How to Open a Domiciliary Account With Fcmb-Gtbank-Zenith & Firstbank

Are you looking for How to open a domiciliary account with FirstBank-Fcmb-GTbank-Zenith- Bank? or the requirements for opening a domiciliary account with these banks?

Then you are in the right place, as we have laid down everything with easy step by step guide for you to understand all the process that is involved on How To Open A Domiciliary Account with FirstBank-Fcmb-GTbank-Zenith- Bank, and Stanbic IBTC Bank in Nigeria.

But first, we have to look at what a Domiciliary account is and how to use it make your business life easy.

The domiciliary account is a bank account that you can fund with foreign currencies and enables you to carry out foreign transactions on the account. It gives you the access to deposit and withdraws funds in foreign money other than the naira.

In Nigeria having a Domiciliary account is very important once you deal in international business /transactions and online businesses because it makes payment transactions and deposit of funds much easier.

A domiciliary account is owned locally and is not the same as a foreign bank account, which is typically held by remote banks outside Nigeria.

The savings and current domiciliary account are the two types of domiciliary bank account you can use in Nigeria.

Both The current & savings domiciliary bank account works the same just like your normal savings and current accounts. With the exception of the current domiciliary account that allows you to issue a cheque to third parties and attracts more added charges for usage.

Benefits of having a Domiciliary Account in Nigeria

You can use the domiciliary bank account in Nigeria for quite a lot of things, below are some few examples.

  1. A domiciliary account gives you direct access to a foreign currency: All money into the domiciliary account is in a foreign currency depending on the currency type the account is opened on. This allows you to conveniently carry out online transactions with a foreign currency. other than the naira.
  2. To collect your monthly earnings from Google Adsense: as a website owner or a YouTuber in Nigeria, Having a Domiciliary account is very important because you can easily gain access to your AdSense monthly earnings without any undue long process.
  3. Can be used as a channel for Investments in securities and Real Estate in the country or abroad.
  4. Domiciliary account balances can be used as collateral for Naira loans.
  5. A domiciliary bank account gives you the opportunity to save money in global currencies that are reliable without losing its value. This gives you control over the unstable value of the Naira.

How to Open a Domiciliary Account with FirstBank

Firstbank of Nigeria allows you to own and save funds in US Dollars, Pounds Sterling or Euro in a domiciliary account; once you have the following requirement:

  • A Minimum opening balance of $500, €500 or £300
  • You have the choice to withdraw part of the money and leave the minimum operating balance of $100, €100 or £50 respectively. Note cash withdrawal is at 0.5% flat per transaction.

What Documents Do I Need?

  • Account Openings Form – you must have a duly completed Account Opening Form from Firstbank. Download the account opening form Here.
  • Duly completed specimen signature card
  • Two (2) recent passport photographs
  • Address verification document: Utility Bill (water bill, telephone bill, PHCN bill, or sanitary bill e.t.c)
  • A Valid means of identification e.g. International passport, Driver’s license or National Identity card.
  • For Non-Nigerian citizens, a Resident permit is required.

Once you have all the requirements, visit the nearest first bank branch with your completed account opening form and inquire about opening a domiciliary account from the customer care person.

You will be guided on what next steps to take; this shouldn’t take more than a few minutes. Your account should be fully operational within 48hrs.

Your first bank domiciliary account can be operated from anywhere through the online and SMS banking platforms.

How to Open a Domiciliary Account with Fcmb

The FCMB Domiciliary account gives you access to conveniently run a dom account in foreign currencies and to carry out foreign currency transactions irrespective of location.

Requirements for Fcmb Domiciliary Account

  • For Fcmb domiciliary savings account you need to have a minimum balance of $10 only and for the current domiciliary bank account you must have an open balance of 60 GBP, 100 US Dollars, or 70 EURO.
  • Account Opening Form – A completed account opening form from the bank.
  • A passport photograph.
  • You must be 18 years old and above with one of the following documents for personal identification:
  • International passport, Driver’s License, National Identity card, Voters Card or Resident Permit (for immigrants)
  • Photocopy of Address verification e.g. Utility bill, recent bank statement or local authority tax bill, PHCN bill etc.

Unlike Firstbank that you can download the opening form right from home and fill out the necessary details before going to the bank. With FCMB you have to Visit any FCMB branch around you and request opening a dom account.

You should be given a foreign currency account opening form, specimen signature card, two reference forms for you and your referees to fill.

You either decide to do this in a day or you come back the next day after filling out the forms with the referees. After the form submission, your FCMB DOMICILIARY bank account should be active within 48hours.

How to Open a Domiciliary Account with GTBank

Using a GTBANK domiciliary account, you can make foreign currency transactions conveniently from the comfort of your home, office or anywhere in the world.


  • Account Opening Form – Filled and signed Domiciliary Account opening form. click here to download the forms
  • Personal Identity – A copy of either of the following document (Driver’s License, International passport, National Identity Card).
  • A passport photograph.
  • Two (2) completed reference forms.
  • Utility bill (PHCN bill, water bill, tax bill, etc.) issued within the last 3 months.

