Gtbank domiciliary account: Everything explained

Planning to open a gtbank domiciliary account, I got you covered here in this article.

Right in this article we’ll be talking about gtbank domiciliary account, the requirements and how to get started.

If you’re looking for one of the best easy domiciliary account to open in Nigeria, gtbank Dom account is among them though it is quite expensive in terms of debit charges.

Let me explain what gtbank domiciliary account entails.

What is gtbank domiciliary Account?

Gtbank domiciliary account is a type of savings or current account which operates only on foreign currencies like dollar, Euro and pounds.

It helps gtbank customers to receive funds from abroad and to save funds in foreign currencies.

Gtbank Dom account are of two types, the current and the savings Dom account.

But mostly if you open a domiciliary account with gtbank, you’re likely to open a current domiciliary account.

Their domiciliary account consists of the followings;

• Dollar
• Euro
• Pound

You won’t see the likes of Canadian dollar or the Chinese yen currency, maybe later in the future the bank may decide to add them as the likes of access bank and first bank now have these options in their domiciliary account.

The requirements

Below are the Gtbank domiciliary account requirements;

• You must have an existing naira account with gtbank.
• A passport.
• An utility bill like the electricity bill, rent bill, water bill, etc.
• A means of identification like the national ID card (nin),and international passport, voter’s card, driver’s license.
• Two completed reference forms.

Let me go ahead to explain them especially the first number and the last number.

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1. Having an existing naira account

This is on the trend with banks when it comes to opening a domiciliary account in Nigeria.

You must have an existing naira account with the bank.

If you don’t have an existing naira account with the bank, they will request that you must open a naira account with them.

Banks don’t specify this information until you decide to open a Dom account with them.

Now, this entails opening a naira account and a domiciliary account with gtbank at same bank.

As long as you have your passport, utility bill and ID, you are good to go opening a naira account with gtbank.

Afterwards, the bank will process your domiciliary account form and it will be opened as well. You will receive both the naira account number, and the domiciliary account number.

2. A passport

This is very compulsory when opening a domiciliary account with gtbank, you have to provide w recent passport and it is just a single passport that will be needed from you.

3. An utility bill

As long as level three account is involved in the Nigerian banking system, you must provide an utility bill.

It is the rule and very compulsory.

Mostly what people use is the electricity bill or nepa bill as well tends to call it.

You can also bring your rent bill, water bill or any other utility bill but it must have a stamp and your house address.

4. A means of identification

This is very much compulsory and essential in the Nigerian banking industry and the financial industry in general.

You must provide a means of identification.

Here in Nigeria, you can bring any of;

• National ID card or nin.
• Permanent voters card.
• International passport.
• Drivers license.

These are the means of identification that you should provide to the bank when opening a gtbank domiciliary account.

5. Two completed reference forms

This is where people usually get stucked when opening a gtbank domiciliary account.

You’re required to submit a two completed reference forms.

You can download and print out Gtbank reference form from here.

You can choose to go to the bank and request for the reference form and it will be issued to you.

It is not just about getting the reference form, but to fill and complete the form.

According to gtbank in the reference form, you can get a referee from any bank.

I’m telling you that it is not the case.

The two referees must have a current account.

Now if you don’t have or know anyone with gtbank current account, simply request to see your account officer.

You can liaise with your account officer for an assist to provide you with someone using or has a gtbank current account.

Note that it is not the duty of your account officer to get you a referee. 

Kindly note that you can get a person from another bank to fill and complete one of the reference form, but the other reference form must be completed by someone with a gtbank current account.

If you provide two referees from outside the bank, the bank will reject the form and will give you a flimsy excuse for the rejection.

As long as gtbank domiciliary account is involved, you must provide a completed reference forms. One of the referees must have a gtbank current account even it is a salary current account, the bank will accept it.

How to open a gtbank domiciliary account

To open a gtbank domiciliary account, kindly go with the necessary requirements and request that you want to open a domiciliary account with them.

As long as gtb domiciliary account is involved, there’s no minimum opening balance or a minimum operating balance.

This means that you can open a gtbank Dom account with a zero account opening balance.

The bank offers a zero account opening for their domiciliary account.

You only need to go with the needed requirements to open your account with the bank.

Later on, you can fund the domiciliary account.

You can also withdraw all the whole money in your bank account as the bank offers no minimum operating balance.

For Example. 

To open a domiciliary account with access bank is not for free as you have to deposit a minimum of $100, or €100 or £100 when opening your access bank domiciliary account.

However, they don’t request for a referee or a completed reference form like gtbank.

