still searching for a comprehensive response...

Uba beats others with a savings dorm account.

qwertygeni:
Dear Nairalanders, please I would like to know the best bank to open a Domiciliary account with with respect to the ease of opening, charges likely to be incured ( bank commission, travelex and offshore) and minimum account balance. I intended to make a payment of less than $1,000 to a company in China thru transfer or western union. So I decided to use transfer using Dom account as I can't make subsequent transaction using Westernunion cos of quarterly restrictions.

I have been to more than one branch of some banks like GTB, first bank and FCMB and I hear different things from different branches of same bank . My experience is that most of these guys at the FX table of these banks are either not sure of these information especially on charges or purposely not sincere.

Dear all, I will be grateful for all info that could be of help in this regards.

Thank you.

Use your Nigerian paypal account linked with your debit card ( ecobank mastercard preferably, rate is N362 / $1) to make the payment , just ask the seller to send you their paypal account address or they send you prepayment invoice to your PayPal account.

First bank , GTbank accepts lower dollar amounts , the easiest way to open a dorm account with these bank is to have a current account with them by that 90% of the account opening process is done.

i have a personal gtb dorm account and i just opened a corporate account with zenith and skye bank. the skye bank isnt fully active yet because the referess i used where not from skye bank. my zenith is fully active for now .

Union bank is the. Best. You wil be given a travel card.. wen opening opening a dominicialryu acount[ which will cost you. 100 dollarquote author=qwertygeni post=69772729]Dear Nairalanders, please I would like to know the best bank to open a Domiciliary account with with respect to the ease of opening, charges likely to be incured ( bank commission, travelex and offshore) and minimum account balance. I intended to make a payment of less than $1,000 to a company in China thru transfer or western union. So I decided to use transfer using Dom account as I can't make subsequent transaction using Westernunion cos of quarterly restrictions.

I have been to more than one branch of some banks like GTB, first bank and FCMB and I hear different things from different branches of same bank . My experience is that most of these guys at the FX table of these banks are either not sure of these information especially on charges or purposely not sincere.

Dear all, I will be grateful for all info that could be of help in this regards.

Thank you. [/quote]

Union bank offers d best deal right now. open a Dom account with minimum of a $100 and get a travel card, Priority pass to enjoy urself in any airport lounges across d globe and 3% interest on ur funds. 08039554089 for detailed information

It's funny how people answer questions, we just throw in answers which do not address the concern of the Op. Clearly, we're mentioning our favourite banks.
@op, opening a dorm account has pretty similar pre-conditions for many of our banks.
- 2 referees with current account
- opening balance of $100 (no matter the currency you're opening the account in)
- dorm card for $10
- utility bills
As per which bank is best, thats very subjective cos many of our banks are shitty. When I did my due diligence, many of my friends said they settled for diamond bank cos they offered a pound card (clearly many were interested in a pound dorm account).
Last last I decided against opening the dorm and simply upgraded my regular account to enable me make forex transactions while also opening an account abroad with XYZ bank.
Hope this helps

For me Diamond bank is the best. I opened the account in a day since I have a running current account with them. Also, you can deposit any amount with no string attached. This is a customer friendly bank and I can assure you of an excellent experience banking with them

Union bank is the answer to this, visit any of their branch you will never regret it.

FirstBank has the best offer. Visit any of their branches

bravehost4u:


Visit any branch of Diamond Bank, and open a Dom account. That is all you need.

Diamond Bank with their minimum operating balance of $100 for Individual account and a higher amount for Corporate accounts?

Sterling Bank domiciliary account is the best among others due to excellence service delivery and moderate CBN charges without anyother hidden one.

Kindly open one today.

qwertygeni:
Dear Nairalanders, please I would like to know the best bank to open a Domiciliary account with with respect to the ease of opening, charges likely to be incured ( bank commission, travelex and offshore) and minimum account balance. I intended to make a payment of less than $1,000 to a company in China thru transfer or western union. So I decided to use transfer using Dom account as I can't make subsequent transaction using Westernunion cos of quarterly restrictions.

I have been to more than one branch of some banks like GTB, first bank and FCMB and I hear different things from different branches of same bank . My experience is that most of these guys at the FX table of these banks are either not sure of these information especially on charges or purposely not sincere.

Dear all, I will be grateful for all info that could be of help in this regards.

Thank you.

All banks are d same... it depends on the volume of USD u wanna move out. Stanbic and fcmb and uba now allows u to move upto 50k cash deposit at once a week on getting an approval.. The rest is the normal 10k a week or some 10k daily....

The charges are d same for all bank. If u want to be moving small amount I will advise u use standard chartered or diamond bank... you can do it in your home and thier interface is user friendly...

EsotericMonk:
It's funny how people answer questions, we just throw in answers which do not address the concern of the Op. Clearly, we're mentioning our favourite banks.
@op, opening a dorm account has pretty similar pre-conditions for many of our banks.
- 2 referees with current account
- opening balance of $100 (no matter the currency you're opening the account in)
- dorm card for $10
- utility bills
As per which bank is best, thats very subjective cos many of our banks are shitty. When I did my due diligence, many of my friends said they settled for diamond bank cos they offered a pound card (clearly many were interested in a pound dorm account).
Last last I decided against opening the dorm and simply upgraded my regular account to enable me make forex transactions while also opening an account abroad with XYZ bank.
Hope this helps

How much are you charged when depositing and Transferring (especially outside Nigeria)

seyiojomu:
GTB is your best option. Flexibility of controlling your accounts at ease is a selling point. They are also the most international transaction friendly bank I have seen around even in the midst of our FX instabilities.

