How To Open a Domiciliary Account With GTBank

If you need to send and receive money abroad or make international transactions, this guide is for you. We’ll show you how to open a domiciliary account with GTBank, making your transactions easier.

Opening a GTBank domiciliary account is simple. You can either open it online or physically register at one of their local branches. The best part of getting a domiciliary account with GTBank is that it supports various foreign currencies, including US dollars, euros, and pounds.

SEE ALSO: How to Open a Domiciliary Account With FCMB

How Does a GTBank Domiciliary Account Work?

The Guaranty Trust Bank (GTBank) Domiciliary Account allows you to maintain balances in foreign currencies. You can fund these accounts through cash deposits and foreign exchange (FX) inflows. Once you’ve opened a domiciliary account with GTBank, you can easily conduct cash withdrawals, transfers, and payments to foreign suppliers.

Types of GTBank Domiciliary Accounts

GTBank provides two types of domiciliary accounts:

1. Current Domiciliary Account
2. Savings Domiciliary Account

GTBank Savings Domiciliary Account

The savings domiciliary account is suited for personal use and allows you to save in foreign currencies. This account type offers easy withdrawals through a bank teller.

GTBank Current Domiciliary Account

The current domiciliary account functions like a typical current account and is commonly used by businesses. It also allows check-writing capabilities. However, current domiciliary accounts may have higher usage fees compared to savings accounts.

Note: GTBank’s domiciliary accounts are available in specific currencies such as US dollars, euros, and British pounds. For optimal results, conduct transactions in the currency of the account.

Benefits of a GTBank Domiciliary Account

• Currency Flexibility: Maintain balances in foreign currencies.
• Funding Options: Fund accounts through cash deposits and inflows.
• Transaction Versatility: Conduct various transactions, including cash withdrawals, transfers, and payments to foreign vendors.
• Checkbook: Request a checkbook linked to your domiciliary account.

Requirements to Open a GTBank Domiciliary Account

• Filled and signed the domiciliary account opening form.
• A copy of an identification document (Driver’s license, international passport, national ID card, or any other acceptable document from the bank).
• Two passport photographs.
• Two completed reference forms.
• A utility bill was issued within the last three months.

Step-by-Step Guide to Opening a GTBank Domiciliary Account

To open a domiciliary account with GTBank, you can visit the nearest bank branch and follow these steps:

1. Locate the Nearest GTBank Branch: Find and visit the nearest GTBank branch to start your domiciliary account opening process.
2. Go to the Customer Service Section: Inform the customer service agent of your intention to open a domiciliary account. The agent will provide you with two reference forms for your referees and a domiciliary account opening form.
3. Fill Out the Domiciliary Account Opening Form: On the form, select your preferred currency (USD, GBP, EUR, or CFA). Choose your alert preferences, opting for email delivery to avoid SMS costs.
4. Get Your Referees to Fill Out the Reference Forms: Have your referees complete the reference forms. Return to the bank and submit the completed forms to initiate the registration process.
5. Submit the Required Documents: Provide the necessary documents, including reference forms, account opening forms, utility bills, passport photos, and a copy of your ID (plus the original for verification).

Alternative Online Registration

If you prefer not to visit a physical branch, you can fill out an online application:

1. Visit the GTBank Website: Go to the GTBank website.
2. Download the Forms: Download the Account Opening Form, Signature Form, and Reference Form.
3. Fill Out the Forms: Complete all the forms.
4. Email the Completed Forms: Send the completed forms to [email protected].
5. Await Your Account Details: Receive your account details within 48 to 72 hours.
6. Fund Your Account: Make an initial deposit based on the type of account you opened.

Additional Tips

• To expedite the process, ensure your referees are reachable and hold a GTBank current account (a salary account is not suitable). Alternatively, you can use current account holders from other banks, though this may lengthen the activation process.
• Maximize the potential of your GTBank domiciliary account by applying for a dollar card.

GTBank Domiciliary Account Charges and Monthly Limitations

• Account Opening: Free of charge, but an opening deposit is required. Accounts inactive for six months become dormant.
• Monthly Withdrawal Limit: $1,000.
• Transfer Limits: There is a daily limit of $10,000 and a weekly limit of $50,000, or their equivalent in other currencies.
• Spending Limits for POS and Web: If you have a GTBank Dollar Card, there are no spending limits for point of sale (POS) and online transactions.
• Transfer Fees: 1% of the transferred amount plus a fast charge of 4,000 Naira.
• Minimum Balance: No minimum balance is required.

SEE ALSO: How to Open a Domiciliary Account with Access Bank

Final Thoughts

Opening a domiciliary account with GTBank is simple. Given the current economic climate and the fluctuation of naira’s value, having a domiciliary account is a strategic move. It allows you to save and transact in foreign currencies, protecting your funds from currency fluctuations. Freelancers and business owners who deal with foreign currencies should consider opening a GTBank domiciliary account. Compare and contrast with other banks to find the best domiciliary account for your needs.