance. That is to say you don’t need any cash to open a domiciliary account with gtbank.

It is quite easy to open a domiciliary account in gtbank but same time they are frustrating when it comes to getting a referee. You must provide at least one gtbank current account holder else the bank will frustrate the hell out of you though there’s a way around if you don’t know any gtbank current account holder.

Asking how much does it cost to open a domiciliary account in Nigeria, bear in mind that gtbank offers a zero account opening balance.

2. Zenith bank

Zenith bank is another good bank to open a Dom account in Nigeria especially as it offers low withdrawal charges and no maintenance fee.

Zenith bank offers two types of domiciliary account and which includes; cash domiciliary account and ordinary domiciliary account.

THE CASH DOMICILIARY ACCOUNT: Zenith bank cash domiciliary account offers a zero account opening balance but it has limit which can be very frustrating. For example, you can’t transfer money from your domiciliary account to another domiciliary account and only available in USD.

ORDINARY DOMICILIARY ACCOUNT: This type of zenith bank Dom account is not free to open and cost a whopping $1k to open zenith bank ordinary domiciliary account. This account gives you the option to transfer money from your Dom account another Dom account and operates only in USD, GBP & EUR.

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3. United bank for Africa (UBA)

Moving onto United Bank for Africa, they don’t offer a free domiciliary account as the uba minimum opening balance of $100, €80 or ₤70 or its equivalent in other currencies.

Uba has two types of domiciliary account and they are;

Dom Advantage
Freedom Dom Account

Looking at the minimum opening balance for the Dom advantage, one would say it higher or probably expensive but for the fact that it offers many currencies I found it quite interesting.

Once you are heading over the bank to open a domiciliary account in uba, you should better have a minimum cash of $100, €80 or ₤70. The best part is that the account operates in US Dollar, GBP, Euro, Yen plus other currencies.

Freedom Dom Account: This is the second uba domiciliary account which offers a zero opening balance is relatively better compared to Dom Advantage and for those that doesn’t have the fund to open a domiciliary account in Nigeria.

Uba Freedom Domiciliary Account is a USD foreign currency account with lower operating limits, for those who want to start saving in dollars.

4. First bank of Nigeria

Talking about gow much does it cost to open a domiciliary account in Nigeria, you should know that first bank is not cost effective when it comes to opening a Dom account.

First bank minimum opening balance for their Dom is $500, €500 or £300, which is equivalent to N285,000.

Aside from the opening balance whicg is high compared to other banks I have seen so far, first bank Dom account minimum operating balance is $100, €100, or £50 and which is N57,000.

But the truth here is that irrespective of the fact that first bank domiciliary account opening balance and operating balance is quite costly or expensive compared to other banks in Nigeria, their Dom account is really good especially with the interest rate they offer.

5. Access bank

Moving over to access bank, the bank requires a minimum opening balance of $100, £100 & €100 respectively. Access bank is funded in Pounds, Euro, Dollars and Yen which is very good for business men and women that operates in China or uses Chinese yen for their business transactions.

6. Fidelity bank

Here we have Fidelity bank domiciliary account.

Fidelity bank offers a zero account opening balance and which means you can open a Fidelity bank domiciliary account without any cash with you though the minimum account operating balance is $30, €30, or £20 respectively.

The domiciliary account only operates in US Dollars, British Pounds, and Euros.

7. First city monument bank (fcmb)

Even though First city monument bank (fcmb) doesn’t offer a free domiciliary account opening, their opening balance is relatively low or cheap i will say.

FCMB domiciliary account opening balance is 10 GBP, 10 USD, 10 EUROS and the best part is that there’s NO charge on cash withdrawal.

Though according to the bank.

If you like the bank and wouldn’t want to spend a dime whenever you make withdrawals or debit transaction from your domiciliary account, you should consider fcmb.

8. Union Bank

So far I will rounding this post of how much does it cost to open a domiciliary account in Nigeria with Union bank and which attracts a minimum domiciliary account opening balance of $50 or its equivalent in Pounds and Euros.

However, what attracts me to account is their interest rate which according to the bank is Up to 1% interest per annum (interest will be forfeited when withdrawal is more than 4 times in a month).

So far this is where I draw the conclusion on today’s question of the day, how much does it cost to open a domiciliary account in Nigeria. I will update this post with more banks domiciliary account account opening balance as it is essential when it comes to opening a Dom account in Nigeria.

How much does it cost to open a domiciliary account in Nigeria? Explained