Access bank domiciliary account opening explained

This article covers all you need to know on Access bank domiciliary account opening, and it’s requirements.

So you want to open a domiciliary account with access bank Nigeria, and looking for how to get started, it’s just so simple and easy as long as you have the necessary requirements needed from you.

Access Bank won’t stress you when it comes to opening a domiciliary account with them.

So let’s jump in the article.

What is Access domiciliary account? 

Access bank domiciliary account is an account where money can be saved in foreign currency like dollar, pounds and euro.

If you want to have a bank account where you can money in foreign currency like dollar, pounds, euro, yen, etc, then you have to open a domiciliary account.

If you prefer to have such account in access bank, then you can open a domiciliary account with access bank.

Now listen, the bank gives you the option to open a dollar account, Pound sterling account, or euro account.

If you want to open the three accounts, then you must have a minimum amount of $100 or £100 and €100 respectively.

Note: You can’t receive pound or euro into a dollar account, or receive dollar into an euro or pound account.

If you know you will be receiving a lot of dollars and Pounds, then you have to open both accounts.

Please bear this in mind when filling the form.

So right here I will explain all you need to know when it comes to opening a dom account with access bank.

But before you do that, I recommend you to read more on domiciliary account in Nigeria and how it works.

Access bank domiciliary account requirements

Below are the requirements;

1. A minimum account opening of $100 or £100 or €100
2. Utility bill like Nepa bill, rent bill, water bill.
3. A passport.
4. Means of identification like Nin, Voters card, international passport, driver’s license, etc.
5. A completed domiciliary account form.
6. Must have an existing Access bank naira account.

When i opened a domiciliary account with access bank, they didn’t require a refree as to compare to some other bank that requires a refree to open such account.

So I believe I opened the account as a savings account, and not as a current account.

Now let me explain the requirements one after the other because it is very essential.

1. A minimum account opening of $100 or £100 or €100

Actually, opening an access bank domiciliary account isn’t free as it requires a minimum amount of $100 or £100 or €100 respectively.

This means that if you want to open a dollar account with access bank Nigeria, you need to have a minimum amount of $100.

If you want to open a Euro account, you need to have a minimum amount of €100, and same goes to Pound sterling.

Banks like Gtbank and UBA offers free account opening, but that is not possible for access bank Dom access.

I’m sure you will thinking of how to get such currency, the black market sellers are at your service.

Simply go to any blackmarket seller and buy $100, £100 or €100 depending on the account you want to open.

Be sure what you have is an original currency and not a fake one.

Better still go inside the bank, and buy the dollar. Yes you heard me, some banks will sell to you though their rates may be high.

2. Utility Bill Required

As a domiciliary account is a level 3 or tier 3 bank account, it requires an utility bill.

Talking about utility bill, it means Electricity Bill like Nepa bill, Rent bill, Water bill etc.

You must get any of these.

Electricity bill is so popular and common, try to get that or use it for the account opening.

3. A Passport

A passport is required, be it in white background or red background. I recommend you to have two or three because sometimes bank changes their requirements.

So have three with you incase more than one is required.

4. Means of identification

Means of identification includes the likes of NIN, Voters card, international passport, driver’s license.

These are means of identification bank will collect from you, any other ID won’t be accepted.

For Example, School ID, Workplace ID, NYSC ID, etc.

5. A completed domiciliary account form

This will be giving you in the bank but you can also download the form from the bank website.

6. An Existing Naira Account

When i went to the bank to open a domiciliary account with Access bank, I don’t have their Naira account.

I was told that it requires an existing naira account before the domiciliary account can be opened for me, I had no choice than to agree.

So I had to fill the form for both naira account and domiciliary account opening, and the two accounts were opened on the same day.

So these are the requirements need for access bank domiciliary account opening.

Reference form or Refrees 

When i opened my access bank domiciliary account in May 2023, No Refree was required from me.

But it looks like the bank has changed that, and now requires Two Refrees for access bank domiciliary account.

Here, you need to get the reference forms (two) and give it to someone with a current bank account in Nigeria to sign for you.

The rule is that One of the referees must have an access bank current account, while the second Refree can be from any other bank with a current account.

Remember, I said Current Account and not savings account.

It’s so easy to get a savings account holder, but that can’t be said for a current account holder.

If you don’t know anyone with a current account in access, simply request for your Account Officer phone number.

Ask your account officer to help you out with a referee or the two referees.

Sure the account officer will help you though some might require a tip before helping you out.

