Here’s a breakdown of top-performing banks offering reliable DOM accounts:

GTBank

• Multiple currencies (USD, GBP, EUR)

• Easy online account management

• $100 opening balance (waived in some branches)

• Internet banking and a USD debit card are available

Zenith Bank

• Popular among businesses and importers

• Requires two referees

• $50–$100 opening balance

• Highly responsive customer service

First Bank of Nigeria

• One of the oldest providers of domain accounts

• Strong international banking experience

• A dollar debit card is available

Access Bank

• Offers flexible domiciliary products

• Supports forex cash deposits

• Mobile app and online banking for domestic accounts

United Bank for Africa (UBA)

• UBA Africard can function like a USD prepaid card

• Good for freelancers and digital workers

• Some branches waive referees for students or online workers

How to Open a Domiciliary Account in Nigeria (Step-by-Step)

Step 1: Choose a Bank

Select a bank based on your location, digital banking preference, and FX flexibility.

Step 2: Visit the Branch or Use the Online Portal

Some banks (GTBank, Access) now allow partial or full online domiciliary account setup.

Step 3: Submit All Required Documents

Ensure your utility bill is recent and your ID is valid.

Step 4: Provide Referees (If Needed)

Fill out and submit referee forms from current account holders.

Step 5: Fund the Account

Deposit the minimum opening balance — often $50 to $100.

Step 6: Activate Internet Banking and Request a Dollar Card

Once the account is live, you can:

• Enroll for internet/mobile banking

• Request a USD MasterCard/Visa card for online use

What You Can Do With a Domiciliary Account

Here’s what makes a dom account powerful:

📉 fees (2025)

CBN Rules and FX Guidelines to Note

• The Central Bank of Nigeria (CBN) may issue new FX policies affecting deposits, withdrawals, or cash pickups.

• You may be asked for the source of funds for large deposits.

• Transfers between dom accounts across banks are now easier but must follow Anti-Money Laundering (AML) laws.

Can You Open a Dom Account Online in Nigeria?

Yes!
Banks like GTBank, UBA, and Access Bank offer partial or full online applications. You’ll still need to:

• Upload documents

• Do biometric verification (in-branch or via NIN/BVN)

Expert Tips for Managing Your Dom Account

1. Monitor FX Rates: Use apps like AbokiFX or CBN’s FX site.

2. Save in USD: Convert when the naira is strong for the best value.

3. Avoid Excessive Withdrawals: Hold funds digitally to protect value.

4. Link to Payoneer or Wise for global transfers or USD card top-ups.

5. Beware of Scams: Only use bank-authorised transfers or verified forex traders.

Frequently Asked Questions (FAQs)

Q1: Can I open a domiciliary account without referees?

Yes, some banks waive this, especially for students or freelancers.

Q2: What is the best bank for Domiciliary accounts in Nigeria?

GTBank, Zenith, and UBA offer solid digital and FX services.

Q3: Can I receive money from abroad with a domestic account?

Absolutely. Use your SWIFT code and dom account number.

Q4: Do I need foreign currency to open the account?

Most banks allow initial cash or transfer deposit in USD or GBP.

Q5: Can I use my Domino account for PayPal?

Yes, link your dom account or dollar card to PayPal to withdraw.

Conclusion

Opening a domiciliary account in Nigeria in 2025 is more than just a financial move — it’s a gateway to global access. Whether you’re a tech-savvy freelancer, business owner, or student, having a DOM account gives you control over foreign transactions, earnings, and investments.

With banks modernising their systems and the CBN relaxing some policies, there’s no better time to set up your domiciliary account than now.