You’ll need a domiciliary account to ease the banking stress of receiving money from international clients in your business. The process of opening a domiciliary account at UBA is very simple. It is advisable to initiate the process early, as opening a domiciliary account with UBA typically takes a maximum of 3 days.
With UBA, you may never have to visit the bank to complete this, as your account opening process can be done online. It’s almost similar to the usual way you open your regular account if you follow the step-by-step guide in this article.
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Types of Domiciliary Accounts Offered by UBA
Before visiting a UBA branch, you should know the available account types. This way, you’ll save a lot of time queueing or figuring out which is best.
Here are the different accounts offered by UBA and their features:
Freedom Domiciliary Savings Account
With this account, you receive unlimited money straight to your account without any initial deposit. The documentation process here is equally easy, as only your BVN is required. The only condition attached to having this account is that you’ll need to upgrade your count when you’ve debited $2,000
The Dom Advantage Account
Opening a Dom Advantage account offers a range of benefits and advantages. It gives you access to foreign currencies outside of dollars, like the Euro and the Pound Sterling. The best part is that, with this account, you can equally hold foreign investments abroad. Your means of identification, two passports, and a deposit of $100 or its equivalent are required during account opening.
You can start earning interest with a $1,000 or higher holding rate with this account.
UBA Kiddies Domiciliary Account
Parents who want to start saving for their children’s future study abroad frequently open this account. This account comes with good interest rates from the first deposit but a bit more security and terms. You can only withdraw money from this account after you’ve saved up to €350 and above.
Here are the documents you’d need while opening a Kiddies account:
- Verifiable Parent/Guardian Identity Card
- Two passport photos of the child and the parent
- The child’s birth certificate
- The utility bill of the guardian or parent
- The parent’s or guardian’s BVN
What You Need to Open Domiciliary Account With UBA
You’d need a few important documents to undertake this process. They include your passport photograph, ID card, proof of residency, referees, and some funding amount.
How to Open Domiciliary Account with UBA Online
- Visit the UBA domiciliary homepage.
- Select your country and submit.
- Go to the UBA Nigeria account option and click on Open with BVN.
- You’ll be required to do a BVN validation afterwards, so ensure you input the correct details as they are in your BVN details.
- Select the account type you’re opening.
- You’ll get a verification code here, so input the OTP sent to your number.
- Import your passport photograph here as well, and continue
- This page requires you to fill in the rest of the KYC details.
- Then upload photos of your address, utility bill, signature, etc.
Voila, your UBA domiciliary account is ready. You’ll be given your account number upon successful completion of account profiling.
While you can receive money with your UBA domiciliary account, you must install the UBA mobile app to check balances. However, you can only withdraw from the bank if you own a Freedom Savings domiciliary account.
Which UBA Domiciliary Account Is Right for Me?
The good thing about considering a UBA domiciliary account opening is that there are different account options to consider and choose from before opening an account.
The Freedom savings account, Dom Advantage account, and UBA Kiddies Domiciliary account each have unique advantages that come with them. The most important thing is to find what works best for you.
Start by checking banks you already have a relationship with, preferably ones targeting freelancers or small business clients. Assess your needs, expected transactions, and services offered before deciding. Consider the fees.
Compare monthly service fees, minimum balances, and transaction fees to see which account suits your budget.
You’re not entitled to any interest with a Freedom Savings domiciliary account, unlike other accounts that have access to an average 0.10% interest rate per year.
Owning a domiciliary account with UBA has numerous benefits, like ease in making payments and subscriptions. Your business no longer has to suffer, as you can pay for ads and access other international courses that strictly require payments from dollar accounts.
Frequently Asked Questions
What’s the Difference Between a Current and Salary Account?
A current account is designed for firms and businesses to suit multiple transactions, while a salary account is usually for time-to-time salary earners. Therefore, a current account used for salary purposes doesn’t count as one of your references.
Can I Receive Dollars in My UBA Naira Account?
Yes, you can receive dollars in your UBA naira account. However, the conversion rate of your money is at the mercy of the bank’s specified rate.
What Are the UBA Dollar Account Requirements?
The basic requirements you need to open an account are your BVN, passport, ID card, utility bill, and references.