How to Open a Domiciliary Account With UBA

To ease the banking stress of receiving money from international clients in your business, you’ll need a domiciliary account. The process of opening a domiciliary account at UBA is straightforward and typically takes a maximum of 3 days.

With UBA, you might never have to visit the bank to complete this process, as your account opening can be done online. If you follow the step-by-step guide provided here, opening a regular account is similar.

Types of Domiciliary Accounts Offered by UBA

Before visiting a UBA branch, it’s helpful to know the available account types to save time and decide which is best for you.

Freedom Domiciliary Savings Account

This account allows you to receive unlimited money straight into your account without any initial deposit. Only your BVN is required for documentation. However, you’ll need to upgrade your account after debiting $2,000.

Dom Advantage Account

The Dom Advantage account offers several benefits, including access to foreign currencies like the Euro and the Pound Sterling. It allows you to hold foreign investments abroad. You’ll need a means of identification, two passport photos, and a deposit of $100 or its equivalent to open this account. You can start earning interest with a $1,000 holding rate or higher.

UBA Kiddies Domiciliary Account

Parents can open this account to save for their children’s future studies abroad. It offers good interest rates from the first deposit but has more security and terms. Withdrawals are only allowed after saving up to €350 or more.

Documents needed for a Kiddies account:

Verifiable Parent/Guardian Identity Card
Two passport photos of the child and the parent
The child’s birth certificate
The utility bill of the guardian or parent
The parent’s or guardian’s BVN

Requirements to Open a Domiciliary Account With UBA

You’ll need the following documents to open a domiciliary account with UBA:

Two passport photographs
A valid ID card (National ID, Voters card, or International passport)
Proof of residence (utility bill)
Two referees with current accounts at any bank
At least $50 to fund the account

How to Open a Domiciliary Account with UBA Online

Visit the UBA domiciliary homepage.
Select your country and submit.
Click on the UBA Nigeria account option and select “Open with BVN.”
Validate your BVN details.
Select the account type you want to open.
Input the OTP sent to your phone.
Upload your passport photograph.
Fill in the remaining KYC details.
Upload photos of your address, utility bill, signature, etc.
Your UBA domiciliary account is now ready. You will receive your account number upon successful completion.

Alternatives to Getting a Domiciliary Account

Here are some alternatives if getting a Dom account seems stressful:

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Choosing the Right UBA Domiciliary Account

Consider the different UBA domiciliary account options before deciding:

Freedom Savings Account: Suitable for those who want to receive money without an initial deposit.
Dom Advantage Account: Ideal for holding foreign investments and earning interest.
Kiddies Domiciliary Account: Perfect for parents saving for their children’s education abroad.

Compare banks you already have a relationship with, especially those targeting freelancers or small business clients. Assess your needs, expected transactions, and services offered before deciding. Consider the fees, monthly service fees, minimum balances, and transaction fees to see which account suits your budget.

Conclusion

Owning a domiciliary account with UBA has numerous benefits, such as ease in making international payments and subscriptions. Your business can pay for ads and access international courses requiring payments from dollar accounts. With this guide, you can open a UBA domiciliary account with ease and take advantage of its benefits.