Try and open standard chartered bank, they offer the best, transfer outside the country is excellent, charges for witd is 0.05% of the amount u want to withdraw, no minimum Bal bt it’s good to always leave something. Visit any branch to know more.

sacramento1212:


Except the situation recently changed or it's an in house development, what i was told was a minimum of $100 operating balance for an individual account while $2,500 for a corporate account.

Individual $100
MSME businesses $150
Corporate $2500
That is the opening bal but not strict minimum bal

3rdavefarms:
First bank is the best for the following reasons
1. The bank staffs treat you with respect when they realize you are transacting on a dom acct compared to regular naira acct


2. the transfer charges are relatively low and affordable

3. They always notify you with sms even when the money is yet to drop into your acct I.e incoming wire transfer alert

4 the transfer duration is maximum of 72 hours with there over active ACH Automatic clearing house in Marin Lagos


5. They always offer to change the hard currency to naira at a reasonable rates

/
First bank is terrible.

$2000 mysteriously disappeared from my account without a trace. The account was debited but the recipient did not get it. It took 8 months to be rectified. I had to make another payment while their bs investigations lasted....very frustrating. It turned out First Bank screwed up. It was just one of many frustrating moments I had with First Bank Nigeria. Oh! And the run arounds. Not on my dime. The whole process sounds sweet when they explain it but good luck banking with them. If you don't use the account in 6 months, the account will be dormant. Really? 6 months? And you have bring it all kinds of paperwork, id, etc to reactivate it. Who has time for that nonsense in this day and age?

First Bank is hopeless. The only people I will ever advice to open dormiciliary accounts with First Bank are folks that I hate and detest. But since I don't keep enemies, FB ain't get any referrals from me ever.

/

yinkeys:

Bro F* Nigerian banks, they are out to get money from you despite bad customer service most times.
You have a lot of options.
1. PayPal (the cheapest, you won't be charged a dime if you're smart about it)
2. Payoneer
3. Skrill (2% transaction fee I think) but there are ways around this.
4. You can try Stanbic though (South African policies etc) besides their charges are okay.

I put down for you really fast & cheaper options compared to the domiciliary referee and house verifications
You can thank me later bro

If you receive payment through PayPal my brother, the bank will pay it into your local account with their conversion rate and you don't quarry them coz you don't have a Dom account.

They may even decide to pay you with 280 to 1dollar when the conversion rate is 320 in BDC.. phew!

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.

Standard chattered..ALL nigerian banks will route thru intermediary foreign banks.

3rdavefarms:
First bank is the best for the following reasons
1. The bank staffs treat you with respect when they realize you are transacting on a dom acct compared to regular naira acct


2. the transfer charges are relatively low and affordable

3. They always notify you with sms even when the money is yet to drop into your acct I.e incoming wire transfer alert

4 the transfer duration is maximum of 72 hours with there over active ACH Automatic clearing house in Marin Lagos


5. They always offer to change the hard currency to naira at a reasonable rates

Please, can someone open the account and deposit money in local currency (naira) and have them converted into hard currency(dollars), or must one make deposit in the hard currency(dollars)?
Secondly, do banks run a fix deposit in(or using) the domiciliary account?.
What other services is offered to domiciliary account holder?
thanks.

I have domiciliary accounts with GTB and Standard Chartered. Had one with Access that I closed.

I explored Diamond and Zenith Bank's offers before I opened with Standard Chartered, and in my opinion the dom account conditions are pretty uniformly lousy all round, but GTB's is among the best of the lot, with the caveat that it depends on what you want to use the account for.

1. Diamond bank does the minimum balance bullshit and for someone like me who receives money from abroad, that's a no-no. GTB allows you to draw your account down to zero if you so wish.

2. In 14 years of operating the accounts, I've never had an issue with any of my transfers to or from the bank.

3. Their charges were OK previously even though they upped them in 2016 or thereabouts. Since I don't make many transfers out, but mainly receive, I can live with that.

4. I prefer their use of a dollar card not directly linked to your account so you first have to transfer funds into it before use. Makes it easier for me to control spending when abroad and also to check fraud to an extent.

yinkeys:

Bro F* Nigerian banks, they are out to get money from you despite bad customer service most times.
You have a lot of options.
1. PayPal (the cheapest, you won't be charged a dime if you're smart about it)
2. Payoneer
3. Skrill (2% transaction fee I think) but there are ways around this.
4. You can try Stanbic though (South African policies etc) besides their charges are okay.

