Easy, cross border banking for all businesses

A DOMICILIARY ACCOUNT is an account that allows you to receive, send, and transfer foreign payments from your local country. You can receive any type of foreign payment on your dom account. However, sticking to widely accepted currencies like USD, EUR, and GBP is advisable because you can only receive funds based on your bank’s available currencies.

One limitation of this account type is that you must open accounts based on the currencies you want to receive. This means that to receive Dollar payments, you have to create a USD dom account. And for Pounds, you have to create a GBP DOMICILIARY ACCOUNT.

Types of DOMICILIARY ACCOUNTs

• Current Domicillairy Account: This is like a typical current account. It’s mostly suitable for business people who need to carry out many transactions. For example, you can issue checks to third parties on this account. The downside is that it attracts more usage fees compared to the other type of DOMICILIARY ACCOUNTs.


• Savings DOMICILIARY ACCOUNT: With this account, you can save in foreign currencies and withdraw with a bank teller whenever you want. This is more convenient for individuals who carry out little transactions.



Both accounts are eligible to receive interests. However, the rates are not fixed. To withdraw funds from any dom account, you need to visit the nearest bank branch and fill out a bank teller. Once you receive the withdrawn sum in cash, you can change that sum to your local currency at any bureau de change office