Zenith bank domiciliary account is open to every interested person. Either you have an existing account with zenith bank or not.
If you are interested in knowing all about zenith bank’s domiciliary account and its opening requirements in Nigeria, here is where you need to be.
Under the following sub-topics, you will find all the information you need.
- What is a Domiciliary Account?
- Types of Domiciliary Account
- Benefits of Opening A Domiciliary Account
- Opening Requirements
- How to Open a Domiciliary Account with Zenith Bank in Nigeria
What is a Domiciliary Account?
A domiciliary account allows the user the opportunity to perform foreign transactions anywhere.
The advent of technology which brought about the introduction of mobile banking and mobile app has made it easier for a domiciliary account holder to perform any form of transaction such as transfer of funds, payment of bills, etc. without paying a visit to the bank.
With a domiciliary account, you can receive foreign currencies like dollars, pounds, euros, etc in form of a deposit which will be exchanged for Naira.
A domiciliary account can be opened and operated by both individuals and businesses at most financial institutions.
Types of Domiciliary Account
There are two basic types of domiciliary accounts that you can choose from when considering opening a domiciliary account. They are:
- Ordinary Domiciliary Account
- Cash Domiciliary Account
Ordinary Domiciliary Account
An ordinary domiciliary account allows the user to perform foreign financial transactions anywhere with the usage of debit cards, zenith mobile app, internet banking, etc.
Transfer of funds, payment of bills, etc can be done in the comfort of your home.
Cash Domiciliary Account
Also, with a cash domiciliary account, you can make international financial transactions. Atm card (debit card) and other forms of online banking make it easier.
A cash domiciliary account offers the same functions as an ordinary domiciliary account except that no transfer is allowed, just cash deposit and cash withdrawal.
Benefits of Opening A Domiciliary Account
There are benefits attached to having a domiciliary account either an ordinary domiciliary account or a cash domiciliary account.
Some of the benefits are:
- When opening a domiciliary account, you do not need to have an existing account with Zenith bank. You can just pick a form in any zenith bank branch near you.
- You can open a domiciliary account with zero balance.
- A domiciliary account allows for the usage of debit cards
- Financial transactions can be made anywhere by using any of the online banking platforms.
- You can receive foreign currencies and pay for international transactions through your domiciliary account
- There is an option of receiving a record of all your transactions in your email
- Fluctuations in the exchange prices of these foreign currencies are controlled.
Opening Requirements
When opening either of the types of the domiciliary accounts ( ordinary or cash). You will need the following requirements.
- An account opening form (if you have an existing count with zenith bank, you only need a letter of completion of an account without the usage of other documents)
- Valid means of identification like Driver’s License, International Passport, National Identity Card, or Voter’s Identity Card
- One or two passport photographs
- Utility bills like water bills, electricity bills, etc
- Visitation report ( residence)
How to Open a Domiciliary Account with Zenith Bank in Nigeria
A domiciliary account is open to everyone, be it an individual or a co-operate company. To open a domiciliary account, you can walk into any available zenith bank branch near you.
Request to open a domiciliary account of your choice as long as you have the requirements.
Frequently Asked Questions
How much does it cost to open a zenith bank domiciliary account in Nigeria?
Answer – Zenith bank does not charge for the opening of a domiciliary account.
What is the minimum balance for the Zenith Bank domiciliary account?
Answer – Zenith’s bank domiciliary account can operate on a zero balance
Can I withdraw naira from my domiciliary account?
Answer – Yes, all the foreign currencies received in the domiciliary account will be converted to Naira when you need it.
Does the domiciliary account have a limit?
Answer – Banks have started placing limits on the financial limit and maximum balance you can have in the account
How long does it take to open a domiciliary account?
Answer – It takes up to 48 to 72 hours to have your domiciliary account opened. You can start receiving money as soon as your account is opened.
Conclusion
Zenith bank domiciliary account allows users to receive foreign currencies and perform basic financial transactions internationally.
To open either cash or ordinary domiciliary account with zenith bank, it’s not necessarily important to have an existing account with them.
Before going to any zenith bank branch near you, ensure you have the requirements needed to be submitted at the bank.