Also, access bank has no minimum operating balance as you can withdraw all the money in your Dom account.

The case is quite different in first bank.

In first bank, they have a minimum opening balance of $100, or €100 or £100 respectively, and also a minimum operating balance of $100, or €100 or £100.

This means that you cannot withdraw all the money in your first bank domiciliary account unless you want to close the account.

Once you have opened a domiciliary account with gtbank, within the next three to five days, the bank will send your account number to the phone you used in opening the account.

After you must have received your account number, you can go ahead to fund the account.

Remember, leaving the account for a long period of time without funding it or no transaction of any kind will make the bank to close the account or it will be a dormant account which will require you going through the process of deactivating the account.

Funding your gtbank account

There are three ways to fund your gtbank account, which are through cash deposit, transfer and inflow.

I will explain them one after the other as quite a lot of people will ask how do i fund my gtbank domiciliary account.

You can find your gtbank domiciliary account through cash deposit, transfer, and inflow.

1. Through cash deposit

Cash deposit is one of the ways to fund a domiciliary account in Nigeria, and this also includes the Gtbank domiciliary account.

This requires you deposit funds directly into your domiciliary account.

For example, you exchanged naira for dollar from the black market seller and which you received dollars from them.

If you move straight to the bank to deposit the money straight into your domiciliary account, it is called cash deposit as you physically have the paper notes (cash) with you.

So this is one of the ways to fund a domiciliary account and the black market seller are readily available to exchange naira to dollar at any given time.

2. Through transfer

Transfer is another popular method used in funding a domiciliary account in Nigeria.

This requires someone transferring money from his or her domiciliary account, to your Dom account.

When it comes to domiciliary account in Nigeria, money transfer will only involve same bank, there’s no inter-bank transfer in s Dom account.

For Example.

You cannot transfer money from a gtbank domiciliary account to an access bank domiciliary account.

You cannot transfer money from a zenith bank domiciliary account to a first bank domiciliary account.

You can’t transfer money from a first bank domiciliary account to a gtbank domiciliary account.

However, you can only transfer money from gtbank domiciliary account, to another gtbank domiciliary account.

Transfer money from an access bank domiciliary account, to another access bank domiciliary account.

Transfer money from a first bank domiciliary account, to another first bank domiciliary account.

This is how domiciliary account works in Nigeria.

This is the main reason that before opening a domiciliary account in Nigeria, you must know the type of Dom account the black market sellers within your area operate.

If they mostly make use of access bank domiciliary account, kindly open an account bank Dom account.

It they mostly use gtbank Dom account, don’t hesitate to open a gtbank domiciliary account as well.

Same goes to other banks in Nigeria.

Reason I’m saying this is because to withdraw money from a domiciliary account is quite difficult especially if the money is $500 and above.

The bank will tell you we don’t have the funds to pay you right now but can only give you $100 or $300 maximum per a day.

So the best alternative is to transfer the money.

Whereas, it is very convenient for you and for the black market sellers. You transfer dollar, Euro or Pounds into their account, they will transfer naira into your naira account unless you prefer to have it in cash.

New Updates: You can now transfer money from your gtbank domiciliary account to any other bank domiciliary account like Access bank, Zenith bank, First bank, UBA, etc. Previously, it wasn’t possible but now it is very much possible though the transfer charges are high like 0.5% telex and $25 swift fee. 

3. Through inflow

Through inflow simply means to receive fund or money from abroad directly into your gtbank domiciliary account.

Maybe receiving funds from company in abroad, or a family member wiring money into your Dom account.

These are the ways to fund a gtbank domiciliary account that I know and use a lot.

Can I withdraw from my GTB domiciliary account?

Yes you can withdraw money from your gtbank domiciliary account as long as you have funds in your account and as well as the bank too.

Once you have funds in your account and which they are available, you can withdraw cash from your gtbank Dom account.

Gtbank domiciliary account allows you to withdraw cash or through transfer.

Related Questions

How long does it take to open GTB domiciliary account?

It does take 24 hrs to fully open a gtbank domiciliary account and which you will receive your account number within 48 hours of opening your account.

How much does it cost to open a GTB domiciliary account?

Gtbank domiciliary account doesn’t cost anything as it offers zero account opening.

There’s no minimum opening balance and minimum operating balance.

How does GTB domiciliary account work?

Gtb domiciliary account works in such a way that it allows you to save funds in foreign currencies like the USD, Euro and Pound.

And this is where I come to the conclusion of today’s topic, I’m open to your suggestions and questions.