Is domiciliary account same as dollar account? Explained

So I have seen quite a number of persons ask this very question, is domiciliary account same as dollar account especially the newbies.

Okay no problem, I’m here to explain to you what a domiciliary account means as it is not necessarily a dollar account because we have Pounds and Euro, plus the Chinese Yen.

Lets proceed.

Understanding the domiciliary account in nigeria

This is a type of savings account or a current account where customers can save money in foreign currencies like dollar, pounds, euro, yen, etc.

Mostly, the available currencies are USD, Pounds, and Euro.

Some banks offer both the savings and current account for a domiciliary account, while some only offers savings account for a domiciliary account.

If you go to the bank to open a domiciliary account, you will be given an option to choose based on the type of domiciliary account you want to open.

For Example,

1. Dollar account
2. Pounds account
3. Euro account

However, some banks will give you the privilege to open all the three domiciliary accounts (USD, Pounds, and Euro).

I’m sure gtbank will give you the option to select your preferred type of domiciliary account, or open the three accounts.

But remember, you must fund the accounts for them to be active.

Some banks offers a zero account opening, while others will require a minimum of $100, €100 or £100 to open their domiciliary account.

Having explained this, let’s go back to the topic of the day is dollar account a domiciliary account

Is domiciliary account same as dollar account? 

The answer is no. A domiciliary account is a type of account that allows customers to save foreign currency like the US dollar, pounds or euro.

In a domiciliary account, you can save dollar, euro, pounds or the Chinese Yen depending on the type of account you opened.

On the other hand, a dollar account is a type of domiciliary account that offers a customer the option to save in dollars.

Only dollar can be saved in a dollar account, and if i say dollar, I means to say the US Dollar or USD.

So far I have tried to receive the Canadian dollar into my gtbank dollar account and I was surprised it didn’t work. I don’t know for other banks but it seemed you can’t receive any other dollar into your dollar account except for the USD.

Whenever you hear a dollar account, kindly note that it is a type of domiciliary account that operates in USD and not a domiciliary account itself.

For Example

If you walk into a bank and request that you want to open a domiciliary account, the bank customer service representative will ask which one do you want to open.

And the person will state;

1. Dollar account
2. Pounds account
3. Euro account.

If they offer a Yen account, the bank customer service representative will also list it out for you.

Now it depends on you to state the type of domiciliary account you want to open. Mind you, there’s a savings and current type of domiciliary account aside from the currency account.

So if you mention a dollar account, the bank customer service representative will list out their requirements if applicable and explain all you need to know and what to do.

Same applies if you mention Pounds or Euro account.

I understand that due to the fact that dollar is very popular in Nigeria and we always hear dollar account compared to the others, it looks as if a domiciliary account is the same as dollar account.

That is no.

They are not the same but rather a dollar account is inside a domiciliary account.

I hope I explained this better especially to your understanding.

before opening a domiciliary account

First, you must consider the type of currency you always transact with, it may be dollar, pounds, or euro.

For example, if you’re the type that will be receiving dollar from abroad, then you should open a dollar account.

If you’re the type that will be receiving pounds or money from UK, then you should open a Pounds account.

And same goes to Euro.

Also, if you’re the type that will be making payments in dollars especially online payments, then you should open a dollar account, and afterwards request for a dollar card or opening a dollar virtual card from your domiciliary account.

If you will be making payments in Pounds £ or Euro €, then you should open this type of account and afterwards request for a euro card or sterling Pounds card.

If you want to know more about a Dom account in Nigeria, I have explained it all in this very article of What Is A Domiciliary Account? Detailed Explanation.

So you go through the link and read up as it will help you a lot to understand a domiciliary account in Nigeria and how it works.

Don’t Miss;

• Domiciliary Account Charges In Nigeria (Explained)
• How To Check A Domiciliary Account Balance

Can I transfer dollar to another domiciliary account?

Yes you can transfer dollar to another domiciliary account if you have the funds in your account.

However, it depends on how you received the money into your domiciliary account.

For Example.

If you deposited cash into your domiciliary account, you can’t transfer that money to another Dom account.

You can only withdraw the money from your account through the counter. Money transfer is not available here at all.

But, if you received funds into your domiciliary account through inflow or transfer, you can transfer the money to another domiciliary account.

This is how it works in all banks in Nigeria I believe. Maybe it was introduced by the CBN though I’m not too sure.

And this is where I come to the conclusion of today’s question of the day, is domiciliary account same as dollar account. I hope to have answered your question, and I’m open to your comments.