How to Open a Domiciliary Account With Polaris Bank

Opening a domiciliary account with Polaris Bank provides you with a convenient way to receive and hold funds in foreign currencies like the US dollar, euro, or British pound. This type of account allows for international funds’ transfers as well as the use of a Mastercard Gold USD debit card. 

Visit any Polaris Bank office locations and request to open a new domiciliary account. You’ll be asked to provide a valid ID, such as a passport, driver’s license, voter’s card, etc.

Make the minimum initial deposit in your chosen foreign currency and finally complete Polaris Bank’s domiciliary account application with your details, then submit it with copies of your documents to a representative.

Approval and account activation typically occur within one week after you apply, and then you can start utilizing overseas banking services.

Follow our guide to open your domiciliary account in Polaris Bank and enjoy foreign currency banking services.

Types of Polaris Bank Domiciliary Accounts

Polaris Bank offers domiciliary accounts in 3 major foreign currencies that customers can choose from:

US Dollar (USD) Domiciliary Account

The US Dollar domiciliary account is the most useful for freelancers, entrepreneurs, and general business owners who deal with international clients and payments.

This dom account allows account holders to store, receive, and send funds internationally utilizing the safe and trusted US dollar. The benefits include:

• USD is the most widely accepted currency globally for payments and money transfers
• Holds value more steadily compared to volatile local currencies  
• Easy international transactions with businesses, freelance clients, partners, etc.
• Withdraw/spend money directly using USD debit card
• No Commission Of Turnover on incoming transfers; discounted education payments
• Ideal for those transacting with American clients/companies or travelling frequently to the USA. Provides a stable currency solution.

British Pound (GBP) Domiciliary Account

A British pound account allows customers to hold balances and send/receive British pound sterling. The GBP domiciliary account is also a great option if you do business with or have financial ties to the UK and convenient student banking.

The benefits of this account include:

• The pound sterling is a trusted stable currency with an influential global economy
• Hedging risks related to Naira volatility  
• Useful when transacting with British/European clients or partners  
• Seamless transfers within the UK banking system
• Debit card functionality coming soon

Euro (EUR) Domiciliary Account

The Euro account enables holdings and transactions for the European single currency. The benefits of  this account include: 

• The eurozone is a significant global economy with currency stability
• Avoid conversion fees when travelling within EU member countries
• Facilitates trade relationships for importers/exporters dealing with Europe 
• Growing currency usage makes it useful for wider transactions
• Interest earnings on deposits

The Euro account is handy for Nigerian businesses importing/exporting with Europe or sending student payments abroad. Also helpful for EU travel.

Requirements for Opening a Domiciliary Account

Be sure to have all required documentation ready beforehand to ensure quick processing. You will need to present valid means of identification of signatories along with proof of address and other details.

How to Open a Polaris Bank Domiciliary Account

Visit any of Polaris Bank’s branch offices closest to you and request to open one and then you will be required to do the following:

Your domiciliary account will be fully opened and activated for transactions once approval is granted from the processing office. You will receive an account number and can opt for additional services like online banking platform access or a foreign currency debit card.

Unfortunately at this time, Polaris Bank does not offer an online domiciliary account opening option. However, you may use their digital account opening for other account types here.

How Do I Check My Polaris Bank Domiciliary Account Balance?

Monitoring your account activity and balances is easy with a few options:

• Use the Polaris Bank mobile app or online banking platform to view real-time balances and transactions if you registered for those services.
• Visit any Polaris Bank branch location and request an account statement showing domiciliary account balances, deposits, withdrawals, and transfers.
• Call Polaris Bank’s helpline at 07002255797 and inquire about account balances and statements (have your account details on hand).

Does Polaris Bank Issue Dollar Cards?  

Polaris Bank domiciliary account holders can apply for a corresponding Mastercard Gold USD debit card. This gives you a globally accepted debit card for payments and ATM access utilizing your USD account balance. It is convenient for foreign travel expenses and international shopping without transaction fees.

Conclusion

Opening and utilizing a domiciliary account from Polaris Bank unlocks overseas banking conveniences for both Nigerian residents and businesses.

With the ability to hold popular foreign currencies like dollars, euros, and pounds, make global payments, receive international transfers, and access currency abroad via a debit card, this account simplifies banking across borders.

Follow the guide above to open your domiciliary account with Polaris Bank and join a worldwide financial community today.

Frequently Asked Questions

Can Polaris Bank Receive Money From Abroad?

Yes, Polaris Bank’s international banking capabilities allow domiciliary account holders to receive foreign currency funds from overseas in different ways.

How Do I Check My Polaris Bank Domiciliary Account Balance?

You can check your current balance and transaction activity by logging into online or mobile banking, requesting an account statement at a branch, or calling Polaris Bank’s helpline. Be sure to have your account details and identification ready.

Does Polaris Bank Issue Dollar Cards? 

Yes, domiciliary account holders can optionally apply for a Polaris Bank USD Mastercard Gold Debit Card to access their dollar funds from ATMs and make purchases globally without foreign transaction fees.