Domiciliary Accounts, characterized by their acceptance of foreign currency, are becoming increasingly common in Nigeria.
This article provides comprehensive steps on how to deposit money into your domiciliary account in Nigeria.
Advantages of Having a Domiciliary Account in Nigeria
A domiciliary account has various benefits, especially for those dealing with foreign transactions.
- No Spending Restrictions: Unlike traditional Naira Debit Accounts, a domiciliary account doesn’t limit your spending. This implies you are not restricted from using your card for dollar-billed purchases.
- Acceptance of Foreign Payments: This type of account allows you to accept foreign payments from individuals and corporations.
- Ease of Online Purchases: With a card linked to your domiciliary account, you can make online purchases anywhere.
How To Deposit Money In Your Domiciliary Account In Nigeria
Depositing money into your domiciliary account can be achieved via physical cash or services like Western Union. Here’s how to do it:
Depositing Physical Cash Into Your Domiciliary Account
- Obtain Physical Cash: Ascertain the total amount of money you want in your account and verify the dollar exchange rate with your bank. You can obtain physical cash from a Bureau De Change or from an acquaintance paid in dollars.
- Deposit Cash into Your Domiciliary Account: Visit the bank branch where you have your domiciliary account. Obtain a deposit slip, fill in your account details, and indicate the total amount to deposit. Submit the slip and the cash at the counter. The bank will deposit the money in your domiciliary account after conversion to USD.
Note: Keep in mind that exchange rates may fluctuate; therefore, it’s essential to keep yourself updated with the current rates.
Depositing Money Through Western Union
You can use services like Western Union, MoneyGram, or WorldRemit to deposit money into your domiciliary account. Here’s what you need:
- Beneficiary Name
- Beneficiary Account Number
- Beneficiary Bank Name
- Bank Swift Code
Submit these details, and you can easily transfer funds into your domiciliary account.
Note: Be careful to ensure all details are correct to avoid any issues during the transaction.
Depositing money into your domiciliary account in Nigeria is a straightforward process, whether you’re using physical cash or a money transfer service. Always ensure to have the correct information about your account, including your bank’s name. With this knowledge, you should find the process of funding your domiciliary account more manageable.
Disclaimer: The rates, fees, and charges are subject to change. Therefore, it is recommended to check with your bank or the service provider for the latest fees and charges.