I put down for you really fast & cheaper options compared to the domiciliary referee and house verifications
You can thank me later bro

Can I transfer money direct from my payoneer account to my savings account?

supereagle:


I use that one. once you have a current account with, to open dom is hassle free.

How can one migrate from savings to current account?

Cyberknight:
I have domiciliary accounts with GTB and Standard Chartered. Had one with Access that I closed.

I explored Diamond and Zenith Bank's offers before I opened with Standard Chartered, and in my opinion the dom account conditions are pretty uniformly lousy all round, but GTB's is among the best of the lot, with the caveat that it depends on what you want to use the account for.

1. Diamond bank does the minimum balance bullshit and for someone like me who receives money from abroad, that's a no-no. GTB allows you to draw your account down to zero if you so wish.

2. In 14 years of operating the accounts, I've never had an issue with any of my transfers to or from the bank.

3. Their charges were OK previously even though they upped them in 2016 or thereabouts. Since I don't make many transfers out, but mainly receive, I can live with that.

4. I prefer their use of a dollar card not directly linked to your account so you first have to transfer funds into it before use. Makes it easier for me to control spending when abroad and also to check fraud to an extent.

How do you got referees for those Dom accounts you opened in different banks?

yinkeys:

Bro F* Nigerian banks, they are out to get money from you despite bad customer service most times.
You have a lot of options.
1. PayPal (the cheapest, you won't be charged a dime if you're smart about it)
2. Payoneer
3. Skrill (2% transaction fee I think) but there are ways around this.
4. You can try Stanbic though (South African policies etc) besides their charges are okay.

I put down for you really fast & cheaper options compared to the domiciliary referee and house verifications
You can thank me later bro

Good day bro.

You mentioned a lot of options here. Could you be kind enough to go into details. For example, I want to transfer 2,000 usd to an oversea company.

How does PayPal, payoneer and skrill work?

bravehost4u:

Individual $100
MSME businesses $150
Corporate $2500
That is the opening bal but not strict minimum bal

Well, i approached them twice but they insisted that it was for both opening and operating balance. I left them for Zenith and GTB which i opened the corporate USD for zero $ and also can withdraw to zero balance. It was after they furnished me with the wire instructions, i deposited funds. Even the Naira account i wanted to open with them, i carried my opening firms and left the banking hall.

Cyberknight:
I have domiciliary accounts with GTB and Standard Chartered. Had one with Access that I closed.

I explored Diamond and Zenith Bank's offers before I opened with Standard Chartered, and in my opinion the dom account conditions are pretty uniformly lousy all round, but GTB's is among the best of the lot, with the caveat that it depends on what you want to use the account for.

1. Diamond bank does the minimum balance bullshit and for someone like me who receives money from abroad, that's a no-no. GTB allows you to draw your account down to zero if you so wish.

2. In 14 years of operating the accounts, I've never had an issue with any of my transfers to or from the bank.

3. Their charges were OK previously even though they upped them in 2016 or thereabouts. Since I don't make many transfers out, but mainly receive, I can live with that.

4. I prefer their use of a dollar card not directly linked to your account so you first have to transfer funds into it before use. Makes it easier for me to control spending when abroad and also to check fraud to an extent.

Hi.

What will be the cost or charges to transfer 10,000usd in GTB?

Any FX transfer options on their mobile app?

After each transfer, do they issue a transfer receipt?

sacramento1212:


Well, i approached them twice but they insisted that it was for both opening and operating balance. I left them for Zenith and GTB which i opened the corporate USD for zero $ and also can withdraw to zero balance. It was after they furnished me with the wire instructions, i deposited funds. Even the Naira account i wanted to open with them, i carried my opening firms and left the banking hall.

In UBA, when you transfer dollar oversea, they can take the transfer charges from naira account.

How about GTB?

postemail:


Hi.

What will be the cost or charges to transfer 10,000usd in GTB?

Any FX transfer options on their mobile app?

After each transfer, do they issue a transfer receipt?

I don't use the mobile app, so I can't really say. And of course you get a receipt after each transfer, at least when it is done from their internet banking platform. If done across the counter, you get the stamped counterfoil from the transfer form as evidence of the transaction.

Can't speak to individual charges because the last time I made a transfer was in 2017, but they will take 4k naira equivalent in addition to any percentage of the funds transferred. However, note that the products offered by the major banks vary very little in terms of charges, I assured myself of that before opening the Standard Chartered account.

postemail:


In UBA, when you transfer dollar oversea, they can take the transfer charges from naira account.

