Domiciliary Account

A domiciliary account is an account in any foreign currency. A domiciliary account can be operated by customers upon fulfillment of all KYC requirements.

Domiciliary Account Details:
•Can be opened, maintained and operated in any foreign currency
•A domiciliary account may be operated as current, deposit or savings account.
•Cash lodgments and withdrawals can be made from the domiciliary account.
•Remittances to any part of the world can be made from the domiciliary account.
•Any person making an application to open a foreign currency domiciliary account,and wishes to  deposit therein any foreign currency,shall not be required to disclose the source of funds to be deposited in such account.
•Inflows from abroad can be received via a domiciliary account
•Issuance of foreign drafts can be made from the domiciliary account.

Benefits:
•Payment of foreign medical fees
•Payment of exam/school fees
•Ease of transfer of cash from one country to another
•Payment to suppliers abroad
•Credit card payments, etc.

How to Apply:
1.The individual/organization can pick up a domiciliary account opening form from any of our branches nationwide and open the     account the same day with an initial cash lodgment of $100 (One Hundred Dollars) or its equivalent in any other foreign currency.

FAQS:
Q: How much cash can I lodge into my domiciliary account?
A: one can pay in the maximum sum of $10,000 at a time into the domiciliary account.
Q: Can one operate a domiciliary account in more than one foreign currency?
A: One can operate a domiciliary account in more than one currency if desired, but we are mindful of KYC (Know your customer) requirements.