Step-by-Step Guide — How to Open a Domiciliary Account (GTBank, Zenith, Access)

Below is a clear, bank-agnostic step-by-step that fits GTBank, Zenith Bank and Access Bank in Nigeria. Banks’ exact forms, fees and online flows differ slightly, but the process and required documents are essentially the same.

Quick overview (what a domiciliary account is)

A domiciliary (dom) account holds foreign currency (USD, GBP, EUR, etc.) and lets you receive, hold and send foreign currency without converting to naira. Useful for freelance pay, travelers, overseas remittances, and saving in foreign currency.

Step 1 — Decide account type & currency

1. Choose personal or corporate domiciliary account.

2. Choose currency/currencies you want (USD, GBP, EUR are common). You can usually open multiple domiciliary accounts (one per currency).

Step 2 — Check eligibility & prepare documents

Typical requirements (personal account):

Valid government ID (International passport, National ID card, or Driver’s licence).

Recent passport photograph (usually 1–2).

Proof of address (utility bill, bank statement, tenancy agreement — recent, typically within 3 months).

BVN (Bank Verification Number).

Completed account opening form (online or physical).

Additional for corporate accounts:

Company CAC documents (Certificate of Incorporation, Memorandum & Articles).

Board resolution authorizing account opening.

ID and signatures of authorized signatories.

Tax identification (TIN) or related documents if requested.

> Tip: If applying online, scan or photograph each document clearly (good lighting, no glare).

Step 3 — Choose application channel

You can usually open a domiciliary account by one of:

Online (bank website or mobile app): faster for personal accounts. Look for “Open Domiciliary Account” or “Foreign Currency Account”.

Branch visit: helpful for complex corporate accounts or if you prefer face-to-face.

Customer service / WhatsApp onboarding: some banks offer guided onboarding via WhatsApp or phone.

Step 4 — Complete application

Online flow:

1. Locate the domiciliary account application on bank website/app.

2. Fill personal/company details, BVN, preferred currency.

3. Upload required documents and passport photos.

4. Submit and note the reference number.

In-branch:

1. Ask for domiciliary account opening form.

2. Fill form, attach documents and photos.

3. Submit to the account opening officer and collect a tracking reference.

Step 5 — Identity verification & KYC checks

The bank will verify your BVN and documents (this can be instant or take a few business days).

For higher risk or corporate customers, banks may request additional documents or interviews.

Step 6 — Initial deposit & activation

Some banks require a minimum initial deposit in the chosen currency to activate the account. Amounts vary by bank and currency.

Once deposit is confirmed, the bank will activate the domiciliary account and provide account details (account number, SWIFT/BIC for receiving international transfers).

Step 7 — Receive account details & set up access

You’ll get: domiciliary account number(s), branch sort code, and usually a SWIFT/BIC code for incoming transfers.

Link the account to your internet banking / mobile banking to view balances and transfer.

Ask about debit card availability (some banks issue foreign-currency cards, others issue only naira cards linked to domiciliary).

Step 8 — Using your domiciliary account

Receiving funds: Provide your domiciliary account number and SWIFT/BIC to payers abroad.

Sending funds abroad: Use the bank’s forex/transfer service — confirm fees and documents required.

Converting funds to naira: Banks can convert on request; conversion uses the bank’s FX rate and may incur fees.

Withdrawals: Cash withdrawals in foreign currency at bank branches are sometimes possible but limited. Many users withdraw converted naira via ATM.

Common fees & limits (what to ask the bank)

Ask the bank for current details on:

Account maintenance / monthly fees (if any).

Minimum balance requirements.

Incoming SWIFT/transfer charges and who pays them (sender/beneficiary).

Outward transfer charges and FX commission.

Card issuance fees and ATM withdrawal charges.

Banks change fees regularly — confirm at the moment of opening.

Quick checklist to bring or upload

[ ] Valid ID (passport / national ID / driver’s licence)

[ ] BVN number (and printout if requested)

[ ] Proof of address (recent utility bill / bank statement)

[ ] Passport photo (digital copy for online)

[ ] Completed account opening form (or be ready to fill)

[ ] Initial deposit (if required)

[ ] For business: CAC docs, board resolution, signatories’ IDs

Bank-specific notes (what typically differs)

GTBank: Good online onboarding; provides SWIFT details quickly for incoming transfers.

Zenith Bank: Strong corporate handling; may request extra corporate KYC.

Access Bank: Broad branch network and multiple channels (app, WhatsApp support) — often flexible for personal accounts.

(These are general patterns — confirm the current product features and fees with the bank.)

FAQ

Q: How long does it take?

A: Usually same day to a few business days (depends on verification, completeness of documents and whether branch or online).

Q: Can I link a debit card?

A: Many banks allow a debit card and internet banking access; foreign currency debit cards are less common — confirm with the bank.

Q: Can I receive PayPal or freelancing payments?

A: You can receive international transfers (SWIFT). For payment platforms (PayPal, Payoneer), check their payout instructions and whether they require a specific account type.

Double-check document names and spellings (must match BVN).

Keep digital copies of all submitted documents and the application reference number.

Before making large incoming transfers, confirm SWIFT/BIC details and ask about receiving charges so the payer knows which fees to cover.