As you grow your online business, you’re going to start earning money and in most cases you’re going to be earning in dollars.
So what i’ll be doing today is, i’ll walk you step by step on how to open a Domiciliary account in Nigeria. This account makes it possible for you to receive your earned dollars as cash, which you can then exchange for Naira at a better rate.
You don’t have to go physically go to the bank to do this, and I’m also going to share with you my experience withdrawing from this account later in the article. But first, let’s see how you can easily create a dollar Domiciliary account from the comfort of your home.
How To Open A Domiciliary Account From Home Without Going To The Bank
A Domiciliary account is just like your regular bank account except it’s in a foreign currency. A Domiciliary account can be in any valid currency of your choice (upon request), but the default ones are USD, EUR, and GBP.
There are certain policies and limit, which varies by bank, and are best explained by customer care representatives. Its best you get the full details on that from them.
You can have all three currencies at once if you like, or either one from the three, but this article is centered on creating a dollar (USD) Domiciliary account.
So to do that, head over to UBA’s online opening website.
One of the reasons I like UBA is that customer service is very responsive, like it takes about one to four hours before you get your response if you email them. While that is not top notch, it is better than no reply at all, because i’ve had experiences with certain banks that do this.
Select your country Nigeria, and then you click on submit after which you’re going to be taken to a page like this.
i’m doing this on the computer, but you can also do it on your phone.
Next is to click on “Open With BVN” and you’ll be taken to a new page like image below.
Now you have to enter you details:
- Your BVN number,
- Your phone number,
- Your date of birth,
- Your email address
- And in the the Account Type drop menu, make sure you select Freedom Savings Domiciliary.
Agree to the terms and conditions and then click next. After that, an otp code will be sent to your phone number, which you’re enter on the next page.
So you have to include the code here and the box that they specified for you, and then you have to upload your picture. You can upload your picture by tapping on browse on the left, and then find the picture in your device. After that, click next.
So finally, you’ll be taken to the next page, similar to the image above. Fill every detail, and don’t forget to select the UBA branch closest to you, and click submit when you’re done.
After your account has been created, UBA will contact you with via the email address and the phone number you provided.
How To Check UBA Freedom Savings Domiciliary Account Balance
You can check your UBA Freedom Savings Domiciliary Account Balance is by using the new UBA mobile app. Just head over to your app store and download the new UBA Mobile app.
It has gotten to my attention that many people are having connection issues with the new UBA Mobile App. One way to solve this problem is by using a VPN. Just download any free VPN if you don’t already have one on your phone and you should be able to access the app without any connection issues.
Register and Log in, and you’re going to see your new dollar Domiciliary account.
My Experience Withdrawing From the UBA Freedom Savings Domiciliary Account
Here’s is my experience about going to the bank to withdraw.
After filling out the form, the cashier at the bank told me that I can’t withdraw everything from the account and that I need to have at least $10 left in the account. I thought this was like a freedom account like your student account, where you can withdraw as much as you want, but that’s not the case. So I filled out another form and gave it to her and this time I left $10 out of everything I had. But when she met one of her supervisors, she came back and said that it’s supposed to be $50 I need to leave inside the account not $10.
But somehow because she probably already processed the transaction, she gave me my withdrawal with the $10 left in the account. I don’t know what to make out of this, so it’s better you reach out to UBA customer service for better clarification on how much you need to have left in your Freedom Savings Domiciliary account.
Things to Note about the UBA Freedom Savings Domiciliary Account
It says in the FAQ section that there’s no maximum cumulative balance for the Freedom Savings Domiciliary Account, However, Customers will upgrade the account as soon as they exceed the debit turnover limit of $2000.
Now I didn’t understand this at first, so after so many back and forth with customer service, they explained that as you slowly withdraw your money, If you accumulate a total withdrawal of $2000 (like if the total withdrawal from your account both past plus present gets up to $2000, you’re going to have to upgrade the Freedom Savings Domiciliary Account.
For that, I believe you’ll need a valid ID card, a utility bill you can use to prove your address, and two signed reference forms from persons that has a current account with UBA or any other bank in Nigeria.
Another thing is that you can’t make transfers from a Freedom Savings Domiciliary Account into another account, Meaning you must be present at the bank hall to withdraw money from the account.
The UBA Freedom Savings Domiciliary Account is great if you’re looking for a quick dollar account to receive money, but there are other banks with similar accounts that can prove to be way better in the long run.
Take Wema Bank for example, they offer almost the same account, but theirs allows you to withdraw up to $2000 daily. The only downside is that they take too long to approve the account. By the time of writing this article, my account is still under verification, and hopefully, I’ll make a dedicated article on how to get Wema account once I’ve been approved.