How about GTB?

They do the same.

postemail:


Good day bro.

You mentioned a lot of options here. Could you be kind enough to go into details. For example, I want to transfer 2,000 usd to an oversea company.

How does PayPal, payoneer and skrill work?

You will have to sign up with their platforms using an email address, then you will input your bank account details to tie your PayPal account to your bank account. Their signup processes are simple and user-friendly.

PayPal takes 4% charges, so bear that in mind. On the other hand, all the intermediation payment partners are simple to use and recipients get instantaneous electronic funds they can use to spend immediately or can withdraw in cash in 3 days.

Note you can only send funds with PayPal, while you can receive with Skrill, but their charges and exchange rate into naira are not very friendly.(1 to 300)

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.

Pls what's the requirement for opening the acct?

Remijuice:

How do you got referees for those Dom accounts you opened in different banks?

At the time I opened my domicilary accounts with GTB in 2003, they were not requiring referees and you didn't even have to make an opening deposit (i.e. you could open with zero dollars/pounds/euro).

STANBIC IBTC

Remijuice:


If you receive payment through PayPal my brother, the bank will pay it into your local account with their conversion rate and you don't quarry them coz you don't have a Dom account.

They may even decide to pay you with 280 to 1dollar when the conversion rate is 320 in BDC.. phew!

Well that is you ?
We have our ways around it.
Ask questions where you don't understand.

The funny thing is that I have a foreign account and I was never asked for any referee while opening that account. So why then do I need a referee to open an account in my own country? What about people who don't know any current account holders? I personally want to open a Nigerian dorm but I would hate to ask my father to reference me.

Remijuice:

Just to Make it difficult for us because they benefit more when you don't have foreign account and they are the one doing the conversion for you.

For example, if you receive payment they may pay you 280 to 1dollar into your local account.
But if you have Dom account you can withdraw your hard currency meet the BDC and exchange it 320 to 1dollar.

Imagine if you are changing up to $100

yinkeys:
Well that is you ? We have our ways around it. Ask questions where you don't understand.

Pls Sir, in that case what should i do?

postemail:


Good day bro.

You mentioned a lot of options here. Could you be kind enough to go into details. For example, I want to transfer 2,000 usd to an oversea company.

How does PayPal, payoneer and skrill work?

Get a genuine PayPal exchanger.
You pay to him in naira & he helps you pay $2000 in PayPal clean funds[/b]at the rate of 340 naira/$ to the company's PayPal account.
They have USA PayPal accounts though
I have too, if you're interested I can holla my group guys

Ask if the company has a skrill account
You can create a skrill account, get it verified and purchase [b]clean funds from reliable persons then you can transfer to the company account

Amberon11:
The funny thing is that I have a foreign account and I was never asked for any referee while opening that account. So why then do I need a referee to open an account in my own country? What about people who don't know any current account holders? I personally want to open a Nigerian dorm but I would hate to ask my father to reference me.

I can understand.

Hope your Pa is not a Salary earner. coz they won't accept that if he is a salary earner .

Remijuice:

Pls Sir, in that case what should i do?

Get a USA PayPal account & know how to use it properly.
That's what I've been using for 2 years now.

postemail:


Good day bro.

You mentioned a lot of options here. Could you be kind enough to go into details. For example, I want to transfer 2,000 usd to an oversea company.

How does PayPal, payoneer and skrill work?

Your question too long.
I can't start typing all that o

EsotericMonk:

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

FBN is $30 + 0.5% of transfer sum...when u talk about adherence to policy, safety of funds, integrity and information disclosure, u think first bank...thank me later

Pentools:


Zenith bank and Gtbank for now followed by UBA n Firstbank.

twenty dollars is the minimum, to open a domiciliary account in GTB. Try stanbic bank, I heard they open with 50 dollars.
But GTB, is the best.

cbngov01:


FBN is $30 + 0.5% of transfer sum...when u talk about adherence to policy, safety of funds, integrity and information disclosure, u think first bank...thank me later

$30 for what sir? The post you quoted wasn't for dorm account, it was for transacting on a basic account.

Nope, entrepreneur

Remijuice:

I can understand.

Hope your Pa is not a Salary earner. coz they won't accept that if he is a salary earner .

How do you do this?

yinkeys:

Get a USA PayPal account & know how to use it properly.
That's what I've been using for 2 years now.