United Bank for Africa (UBA) is a Financial Institution that provides a full range of commercial, investment and retail banking products/services.
According to UBA, a Dom account is a current or savings domiciliary account denominated in foreign currency – US Dollar, Pound Sterling, EURO etc, but operated by in Nigeria as Domiciliary Account. It is a necessary account for business, when travelling or sending money to relatives abroad and also enables customer to be paid in any foreign currency.
Benefits Of UBA Dom A/C
Minimum opening balance of $ 100, € 80 or ₤ 70 or its equivalent in other currencies
Account is operated in any of the major currencies- US Dollar, GBP, and Euro etc
Foreign Cheques/Instruments can be credited to the account
Can be used as a channel for Investments in securities and real Estate in home & abroad
Account can be used to settle payment for eligible transactions in foreign currencies. (Home remittances, school fee payments etc)
Interest payable on account credit balance subject to a minimum balance of $ 1,000, € 800 or ₤ 700 or its equivalent
DOM account balances can be used as collateral for Naira loans
Interest Rates of 0.1% payable on account balance of 1000 USD or equivalents & above
Valid Identification (International Passport, Driver’s License, National ID card, Voter’s card)
Two Passport photographs
Any Utility bill within the last three consecutive months
Two satisfactory references from current account holders for Current Dom Advantage Acct.
Other KYC documentation required for each target market
Steps To Opening A UBA Domiciliary Account
If you have all the above items in place then proceed to open the domiciliary account with UBA
• Visit any UBA of Nigeria branch close to you
• Head straight to their customer service desk and request that you want to open a domiciliary account with them.
• You might be asked if you already have current or saving account with them before. If you don’t, they will open one (current or saving) alongside with the domiciliary account.
• After that, you will be given a foreign currency account opening form, and specimen signature card to complete and sign.
• You can decide to take all the forms home , fill them properly and return back with them to submit
• After they must have gone through the forms and make necessary corrections, you will be asked to go home.
• Within 48-72hours, you will receive an SMS indicating that your domiciliary account has been open with your account.
• Go back to the bank and pay in the minimum deposit to activate the account.
Once done, your account is ready! Domiciliary account can be an alternative for PayPal account.