The need for a domiciliary account has skyrocketed with the everyday increase in dollars. Like other banks in Nigeria, Access Bank offers a domiciliary account to freelancers and business owners. This account allows you to send and receive foreign currency like the dollar, euros, yen, and more.
Opening a domiciliary account can be stressful if you don’t know the exact requirements and how to go about it. In this guide, you will learn how to open a domiciliary account with Access Bank and the requirements for opening one.
I’ll also help you decide which Access Bank domiciliary account option is best for you or your business.
Table of Contents
Features and Benefits of Access Bank Domiciliary Account
A domiciliary account with Access Bank allows you to manage your day-to-day financial affairs from the comfort of your home too.
Access to a wide range of other products, including investment, loans, and savings opportunities.
Types of Domiciliary Account in Access Bank
There are two types of domiciliary account in Access Bank
- Current Domiciliary Account
- Saving Domiciliary account
Current Domiciliary Account
From the comfort of your home and business, you can carry out local and international transactions with this domiciliary account. Making it the best account for business owners
Requirements to Open a Current Domiciliary Account with Access Bank
A Current Domiciliary Account is usually opened by business owners for their businesses
- 2 Passport photographs
- 2 references; the references must bank with Access Bank and also own a domiciliary account
- Valid ID of each signatory
- Passport photographs of your signatories
- Means of address verification
- Certificate of Incorporation / Business Registration for your business
- A search report, as applicable, showing the history of your business
Savings Domiciliary Account
Savings Domiciliary Account allows users to save in foreign currency while earning interest, making it the best account for freelancers and students.
A Savings Domiciliary Account has only one restriction: No cheque deposit is allowed
Requirements to Open a Savings Domiciliary Account with Access Bank
A Savings Domiciliary Account is usually opened by freelancers
- Filled out application to open an account
- A passport photo
- Legitimate forms of identification, such as a national ID card or driver’s license.
- utility bill or evidence of residency.
- minimal balance of $100, £100 or €100
How to open an Access Bank domiciliary account
- Visit any Access Bank Branch near you with the above documents
- Walk up to a customer care and ask for domiciliary account form
- Complete and submit the application form provided in the bank
- Submit all the required documents
- Make a deposit of $100, £100 or €100 to your new domiciliary account
- Your account will be ready for use in approximately 48 to 72 hours
Access Bank Dom Account – Final Thoughts
It’s easy to open a domiciliary account with Access Bank. Just remember to have your paperwork in order. Collect the requirements for a Current Domiciliary Account if it’s for your business. Choose the Savings Domiciliary Account requirements if you’re a freelancer.
Get the domiciliary account form by going to any Access Bank location. Less than 48 hours will pass before your account is ready to use. Then, get ready to take advantage of all the wonderful benefits that come with owning an Access Bank domiciliary account!
Frequently Asked Questions (FAQS)
How many Dom account options does Access Bank offer?
Access Bank offers two domiciliary account options: a Current Domiciliary Account and a Savings Domiciliary Account
Who is Suitable to Open an Access Bank Domiciliary Account?
Freelancers, business owners, and all individuals of different classes can open a domiciliary account with Access Bank.
How long does it take to get a domiciliary account and start using it?
It takes approximately 48 to 72 hours to activate a Domiciliary account with Access Bank, and you can start withdrawing and receiving foreign currencies as soon as the account is active.
How much do I need to open a domiciliary account with Access Bank?
There is only a minimum of $100, £100, and Euro 100 opening balances.
Can I receive dollars in my Access Bank naira account?
Receiving dollars in an Access Bank naira account is possible, but it comes with a lot of charges. To receive dollars, opening a domiciliary account with Access Bank is advisable
What is the minimum balance for an Access Bank domiciliary account?
$100, £100 is the minimum opening balance for Access Bank, with a zero minimum daily balance.
Is There a Monthly Maintenance Fee Charged on the Domiciliary Account?
Yes, only a 0.5% charge is made.
Can Domiciliary Customers Transfer Money from their Domiciliary Accounts with Access Bank to Other Beneficiaries in Nigeria?
Yes, using the Access Bank electronic banking platform and Internet banking, money can be sent from your domiciliary account to other beneficiaries who have Access Bank accounts and also beneficiaries who have accounts with other banks.
Can I pick up Cash in US Dollars?
Yes, cash can be picked up in US dollars or any other currencies at any Access Bank branch. When going to pick up cash at the bank, you must take along a means of identification like an international passport, BVN or a driver’s license.