When you have all the required documents, head over to any GTBANK branch to complete the registration process.

How to Open a Domiciliary with Zenith Bank

Find out the requirement for opening a zenith bank domiciliary account below.


  • Account opening form (existing account holders with full documentation only require a written letter or completion of account opening form without the provision of any other documentation.
  • One passport photograph of authorized signatories
  • Personal identification – Valid ID (Driver’s License, International Passport, National Identity Card or Voter’s Card)
  • Public Utility Receipt dated within the last three months (PHCN bill, water rate bill, tenement receipt, tax receipt, telephone bill etc.)
  • Visitation Report (Residence)

Proceed to download the account opening form, and fill out the necessary information including the referee forms. After filling the account form, take all documents and the completed account opening form with you to any ZENITH bank branch around you.

You should ask the bank customer service, who will lead you to the next process. With ZENITH bank, all the process shouldn’t be more than a few minutes.

After submitting the application form and verification, you will have the period of 48-72hours to successfully activate your domiciliary account. The account number will be sent to you through an SMS.

 How to Open a Domiciliary with UBA

United Bank of Africa UBA, operates the domiciliary account in – US Dollar, Pound Sterling, EURO etc, to easily facilitate transactions for business when traveling or sending money to relatives abroad and also enables the customer to be paid in any foreign currency.


  • A Minimum opening balance of $100, €80 ₤70 or its equivalent in other currencies.
  • Personal identity – Any Valid Identification (International Passport, Driver’s License, National ID card, Voter’s card)
  • Two Passport photographs
  • Any Utility bill (PHCN bill, water bill, rent bill, tax receipt etc.) within the last three consecutive months
  • Two satisfactory references from current account holders for opening a Current Dom Advantage Acct.

The procedure for opening a domiciliary bank account with UBA is basically the same with GTBANK and FCMB respectively.

How to Open a Domiciliary with Stanbic IBTC

For opening a foreign account with Stanbic IBTC bank, you need a minimum account opening balance of $100 for a personal account and $500 for business accounts. Other requirements are;

  • Two reference forms (You can get this from the bank)
  • Personal identification – a valid copy of a form of ID e.g. driver’s license, international passport, National identity card or a Voter’s card (original copies must be shown to your account manager)
  • Two passport photographs
  • A filled in “Know Your Customer” (KYC) form
  • Certification of registration (for business owners)
  • Search report and partnership deed agreement (if any)
  • Valid residence permit for non-Nigerians.

Basically, all Nigeria banks do provide domiciliary account services to their customers with almost the same process of opening a personal or business dom account.

Note, it is advisable to open a domiciliary account with the bank you already have an account with, this will help you to avoid long process when opening a new domiciliary account.

How To Receive and Send Money With a Domiciliary Account

Now that we have understood how to open a domiciliary account with your bank, and, it should be appropriate we know how to pay and receive money with a dom account.

To receive money on your Domiciliary bank account, provide the account number with your personal details to the interested person or register it as your preferred means of payment on any online business model that will be paying you.

You should note that your domiciliary account can only receive a deposit fund from a foreign currency it is opened on.

I.e. if you open a Dollar domiciliary account, you can’t receive Euro or Pounds Sterling on that account, because it is opened as a Dollar account and can only receive or pay in Dollars.

To withdraw the money from your dom account, you have to fill in the foreign currency withdrawal slip from your bank. The foreign currency will be given to you and then you can proceed to change it to naira at the Bureau De Change.

To send money using a domiciliary account, you have to get the personal information and account number of the interested person you will be sending to.

Proceed to the bank and request for a deposit slip to fill in the details and submit with the currency you open the domiciliary account on. The bank will process it and take care of the payment.

Can I Operate a Domiciliary Account Outside Nigeria?

Yes, you can use the domiciliary bank account outside the shores of Nigeria by using a Mastercard or Internet banking.

Can I Receive Payment From Multiple Foreign Currencies On a Single Domiciliary Account?

No, you can only operate and receive money from one type of foreign currency in a domiciliary account. If you must receive money from another different currency, then you must have to open a different domiciliary account for that.

Can I Use a Single  Domiciliary Bank Account For All The Three Major Currencies Dollar, Pound & Euro?

No, You can only open and use a single domiciliary account for a single foreign currency only, e.g. a dollar domiciliary account, a euro domiciliary account, and a pound domiciliary bank account etc.

If you need to have a domiciliary account with the three different currencies, you will need to open three different domiciliary account with different account numbers. However, you can be allowed to use the same documentation provided for the three accounts.

What’s The Difference Between Current and Savings Domiciliary Bank Accounts?

For most banks, the difference isn’t much except for the Current Domiciliary account it requires two references when opening the account while savings domiciliary account does not.

Banks like Stanbic IBTC pays interest on current domiciliary account only when the balance is above $1000, €800, or ₤700 while for Savings Domiciliary account they pay interest on all balances. Mind you, these differences may not be applicable to all Nigerian banks.

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