When talking about having a Dom account, what matters most is how to send money to a domiciliary account in Nigeria. It is not all about opening the account but rather funding the account and this is people’s main concern especially those that usually make online payments.
There are several ways of receiving funds in a domiciliary account and which ranges from inflow to transfer and direct deposit. Please I want you to know that you can receive funds into a domiciliary account just like the naira account.
Nevertheless, I will explain all the means of receiving money into a domiciliary account in Nigeria.
Let’s jump in.
How to send money to a domiciliary account in Nigeria
You can send money to a domiciliary account in Nigeria through inflow, direct transfer, and cash deposit.
Now these are the three main ways which you can seamlessly receive fund or money into your Dom account here in Nigeria. I will explain them one after the other.
1. Send money to a domiciliary account through inflow
Inflow is one of the major means of receiving or sending money into a Dom account and this involves sending money from abroad.
Now let me explain what the term inflow means for the newbies.
When you receive money from abroad be it through wire transfer, western union, MoneyGram, Rai, etc as long as the money is an international wire transfer, it is called INFLOW.
So if you have someone that usually wire money to your local bank account here in Nigeria, the means of receiving the money into your local bank account in Nigeria is called inflow.
So inflow is one of the means of sending money into a domiciliary account in Nigeria. However, this will only be possible if you have someone abroad or you are the type that usually receives money from companies or agencies in abroad.
PROCESS REQUIRED RECEIVING MONEY THROUGH INFLOW
To receive money through inflow, there are requirements required from you and this includes;
- Account name
- Account number
- Bank name
- The bank swift code
An example, if you have a gtbank domiciliary account and which you to receive an inflow into your account through wire transfer. The requirement you will submit is as follows;
Name: Chisom Bulus Adeyemi
Bank Account Number – 0666555111
Bank Name – Guaranty Trust Bank
Swift Code – GTBINGLA
These are the information required from you in order to receive an inflow into your domiciliary account or even naira savings account or current account.
2. Send money through transfer
Direct transfer is another means of sending money into a domiciliary account in Nigeria and it is very convenient for both parties involved.
However, there’s a restriction imposed by banks when it comes to transferring funds from a Dom account to another Dom account.
What restriction I’m talking about?
You cannot transfer money from your Dom account to another bank account which is not the same bank with you.
For example, you have a domiciliary account with gtbank and you want to transfer money to another domiciliary account with zenith bank, it won’t work at all. You can only transfer money from your gtbank Dom account to another gtbank Dom account, or zenith bank Dom account to another zenith bank Dom account.
That’s how it works.
If you have a Dom account with gtbank and wants to transfer money to a zenith bank Dom account, I’m sorry that is not possible and the only solution is to withdraw the money and make a direct deposit into the zenith bank Dom account.
3. Send money through cash deposit
This is a popular means of funding money into a domiciliary especially if you are the type that don’t receive money from abroad.
This involves you going to bank to deposit money into your domiciliary account.
This comes in handy if you want to make payment online and be it online shopping, school fees payment, etc.
This process requires you to go to the black market or aboki and exchange naira to dollar with them. That is you will give them naira and they will give you dollars in return.
The last time I checked, it was N510 per $1 and if you want to receive $500 them it will be N255,000. I’m sure by now the rate must have increased based on dollar to naira exchange rate.
When you receive the cash, you go to your bank and deposit the cash into your domiciliary account.
If your main purpose of opening a domiciliary account in Nigeria is for the sole purpose of online payment, there are ways which you can exchange naira for dollar. If only you don’t fancy going to the black market or the abokis.
The likes of Flutterwave and Wallets Africa which allows you to create a virtual card and use the card for your online payment. However, their rates are quite high and may not be favorable compared to the black market.
Since the turn of this year, they do exchange N550 per $1 which is extremely high compared to the black market N540 per $1.
If you want to use fund your domiciliary account by the means of exchanging naira to dollar through the black market or aboki, I recommend you to negotiate a transfer and not by cash.
Get someone thar has a Dom account in the same bank with you and request the person to transfer the money straight to your Dom account instead of giving you cash. Once the transfer has been confirmed by you, try to transfer $1 from your Dom account to your dollar card account and check the remaining balance.
This is to confirm that truly the person indeed transfered the money and the alert wasn’t a fake one either.
So these are the means on how to send money to a domiciliary account in Nigeria.
Once again you have to be very careful exchanging naira for dollar in the black market so as not to receive a fake one. To be on the safer side request for a transfer and it is way better and very convenient.
Do banks exchange naira for dollar?
The answer is no. Banks in Nigeria cannot exchange naira for dollar and which you can fund into your domiciliary account. Banks can only change dollar to naira for you though their ates are shockingly low pie way to poor compares to the black market exchange rate.
Is it possible to transfer money from naira account to my domiciliary account?
The answer is no. You cannot transfer money from a naira account to a domiciliary account, it is not possible at all.
The only means of funding a domiciliary account in Nigeria is through inflow, transfer and a direct deposit.
And with this I come to the conclusion of this post on how to send money to a domiciliary account in Nigeria. If you have any questions or still confused anywhere in this article, I’m open to your comments.