how to open a UBA domiciliary account
A domiciliary account is a type of account that allows you to receive direct foreign currency and make overseas payments. Foreign currencies, such as dollars, pounds, or euros, are used to finance this type of account.
Payments sent by wire transfer, on the other hand, may take two or three working days to appear in your dollar domiciliary account, depending on when the money was sent. Depending on your bank and your place of residence, you can also transfer money from your domiciliary account to another domiciliary account abroad or within your nation.
Wire transfer charges in a domiciliary account might be extremely costly. This differs from bank to bank as well.
This article will explain how to open a UBA domiciliary account, the different types of accounts, and how to fund and credit them.
Freedom Dom Account, U-Care Plus Domiciliary Account, and Dom Advantage Account are all offered by United Bank of Africa. Depending on the type of account you want to open with UBA, you can select the account that best meets your needs.
1. Freedom Dom Account
Customers can receive foreign currency and Telex inflows directly into their UBA domiciliary savings account. It has a zero (0) USD account balance at the start. Customers’ accounts will be upgraded as soon as they reach a $2000 debit turnover limit.
Customers cannot make transfers to this account; they may only access their funds through in-branch cash withdrawals, and cards are not accepted.
To open a Freedom Dom account, you must meet the following requirements.
To open a Freedom Dom account, all you need is your bank verification number (BVN)
2. Dom Advantage Account
In Nigeria, the UBA Dom Advantage is a current or savings domiciliary account that can be denominated in foreign currency (e.g. US Dollar, Pound Sterling), but which is administered by UBA as a Domiciliary Account in the country of origin.
It requires a minimum opening balance of $100, €80, or 70, or the equivalent in other currencies, to operate. The account can be used to make investments in securities and real estate both domestically and internationally—- A minimum balance of $1,000.00 or its equivalent is required to be maintained on the account credit balance in order to earn interest.
To open a Dom Advantage Account, you must meet certain requirements.
1. Identification that is current and valid (international passport, driver’s license, national ID card, voter’s card, etc.)
2. Two images of one’s passport
3. U-Care Plus Domiciliary Account
This FCY account, which is available in USD, GBP, and EURO, is designed for parents who desire to save for their children’s secondary or higher education in another country.
It has a Telex Transfer fee of 0.5 percent + VAT or US$10 or equivalent, whichever is higher, plus a communication fee of US$25, Euro 20 or GBP 15 and 0.5 percent + VAT on the amount withdrawn.
The minimum opening balance for a UBA U-Care Plus Domiciliary Account is $100 (£70) or it equivalent. The credit balance must have a minimum operational balance of £350 or its equivalent, with a 0.1 percent interest rate.
To open a UBA U-Care Plus Domiciliary Account, you must meet the following requirements.
Customers must provide the following documentation to open a UBA U-Care Plus Domiciliary Account.
1. Valid Parent/Guardian Identification
2. Photographs of the child and parent in their passports
3. A copy of the child’s birth certificate
4. Verification of the parent/ guardian’s address..
Utility Bill (Commonly Known as NEPA or PHCN bill or the Waste Management bill)
How to Create a UBA Domiciliary Account
1. You may be asked to provide two references who have held a current account with the bank or another bank for at least six months. It is usually preferable and faster to obtain referrals from the same bank so that confirmation can occur as soon as possible.
2. Pick up an application form from any UBA bank in your location.
3. Complete it and attach the relevant documents.
2. Utility bills such as PHCN bills, etc.
5. Identification documents such as a national ID card, an international passport, and a driver’s license.
6. The minimum balance is around $100. You may be charged an additional fee if you use a MasterCard or VisaCard.
7. Once all of the documents and references have been validated, you will receive your account number in less than 72 hours.
Author: Simeon Bala
I am a finance market research analyst with over five years of experience. I have a strong interest in personal finance and investment research. I am also a skilled copywriter.
