Domiciliary account charges in Nigeria explained
When planning to open a domiciliary account in Nigeria, what comes up on one’s mind will be the requirements need to open a domiciliary account and the most important and which is domiciliary account charges in Nigeria.
This is what we’ll focus on in this and I will try my best to provide all the banks we have in Nigeria, the Dom account charges.
But first, I will start with the ones I’m based with based on my experience and their withdrawal charges.
Before going further into the post, it is essential to know the bank domiciliary account charges cause some banks will rip off their customers in the name of withdrawal charges or maintenance fee.
Domiciliary account charges in Nigeria
Domiciliary account charges in Nigeria differs from bank to bank but mostly the charges comes from withdrawals made on a Dom account. For example, gtbank domiciliary account may be 0.25 per a withdrawal, while first bank is 0.20 per a cash withdrawal.
It is not uniformed like naira bank charges.
To explain further about domiciliary account charges in Nigeria, I will break it down into the different banks in Nigeria based on the ones I’m banking with and other banks I made inquiries.
- Can i withdraw naira from my domiciliary account? Explained
- Can i transfer naira to my domiciliary account? Explained
1. Gtbank domiciliary account charges
There are two main gtbank domiciliary account charges and they are;
- Yearly maintenance fee for their dollar card
- Withdrawal fee
Now if you have a domiciliary account with gtbank, I want you to know that gtbank will charge you $0.25 for cash withdrawal of $500 and below. Gtbank will charge you $0.50 for a cash withdrawal of $1000 to $2k respectively.
If you withdraw from $2500 to $5000 from your gtbank domiciliary account, kindly note that the bank will charge you $0.75 to $2. I can’t really tell the charges for $6000 and above cash withdrawal.
THE MAINTENANCE FEE
Talking about the maintenance fee, this comes in handy if you have a card for your domiciliary account. First you will be charged N5000 or the equivalent in dollars along with N0.04 vat fee i see no need.
Every year gtbank will charge you $10 maintenance fee for the card. Previously, it was $25 before the bank had to reduce it $10. If you exchange the amount in naira, you will be paying a maintenance free of N5,670.
2. United bank for Africa
The truth is that I rarely use my uba domiciliary account but I must admit that their charges are quite high though it depends on the amount you are withdrawing from your account.
When i inquired from the bank about their complete domiciliary account charges, the provides me with this;
- Withdrawals: 0.5% + VAT on amount withdrawn
- Telex Transfer: 0.5% +VAT or US$10 or its equivalent whichever one is higher + Communication charge of US$25 or Euro 20 or £ 15
- Draft request: 0.5% +VAT or US$10 or its equivalent whichever one is higher + communication charge of US$25 or Euro 20 or £ 15
The one that drew my attention is the cash withdrawal which is what I mostly use the account for as I don’t have any debit or credit card with the Dom account. Any debit transaction made with your uba domiciliary account, be rest assured that the bank will you $0.50 per a transaction.
I wasn’t pleased with that as it is quite high compared to other banks.
I won’t lie to you.
This is why I left my uba domiciliary account to be dormant for the past three years.
Still on domiciliary account charges in Nigeria and for uba, if you want to make a transfer from your uba domiciliary to another uba Dom account, you will still be charged $0.50 which is also high compared to gtbank domiciliary account charges.
But this doesn’t mean uba domiciliary account isn’t good cause they are but I don’t fancy their charges at all.
- Can i receive dollars in my naira account? Explained
- How to check Domiciliary account balance (A How-to Guide)
3. Access bank
I recently opened access bank domiciliary to see how good it is, and I wasn’t pleased or happy with their services. Normal access bank naira account is packed with hidden charges, their domiciliary account is no different.
I opened it because my black seller bank with them and as you can’t transfer money from a different bank domiciliary account to access bank or any other bank in Nigeria, I had to open access bank domiciliary account.
I wasn’t pleased when the bank charged me $0.50 for a cash withdrawal and even it I withdraw $100, the bank will still charge me $0.50 per a cash withdrawal.
If you are making a transfer or cash withdrawal, be rest assured that the bank will charge you $0.50 or its equivalent in other currency.
4. First bank of Nigeria
When talking about one of the best bank to open a domiciliary account in Nigeria, there’s no doubt that first bank should be included irrespective of the fact that their opening account opening and operating balance are high compared to other banks.
Talking about domiciliary account charges in Nigeria, first bank do charge a cash withdrawal fee at 0.5% flat per transaction. That is to tell you that first bank will charge you $0.50 per a cash withdrawal which is same with uba and access bank.
5. First city monument bank (fcmb)
It sounds very interesting when fcmb customer service representative told me that there’s nothing like cash withdrawal fee on their domiciliary account.
Do you actually believe that or probably there’s a hidden bank charges.
According to fcmb, NO charge on cash withdrawal. Which makes it look very interesting.
Maybe I’m going to try them t8 see if actually there’s no charge on cash withdrawal on fcmb domiciliary account. Another interesting part is that their opening balance is relatively low like 10 GBP, 10 USD, and 10 EUROS.
6. Zenith bank
For the mean time I will update this article on domiciliary account charges in Nigeria for zenith bank as I recently opened an account with them.
However, the bank manager and also my account officer told me there’s nothing like account maintenance fee for or cash withdrawal fee but the truth is that I usually take that as a pinch of salt until I confirm it myself.
I will update this very space afterwards.
So far these are the domiciliary account charges in Nigeria I have for you but bear in mind that I will update this post with other banks domiciliary account charges.
Should you be scared of the charges?
Honestly you shouldn’t but what I hate most is when there’s a hidden charges involved. I have been using Gtbank domiciliary account for quite a long while and I have no problem with them so far though sometimes I encounter problem with their dollar debit card.
Also, one may encounter a scarcity of funds during cash withdrawal which is quite rare to see in first bank domiciliary account.
As gtbank charges $0.50 for cash withdrawal above $500, I see no difference with other banks domiciliary account charges in Nigeria.
So far this is where I draw the conclusion on the question of the day, domiciliary account charges in Nigeria. I’m very much open to your questions and suggestions strictly based on this topic or question related to domiciliary account in Nigeria.