A domiciliary account is a bank account that is not denominated in our local currency – Naira. That is, it is denominated in other countries’ currencies. However, we can’t just decide to ask our banks to open a domiciliary account for us in just any currency – you can only open domiciliary accounts in Nigeria in certain notable currencies.
Nigerian banks open domiciliary accounts in United States Dollars (USD), Great Britain Pounds (GBP), Japanese Yen (JPY), and Europeans’ Euros (EUR). These are world-renowned currencies that you can open to match your sender’s currency for smooth transactions.
Here is what you must do to receive your money into your domiciliary account in Nigeria.
What can I do with my FX (foreign currency) after receiving it?
Another notable piece of information is that you can fully operate your domiciliary account even while in Nigeria.
Here are a few things you can do with your foreign currency once you receive it in your domiciliary account. You can:
- Withdraw your cash – in the same foreign currency
- Change it at the parallel market
- Transfer offshore (abroad)
- Invest it in the bank..and so on.
Here, we are going to look at the basic details you may need to provide to your sender first before they can initiate a transaction from their end.
6 Details to Provide to the Sender to Receive Money Directly From Abroad
Here are the steps you need to take to ensure that you receive your money directly into your domiciliary account in Nigeria. Basically, you need to furnish your sender with these 6 details: