Opening a domiciliary account with Polaris Bank allows you to receive and hold funds in foreign currencies such as US dollars, euros, or British pounds. This account enables international funds transfers and the use of a Mastercard Gold USD debit card.
- Visit a Polaris Bank Branch: Go to any Polaris Bank location and request to open a new domiciliary account. Provide a valid ID (passport, driver’s license, voter’s card, etc.).
- Make Initial Deposit: Deposit the minimum required amount in your chosen foreign currency.
- Complete Application: Fill out the domiciliary account application form with your details and submit it along with copies of your documents.
Approval and account activation usually occur within one week, after which you can start using international banking services.
Types of Polaris Bank Domiciliary Accounts
Polaris Bank offers domiciliary accounts in three major foreign currencies:
US Dollar (USD) Domiciliary Account
Ideal for freelancers, entrepreneurs, and business owners dealing with international clients and payments.
Benefits:
- Widely accepted currency for payments and money transfers.
- Holds value steadily compared to local currencies.
- Easy international transactions.
- Direct spending with a USD debit card.
- No Commission of Turnover on incoming transfers.
- Discounted education payments.
British Pound (GBP) Domiciliary Account
Suitable for those with business or financial ties to the UK.
Benefits:
- Trusted and stable currency.
- Hedging against Naira volatility.
- Useful for transactions with British or European clients.
- Seamless UK transfers.
- Debit card functionality is coming soon.
Euro (EUR) Domiciliary Account
Useful for transactions within the Eurozone.
Benefits:
- Stable currency within a significant global economy.
- Avoid conversion fees when traveling in the EU.
- Facilitates trade relationships with Europe.
- Interest earnings on deposits.
Requirements for Opening a Domiciliary Account
Ensure you have the necessary documentation ready to expedite the process:
- Valid ID (passport, driver’s license, national ID, voter card).
- Proof of address (PHCN bill, water bill, waste disposal bill, tenement bill issued within the last 3 months).
- Two recent passport photographs.
- Corporate applicants need additional company documents.
Steps to Open a Polaris Bank Domiciliary Account
- Fill Out Application: Complete the application form with your details and preferred foreign currency.
- Submit Application: Apply along with copies of your identification documents and initial deposit to the bank representative.
- Make Initial Deposit: Deposit the minimum opening balance:
- USD: $100
- GBP: £50
- EUR: €50
Once approved, your account will be fully opened and activated, and you will receive an account number. You can also opt for additional services like online banking or a foreign currency debit card.
Checking Your Polaris Bank Domiciliary Account Balance
- Mobile App/Online Banking: View real-time balances and transactions if registered for these services.
- Bank Branch: Request an account statement showing balances, deposits, withdrawals, and transfers.
- Helpline: Call 07002255797 for account balance inquiries (have your account details ready).
Does Polaris Bank Issue Dollar Cards?
Yes, Polaris Bank offers a Mastercard Gold USD debit card for domiciliary account holders. This globally accepted card is convenient for foreign travel expenses and international shopping without transaction fees.
Conclusion
Opening a domiciliary account with Polaris Bank provides Nigerian residents and businesses with convenient access to foreign currency banking. By holding dollars, euros, or pounds, you can make global payments, receive international transfers, and access your funds abroad with ease. Follow this guide to open your domiciliary account and join the global financial community today.
FAQs for Opening a Domiciliary Account with Polaris Bank
Q1: What are the key benefits of opening a domiciliary account with Polaris Bank compared to other banks in Nigeria?
Opening a domiciliary account with Polaris Bank offers several unique advantages compared to other banks in Nigeria. Polaris Bank provides domiciliary accounts in major currencies including USD, GBP, and EUR, which are essential for international transactions and savings. Here are the key benefits:
- No Commission on Turnover: Polaris Bank does not charge a commission on incoming foreign transfers, making it cost-effective for frequent international transactions.
- Discounted Educational Payments: They offer discounted rates on educational payments, which is beneficial for students studying abroad.
- International Debit Card: Account holders can access their funds globally using the Polaris Bank USD Mastercard Gold Debit Card, facilitating easy withdrawals and payments worldwide without foreign transaction fees.
- Stable Currency Solutions: Holding funds in stable foreign currencies such as USD, GBP, and EUR helps mitigate the risks associated with Naira volatility, providing a more secure savings option.
- Business Friendly: The bank’s domiciliary account is tailored for freelancers, entrepreneurs, and businesses dealing with international clients, offering seamless international transactions and support.
Polaris Bank’s competitive edge lies in its customer-centric approach, offering comprehensive banking solutions for both personal and business needs.
Q2: How can businesses leverage a domiciliary account to improve their international trade and transactions?
Businesses can significantly enhance their international trade and transactions by utilizing a domiciliary account at Polaris Bank in the following ways:
- Efficient Currency Management: Businesses can hold and manage funds in foreign currencies (USD, GBP, EUR), which simplifies international trade by avoiding frequent currency conversions and associated costs.
- Smooth International Transactions: With a domiciliary account, businesses can send and receive payments in foreign currencies without the limitations imposed on local currency accounts. This enables prompt settlements and better cash flow management.
- Enhanced Credibility: Having a domiciliary account can boost a business’s credibility with international partners by showcasing the ability to handle multiple currencies and conduct business globally.
- Cost Savings: By avoiding currency conversion fees and enjoying reduced charges on international transactions, businesses can save on operational costs.
- Access to Global Markets: A domiciliary account provides businesses with the flexibility to operate in multiple markets, facilitating international trade and expanding their customer base.
Q3: What are the common challenges faced when opening a domiciliary account and how can they be mitigated?
Opening a domiciliary account can present several challenges, which can be mitigated with proper preparation and understanding of the requirements:
Documentation Requirements: One of the main challenges is gathering the required documentation, which includes valid identification (passport, driver’s license, national ID, voter’s card), proof of address (utility bill), and passport photographs. Businesses may need additional corporate documents.
- Mitigation: Ensure all required documents are up-to-date and readily available before starting the application process. Keeping a checklist can help in organizing these documents efficiently.
Initial Deposit: Some banks require a minimum initial deposit in the foreign currency to open the account, which might be a hurdle for some individuals and businesses.
- Mitigation: Plan ahead to ensure that the required initial deposit amount is available in the specified currency. Polaris Bank’s minimum deposit requirements are relatively low compared to other banks, which can ease this process.
Approval and Activation Time: The processing time for account approval and activation can take up to a week, during which time international transactions cannot be conducted.
- Mitigation: Apply for the domiciliary account well in advance of any planned international transactions to avoid delays.
Lack of Awareness: Some potential account holders may not be fully aware of the benefits and processes involved in opening a domiciliary account.
- Mitigation: Educate yourself through bank resources and customer service about the specific advantages and requirements of a domiciliary account. Polaris Bank provides detailed guidance and support to help new customers understand the process.
Other Dom Account Options
How to Open a Domiciliary Account With UBA
How To Open a Domiciliary Account With GTBank
