First, do you think it will be possible to transfer money from domiciliary account to naira account? Basically this is a newbie question and I will explain all you need to know on having a domiciliary account in Nigeria.
With domiciliary account you can receive fund from abroad straight into your bank account and it won’t be converted into naira. The money will still remain in the foreign currency until you withdraw and exchange the money.
As the official exchange rate or the bank exchange rate is very poor compared to the black market rate, and the limit imposed on naira debit card, the need to have a domiciliary account surged especially those that shop online or make payments online.
Opening a domiciliary account in Nigeria isn’t what matters but rather funding the account especially if you don’t often receive funds from abroad.
So let’s head over to the question of the day.
How to transfer money from domiciliary account to naira account?
The truth is you cannot transfer money from a domiciliary account to naira account, but rather you can only transfer money from domiciliary account another domiciliary account.
You cannot transfer money from naira account to a domiciliary account, as you can only transfer money from a naira account to another naira account.
If i may ask;
What makes you think that you can transfer money from a domiciliary account to a naira account?
I’m sorry to disappoint you as it will never happen.
- How to send money to a domiciliary account in Nigeri (A How-to Guide)
- How to check Domiciliary account balance (A How-to Guide)
If you want to fund your naira account and have a sum amount of money in your domiciliary account, I have two solutions for you.
1. Request the bank to exchange the money for you
If you happen to have both a domiciliary account and a naira account with your bank, you can request for the bank to exchange this sum amount of money from your domiciliary account to your naira account.
However, the exchange rate will be very low.
For example, the bank will exchange $1 to N411 and this is annoying low compared to the black market exchange rate which is currently $1 to N567.
Now if you want the bank to exchange $500 for you and deposit the money straight to your naira account, it will be N205,000.
Now if you go to the black market or aboki to exchange $500 to N567, then you will be given N283,500. At the end of the day you will end up losing N78,500 if you use the bank to exchange your dollar.
Generally, i don’t recommend using the bank to exchange the money in your domiciliary account unless you are so desperate and there’s no black market sellers around your area or location.
2. Exchange at the black market and transfer to your naira account
Talking about how to transfer money from domiciliary account to naira account, the best means is to exchange the money at the black market and transfer the money to your naira account.
This requires you to withdraw your fund from your domiciliary account, locate any black market or aboki and exchange the money.
Instead of you to collect cash from the black market sellers, you will request they should transfer the money to your naira account. For me this is the best way to exchange cash with the black market instead of collecting cash from them.
Now once they aboki or the black market seller has successfully transferred the money into your naira account and which you have received the money, try to recharge a hundred naira airtime from your naira account and check your naira account balance.
This is to confirm that truly the black market seller or the aboki successfully transferred the money into your naira account and not just a fake alert.
These are the ways which you can exchange the money in your domiciliary account and transfer the money to your naira account.
Once again, it is not possible to transfer money from domiciliary account to naira account.
Transferring money from a Dom account
You can easily transfer money from your domiciliary account to another domiciliary account but there’s a limit imposed by banks and it is not like when you transfer money from a naira account to another naira account.
The limit I’m talking about is the fact that you cannot transfer money from a domiciliary account to another domiciliary account that is not of same bank with your Dom account.
What I’m trying to say is that if you have have a domiciliary account with access bank, you cannot transfer money to a zenith bank domiciliary account but rather you will only transfer money to another access bank domiciliary account.
So if you want to transfer money from your domiciliary account, it is only possible with same bank you have a domiciliary account with, else forget about it.
What is the minimum balance for domiciliary account?
The minimum balance for a domiciliary account depends on the bank as some banks has no minimum operating balance while the like of Fidelity bank and first bank do have a minimum operating balance.
For example, first bank minimum operating balance is $100, €100, or £50 while Fidelity bank minimum account operating balance of $30, €30, £20.
If you have a bank in mind that you want to open a domiciliary account with, you need to first make inquiries about the bank domiciliary account charges, minimum opening balance and operating balance.
The likes of gtbank, access bank, uba has no minimum operating balance as you can have zero balance in your domiciliary account.
How much can I transfer from my domiciliary account?
You can transfer up to $5000 from your domiciliary account especially if it is a dollar account and also it depends on the bank and the type of domiciliary account you have.
From my experience, you cannot transfer more than $5000 if you have a cash domiciliary account with zenith bank. Also you can’t withdraw more than $5000 with gtbank domiciliary especially with the new cbn policy which is quite annoying.
And this where I draw conclusion to the question of the day how to transfer money from domiciliary account to naira account. Once again you cannot transfer money from domiciliary account to naira account unless you have to first change the money to naira and then transfer it to your naira account.