Whether you want to send and receive money abroad or make international transactions, this guide is for you. We’ll show you how to open a domiciliary account with GTBank to make your transactions easier.
Opening a GTBank dollar account is simple; you can either open a GTBank domiciliary account online or physically register at one of their local banks. The best perk of getting a dom account with GTBank is that it supports various foreign currencies, including US dollars, euros, and pounds.
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How does a GTB domiciliary account work?
The Guaranty Trust Bank Domiciliary Account allows users to maintain balances in foreign currencies. Users can fund these accounts for international transactions mainly through cash deposits and FX inflows.
Once you’ve opened a domiciliary account in GTbank, you can easily conduct cash withdrawals, transfers, and payments to foreign suppliers.
Types of GTBank Domiciliary Account
GTBank provides two types of domiciliary accounts: current domiciliary accounts and savings domiciliary accounts. These operate much like regular current and savings accounts, but with a few differences.
GTB Savings Dom Account
The savings domiciliary account is more suited for personal use and allows you to save in foreign currencies. This domiciliary account type also offers easy withdrawals through a bank teller.
GTB Current Dom Account
The current domiciliary account functions like a typical current account and is commonly used by businesses. Similar to a savings account, it also allows check-writing capabilities. However, keep in mind that current domiciliary accounts may have higher usage fees compared to savings accounts.
Note: GTBank’s domiciliary accounts are available in the specific currency you want, i.e, Euros, British pounds, and US dollars. It’s important to note that for optimal results, transactions should be conducted in the currency of the account. So, ensure to only use a dollar or pound account for transactions in that currency.
What Is the Benefit of a GTBank Domiciliary Account?
Here are several advantages associated with opening a GTbank domiciliary account:
- Currency Flexibility: The Guaranty Trust Bank Domiciliary Account allows users to maintain balances in foreign currencies, offering a flexible currency management option.
- Funding Options: Both cash deposits and inflows can be seamlessly utilized to finance these accounts, providing users with multiple funding avenues.
- Transaction Versatility: Customers enjoy the convenience of conducting various transactions, including cash withdrawals, transfers, and payments to foreign vendors, all within the scope of their domiciliary account.
- Checkbook: Upon request at any of their branches, you can get a checkbook that would be linked to your domiciliary account.
What Do I Need to Open a GTBank Domiciliary Account?
Step-by-Step Guide to Opening a GTBank Domiciliary Account
To open a domiciliary account with GTBank, you can visit their nearest bank branch and follow these steps for a smooth process:
Find and go to the nearest GTBank branch in your area to start your domiciliary account opening process.
Head directly to the customer service area and inform the assigned agent of your intention to open a GTbank Domiciliary account. The agent will provide you with two reference forms for your referees and a GTB domiciliary account opening form for you to complete.
On the account opening form, you’ll notice that you have the option to open accounts in various currencies (USD, GPB, EUR, and CFA). Simply mark the boxes corresponding to your preferred currency.
When you get to the “Alert Preferences” section, you can opt for email delivery to avoid associated costs with transaction alerts via SMS.
If your referees are nearby, you can visit them to complete the reference forms. After you’ve gotten your referees to complete their forms, return to the bank and submit the completed forms to initiate the registration process.
Ensure you provide the necessary documents, including reference forms, an account opening form, a utility bill, a passport photo, and a copy of your ID (plus the original for verification).
If you don’t want to go through the hassle of visiting a GTBank physical branch, you can fill out an online application here. The registration is straightforward, and you’ll be able to find your way through it with ease. However, you should note that completing the application will require you to visit an actual GTBank location.
You can expect your account number(s) within 48 to 72 hours after the submission of the forms and required documents.
- Make sure your referees are easily reachable and hold a GtBank current account (a salary account is not suitable) to expedite the process. Alternatively, presenting current account holders from other banks is an option, though it may lengthen the activation process.
- You can also maximize the potential of your GTB DOM account by applying for a dollar card.
Guaranty Trust Bank Domiciliary Account Charges and Monthly Limitations
- Account Opening: Opening an account is free of charge, but an opening deposit is required to activate it. If the account remains inactive for six months, it will become dormant.
- Monthly Withdrawal Limit: A monthly withdrawal cap of $1,000 is applicable to domiciliary accounts.
- Transfer Limits: Daily and weekly transfer limits are set at $10,000 and $50,000, respectively, or their equivalent in other currencies.
- Spending Limits for POS and WEB: There are no spending limits for point of sale (POS) and online transactions (WEB), provided you have a GTBank Dollar Card.
- GTBank Dollar Card Requirement: To enjoy limitless spending on POS and WEB transactions, it is necessary to have a GTBank Dollar Card.
- Transfer Fees: When transferring funds to another domiciliary account, a fee of 1% of the transferred amount is applicable, along with a fast charge of 4,000 Naira.
- Minimum Balance: Unlike most banks’ domiciliary account, there’s no minimum balance for GTB domiciliary account
GTB Dom Account Final Thought
Opening a domiciliary account in GTBank is a simple process, as shown above.
Following the floating of the naira by the CBN, the naira fell to its all-time low, trading over ₦1,000 to one dollar. While this event led to increased inflation and a rise in food prices, it was a massive opportunity for arbitrage for dollar holders. There’s no better time than now to open a dollar account in Nigeria.
However, if you’re looking for the best domiciliary account in Nigeria, it’s best to compare and contrast with other banks’ offerings. We have articles that cover opening a domiciliary account in FirstBank, Wema Bank, Access Bank, etc.
How do I withdraw from the Gtb Domiciliary Account?
After receiving an alert, you can proceed to the nearest GTBank branch to complete a foreign currency withdrawal sheet at your bank to withdraw your funds.
How to Transfer from a GTB Domiciliary Account?
Navigate to the GTB online banking system and select “FX Transfer to any GTBank account” from the sidebar by scrolling down to “FX Transactions.” To add the GTBank beneficiary account for fund transfer, click on “Add New Beneficiary” and complete the remaining form.
It’s important to be aware that there are associated fees with this service. While transfers between GTBank and GTBank Naira accounts are fee-free, transfers to GTBank Domiciliary accounts are not.
The fees include a commission of 0.5% of the total amount, with a minimum charge of $10. Additionally, Value Added Tax (VAT) at a rate of 5% will be deducted from this commission.
How Do I Check My GTB Domiciliary Account Balance?
What Is the Limit for Gtb Domiciliary Account?
Domiciliary account holders can utilize cash deposits of up to $10,000 per day or the equivalent amount through telegraphic transfer. It’s important to note that Deposit Money Banks (DMBs) are mandated to submit returns to the Central Bank of Nigeria (CBN), and these returns must provide details on the reasons behind the transactions.