I’m saying this based on my experience opening a domiciliary account with another bank in Nigeria.

Getting Started

Once you have these requirements, head over to the bank and request for the account opening form.

Complete the form but you need to be careful when filling the form.

Don’t forget to seek assistance if you’re confused so as to avoid making a mistake.

Once you have completed the form, give it back to the customer service representative and within 15 to 20 minutes, they should be done with you.

There’s no stress at all as long as you have the necessary requirements including the reference form if required.

You will receive your bank account within 24 hours to 72 hours after opening your bank account.

Don’t Miss: Gtbank domiciliary account: Everything explained

Access bank domiciliary account charges

Access bank charges 0.05% on withdrawals, and 0.50% on transfers.

So let’s do the calculations.

Access bank domiciliary account Transfer charges 

Access bank domiciliary account transfer charges is 0.50% per transfer made.

For Example, you want to transfer $2000 from your access bank to another access bank domiciliary account, here’s the charges below.

2000 x 0.50 ÷ 100

And that equals 10.

So for every $2000 transfered from your access bank domiciliary account to another access bank domiciliary account, you will be charged $10 for the transfer.

One more example.

Lets say you want to transfer 10500 from your access bank Dom account to another account.

The charges will be as follows;

10500 x 0.50 ÷ 100 = 52.5

So that’s means if you transfer $10500 from your access bank Dom account to another access bank Dom account, you will be charged $52.5 respectively.

Quite high for me.

Especially if you multiply the number by black market rate.

Access bank dom account withdrawal charges

For withdrawal charges, access bank charges 0.05% for every cash withdrawal made on a domiciliary account.

For Example.

Let’s say you want to withdraw $10500 from the bank.

The withdrawal charges will be;

10500 x 0.05 ÷ 100 = 5.25

So that means if you want to withdraw $10500 from your access bank Dom account, the bank will charge you $5.25 respectively.

So the withdrawal charges is very low compared to the transfer charges.

I’m sure you will be like it is better to withdraw cash than making a transfer.

Well, that’s a good idea but there’s a problem to that. The problem I have explained below.

Cash withdrawal problem with access bank dom account

The problem here is that bank usually don’t have cash with them.

I mean the rarely have dollars, pounds or euro with them, and if they do, they will only give a maximum of $300 or even $200.

Sometimes I wonder if they are lying so as to force customers to make use of transfers.

Why I’m saying this is because if you head over to the bank to buy dollars, they will give you the amount you’re asking for.

But for another customer to withdraw dollars or any other currency, it becomes an issue.

So if you want to withdraw up to $1000 or maybe $10000, you will find yourself making use of transfer which the charges is high.

Don’t Miss: Domiciliary account charges in Nigeria (All banks)

How to check Access Bank Domiciliary account balance

To check access bank domiciliary account balance, simply open the bank mobile app or use internet banking to check your account balance.

It’s so easy as long as you have enrolled for access bank mobile banking.

If you haven’t done so, please kindly go through this link to enroll for access bank mobile banking.

Remember, you don’t need to go to the bank, just do it anywhere you find yourself as long as you have a smartphone and internet, you’re good to go.

So to check your Dom account balance, simply open the access bank mobile app and sign into your account.

Tap on the option that says Transaction History. 

Right there you will first see your naira account balance.

On your naira account balance, swipe to the left and you will see your access bank domiciliary account balance.

Access bank domiciliary account minimum balance

Access bank domiciliary account operating minimum balance is zero.

Now listen, for that fact that I said the minimum operating balance is zero doesn’t necessarily mean that if you have $100 in your account, you will withdraw the $100.

No, it doesn’t work that way.

The bank must collect their bank charges.

So let’s say you have $100 in your access bank domiciliary account, you can only withdraw $99.95.

For transfer, you can only transfer $99.5 respectively.

The bank must collect their charges.

Why I’m saying this is because you may want to transfer the whole money in your account, and boom you see transaction failed. 

Then you will be like, I thought they have zero operating balance.

Yes it is zero operating balance but the bank must collect their bank charges.

Please note this.

Access bank domiciliary account benefits

The benefits include the followings;

1. Being able to save money in foreign currency.
2. Good for international payment with the dollar card, euro card, etc.
3. Withdrawing cash in foreign currency like dollar, pound or euro is awesome thanks to the large margin in exchange rate with the Nigeria naira.

So far this is where I come to the conclusion of today’s topic of the day, access bank domiciliary account opening and getting started.

There are more to this, which I will explain in my next post. I’m at your service with your questions and suggestions. Thank you.