Can I withdraw all the money in my domiciliary account?
Looking at the major questions being asked by people based on domiciliary account in Nigeria, today the question I have is, can I withdraw all the money in my domiciliary account?
Well, this differs from bank to bank as it is necessary to know a bank rules and regulations when it comes to opening an account with the bank.
In this post our main concern is the domiciliary account which can be a savings account or a current account though majorly it is a current account.
Now let’s head over to the question of the day.
Can I withdraw all the money in my domiciliary account?
Yes you can withdraw all the money in a domiciliary account though it is applicable to few banks in Nigeria as most of them have minimum operating balance.
This is very compulsory before opening a Domiciliary account with any bank in Nigeria.
You should inquire if the bank has what is called minimum operating balance, and if they do, then bear it in your mind thar you cannot withdraw all the entire money in your domiciliary account.
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Before I came up with this article, I first made inquiries from different banks in Nigeria as to know if they have minimum operating balance for their domiciliary account. Most of them replied to my message and that which I will explain in this article.
1. Guaranty Trust Bank (gtbank)
As I have a gtbank domiciliary account, I can tell you that gtbank has no minimum operating balance as you can withdraw the entire money in your domiciliary account.
This is why most people tends to go for gtbank domiciliary account.
The bank isn’t bad at all but what I don’t like is the fact that sometimes their dollar debit card will start to misbehave making payment to be problematic. Again you may encounter no funds available during cash withdrawal though this depends on your location.
So asking can I withdraw all the money in my domiciliary account and you have a gtbank Dom account, the answer is yes. You can withdraw all the money in your gtbank Dom account.
2. Zenith bank
Zenith bank offers two types of domiciliary account and they are;
- Ordinary domiciliary account
- Cash domiciliary account
As ordinary domiciliary account requires a minimum opening balance of $1k, the minimum operating balance is $50. That is to say must have at least $50 in your zenith bank ordinary domiciliary account else the bank might close your account.
If you have zenith bank cash domiciliary account, there is no minimum operating balance as you can withdraw all the money in your zenith bank domiciliary account.
3. First bank of Nigeria
Talking about can I withdraw all the money in my domiciliary account and you have a Dom account in first bank, kindly note that you cannot withdraw all the entire money in your first bank domiciliary account.
For you first bank Dom account to be active and functioning, you must have a minimum operating balance of $100, €100, or £50. That’s quite a lot of money as $100 is equivalent to N57,000.
This means that you cannot have $90 in your first bank domiciliary account as the minimum opening balance is $500, €500 or £300. In this case, if you used $500 to open the account, you can only withdraw $400 leaving $100 as the operating balance just for the account to stay active.
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4. United Bank for Africa (UBA)
Uba is another good bank to open a domiciliary account especially for those looking for a zero account opening balance and operating balance.
That is to say, you can withdraw all the money in your uba domiciliary account.
However, this is only if you open uba Dom Advantage Account. This account is not quite easy to open unless you have up to $100 and you are good to go.
As for uba Freedom Dom Account, the minimum operating balance is relatively low, $10 is very much okay compared to firsr bank $100 and it attracts an interest rate but only if you have $1k in your domiciliary account.
5. Access bank
Now moving onto access bank and even though the bank requires a minimum opening balance of $100, £100 & €100 to open a domiciliary account with them, there’s no minimum operating balance.
This means that once you open a domiciliary account in access bank, fund the account, then you can withdraw all the entire money in the bank account just like gtbank.
6. Union Bank
To open a union bank domiciliary account, you need to have a minimum account opening balance of $100 or it’s equivalent in pounds or euro. However, the bank has no minimum operating balance and this also means that you can withdraw all the funds on your union bank domiciliary account.
Looking for a an easy bank to open a domiciliary account in Nigeria, aside from gtbank which requires no minimum opening balance and operating balance, I recommend fcmb to you especially as it doesn’t have charges on cash withdrawal.
Talking about can I withdraw all the money in my domiciliary account, fcmb has no minimum operating balance so you can withdraw the whole money in your domiciliary account.
So far these are the banks I know their minimum operating balance, and irrespective of the fact that first bank is $100 which is quite expensive, I will always recommend the bank especially with the interest rate the offer.
The only issue is that the bank is very strict and can give a lot of headache during account opening.
Gtbank is very good but where the problem lies is getting a referee with gtbank current account. Two referees are required and one must be a gtbank current account holder else the bank will keep on rejecting all your referees. However, your account officer might offer a help in this type of situation.
This is where I come to the conclusion of the question being asked, can I withdraw all the money in my domiciliary account. I’m open to your questions and suggestions.