What Is a Domiciliary Account?

What Is a Domiciliary Account?

What Is a Domiciliary Account?

A domiciliary account is one that primarily holds foreign currency, according to Shikenan. All banks in Nigeria allow citizens to transfer money from abroad by having a bank transfer funds to another account.

Shikenan notes that the fees for transferring money through domiciliary accounts vary depending on the bank and the amount of money being transferred. Energy Bank mentions that domiciliary accounts accept payment methods such as traveler's checks, foreign currency checks and cash deposits.

Domiciliary accounts are an attractive option in Nigeria because many Nigerians are unable to send money through Transfer Fund or Western Union. The is due to Nigeria's reputation as a nation plagued with money laundering schemes. Nigerians who work abroad use domiciliary accounts to send money to their families.