You are very correct.

spiritedtete:


How much are you charged when depositing and Transferring (especially outside Nigeria)

With GTB it was 2.5% as at early this year , I've forgotten how much UBA charged me.

I think Wema bank has the best domiciliary account...cheap rate and swift transaction.


have you tried ALAT by wema....it has a virtual dollar card were you can load any amount of dollars in it and use for online shopping and transactions, I use it for my Facebook Ads....its awesome

david22uu:


All banks are d same... it depends on the volume of USD u wanna move out. Stanbic and fcmb and uba now allows u to move upto 50k cash deposit at once a week on getting an approval.. The rest is the normal 10k a week or some 10k daily....

The charges are d same for all bank. If u want to be moving small amount I will advise u use standard chartered or diamond bank... you can do it in your home and thier interface is user friendly...

This guy just said it all!

What the op is trying to get is the bank charges... In depositing and tranfering... For example GTB charges 10 USD for any thing below 100 USD when tranfering... And also there is a charges .0.5% when you want to with draw or even transfer. (I don't know if same applies for transferring to other international banks)

On the dom usage flexibility like other bank.... Including Zenith they change policies anytime... But GT will always give you time to adjust.

More also recieving money from bank outside is easy unlike some bank that will hold it first... Up to a week. With GTB no matter the volume 3days you will see your money.

More also GTB to me and though Zenith with one or two other banks in Nigeria are the only bank that practice beyond retail banking.

Many of the banks in Nigeria can't even interprets or work with payment instruments.

Try Union Bank Travel Card. The card is in Dollar denomination and can use it anywhere in over 60 countries. The card also come with priority pass that enable you have acess to Airport lounge
You can do transfer on the account.

spiritedtete:
What the op is trying to get is the bank charges... In depositing and tranfering... For example GTB charges 10 USD for any thing below 100 USD when tranfering... And also there is a charges .0.5% when you want to with draw or even transfer. (I don't know if same applies for transferring to other international banks)

On the dom usage flexibility like other bank.... Including Zenith they change policies anytime... But GT will always give you time to adjust.

More also recieving money from bank outside is easy unlike some bank that will hold it first... Up to a week. With GTB no matter volume 3days you will see your money.

Good one! But money is received same day with banks like stanbic, Standard Chart. and Citi bank. Maybe it's due to their international affiliates

UBA is the best. Lower charges and most cases same day value offshore

Eustace70:
I am using zenith Bank now, but my problem with them is that they refuse to take lower dollar notes, when depositing you must have $100-notes

. This is wrong. Zenith accepts all bills from 2013 upwards. Meaning your dollar bill year of production must be from 2013

topaz321:


Good one! But money is received same day with banks like stanbic, Standard Chart. and Citi bank. Maybe it's due to their international affiliates

Rule out Citi bank...

They beyond banking for the Nigerian bank system. Do you know most Nigerian banks has account with Citibank

Though RMA majorly... But bacuse of easy fraud some just have an account instead

Any of the 25 big banks can give you the required services. Nigerian cards are now widely accepted all over the world. Irrespective of which bank you settle for, make sure its a Mastercard that you are given as it is better accepted in the Western hemisphere.

qwertygeni:
Dear Nairalanders, please I would like to know the best bank to open a Domiciliary account with with respect to the ease of opening, charges likely to be incured ( bank commission, travelex and offshore) and minimum account balance. I intended to make a payment of less than $1,000 to a company in China thru transfer or western union. So I decided to use transfer using Dom account as I can't make subsequent transaction using Westernunion cos of quarterly restrictions.

I have been to more than one branch of some banks like GTB, first bank and FCMB and I hear different things from different branches of same bank . My experience is that most of these guys at the FX table of these banks are either not sure of these information especially on charges or purposely not sincere.

Dear all, I will be grateful for all info that could be of help in this regards.

Thank you.

Try Stanbic IBTC.

That is because of the ease in faking other denom as the 100 bill has more and better security features.

Eustace70:
I am using zenith Bank now, but my problem with them is that they refuse to take lower dollar notes, when depositing you must have $100-notes

Iyaboonibipe:
I will recommend Ecobank. You can choose between the savings and current variant. Lower transfer and withdrawal charges. Card issuance fee is the cheapest in the industry.

Which ecobank??
It's like u want me to vex this morning abi??
Oya..check below

qwertygeni:
Dear Nairalanders, please I would like to know the best bank to open a Domiciliary account with with respect to the ease of opening, charges likely to be incured ( bank commission, travelex and offshore) and minimum account balance. I intended to make a payment of less than $1,000 to a company in China thru transfer or western union. So I decided to use transfer using Dom account as I can't make subsequent transaction using Westernunion cos of quarterly restrictions.

I have been to more than one branch of some banks like GTB, first bank and FCMB and I hear different things from different branches of same bank . My experience is that most of these guys at the FX table of these banks are either not sure of these information especially on charges or purposely not sincere.

Dear all, I will be grateful for all info that could be of help in this regards.

Thank you.

The Gem of them all is Union Bank.

If you know, you know....