The need for a domiciliary account has increased significantly due to the rising value of foreign currencies like the dollar. Access Bank offers domiciliary accounts for freelancers and business owners, allowing them to send and receive foreign currency such as dollars, euros, yen, and more.
Opening a domiciliary account can be straightforward if you know the exact requirements and procedures. This guide will help you open a domiciliary account with Access Bank and choose the best option for you or your business.
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Features and Benefits of an Access Bank Domiciliary Account
A domiciliary account with Access Bank allows you to manage your financial affairs conveniently. Here are the features and benefits of opening one:
- Minimum opening balance of 100 USD/£/€
- Access to cash through POS and ATMs
- Online account information and transactions
- Direct debit instructions
- International visa cards upon request
- Payment orders available upon request
- No cash withdrawal charges
- Access to a wide range of products, including investments, loans, and savings opportunities
Types of Domiciliary Accounts in Access Bank
Access Bank offers two types of domiciliary accounts:
- Current Domiciliary Account
- Savings Domiciliary Account
Current Domiciliary Account
A Current Domiciliary Account allows you to carry out local and international transactions from the comfort of your home or business, making it ideal for business owners.
Features:
- Opening balance of $100, £100, or €100
- No account maintenance fee
- No minimum balance required
- No restriction on the number of withdrawals
- Availability of a chequebook
- Different variants of Debit Card based on customer preference
Benefits:
- Access to loans for qualified customers at competitive rates
- Remote access to your account
- Flexible account opening requirements
- Debit card users have access to cash anytime, anywhere
Requirements:
- 2 Passport photographs
- 2 references who must bank with Access Bank and own a domiciliary account
- Valid ID for each signatory
- Passport photographs of your signatories
- Proof of address
- Certificate of Incorporation/Business Registration for your business
- Search report (if applicable) showing the history of your business
Savings Domiciliary Account
A Savings Domiciliary Account allows users to save in foreign currency while earning interest, making it suitable for freelancers and students.
Features:
- Opening and daily balance of 20 USD/£/€
- No monthly maintenance charge
- $10 issuance of debit card
- Free debit card for Dom Plus
- Interest rate of 0.1% to 0.2% per annum, paid monthly
Benefits:
- Flexible account opening requirements
- Remote access to your account via various channels
- No monthly maintenance charge
- Account information via SMS or email alerts
Restriction:
- No cheque deposits allowed
Requirements:
- Filled-out application form
- Passport photo
- Valid ID (national ID card or driver’s license)
- Utility bill or proof of residency
- Minimum balance of $100, £100, or €100
How to Open an Access Bank Domiciliary Account
- Visit any Access Bank branch with the required documents.
- Request a domiciliary account form from customer care.
- Complete and submit the application form.
- Submit all required documents.
- Deposit $100, £100, or €100 into your new domiciliary account.
- Your account will be ready for use in approximately 48 to 72 hours.
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Final Thoughts
Opening a domiciliary account with Access Bank is straightforward if you have your paperwork in order. Choose the Current Domiciliary Account if it’s for your business or the Savings Domiciliary Account if you’re a freelancer. Visit any Access Bank branch to get started, and your account will be ready in less than 48 hours. Enjoy the benefits of owning an Access Bank domiciliary account!
