UBA Domiciliary Account: Requirements & Opening Guide ([year])

UBA Domiciliary Account. UBA Domiciliary accounts are foreign currency accounts that allow you to store and make transactions in your preferred foreign currency. You can open the account with as little as $100 (or £100) in the supported currency of your choice (USD, GBP, or EUR).

You can fund your account and make withdrawals in the currency of your choice while also accruing interest. You can use your free MasterCard to make purchases online or at ATMs worldwide, and there are no annual or monthly fees associated with it.

Why Choose UBA Domiciliary Account?

A UBA domiciliary account is a great way to manage your finances and keep your money safe. It is important to remember, however, that you must be careful when using your account and ensure you understand all the charges associated with it. With a little care and attention, you can make the most of your UBA domiciliary account and keep your money safe.

Types of UBA Domiciliary Account

  1. Freedom Domiciliary Account

  2. Dom Advantage Account.

  3. UBA Kiddies Domiciliary Account

1. Freedom Domiciliary Account

This Domiciliary account can be used as your permanent residence and will accept unlimited overseas transfers.

The perks of a Freedom Savings Domiciliary account include:

Features/Benefits
  • Easy documentation requirements
  • Zero balance account opening
  • Free access to check account balances via our Mobile App and the Internet banking platform
  • Receive foreign currency and Telex inflows directly into your account
  • Nowithdrawal charges
Requirements
  • BVN only

2. Dom Advantage Account

Dom Advantage is a current or savings domiciliary account denominated in foreign currency (such as the U.S. dollar, the British pound, the Euro, etc.) but managed in Nigeria as a domiciliary account.

Benefits

You must deposit at least $100, €80, £70, or the equivalent in other currencies to start an account. Your choice of main currencies (USD, GBP, EUR, etc.) for account transactions.

The account accepts foreign currency and foreign currency instruments. Provides a viable vehicle for domestic and international investments in securities and property.

Requirements
  • Valid Identification (International Passport, Driver’s License, National ID card, Voter’s card)
  • Two Passport photographs
Terms & Conditions

Minimum opening balance of $100, €80 or ₤70 or its equivalent in GBP, Euro etc Interest payable on account credit balance subject to a minimum balance of $1,000.00 or its equivalent

3. UBA Kiddies Domiciliary Account

The UBA Kiddies Domiciliary Account is a foreign currency youth (FCY) account available in US Dollars, British Pounds, and Euros for families planning to send their children abroad for secondary or higher education.

Requirements
  • Valid Identification of Parent/Guardian
  • Two Passport photographs of Child and Parent
  • Child’s birth certificate
  • Utility bill of the parent/guardian
  • BVN of the parent/guardian
Fees/Charges

Withdrawals: 0.5% + VAT on amount withdrawn

Telex Transfer: 0.5% +VAT or US$10 or its equivalent whichever one is higher + Communication charge of US$25 or Euro 20 or £ 15

Draft request: 0.5% +VAT or US$10 or its equivalent whichever one is higher + communication charge of US$25 or Euro 20 or £ 15

Terms & Conditions
  • Opening balance of $100 or £70 or its equivalent.
  • Minimum operating balance of £350 or its equivalent.
  • Interest Rate of 0.1% payable on the credit balance.

UBA Domiciliary Account – FAQ

What is the minimum operating balance for FSDOM account?

The minimum operating balance for FSDOM account is zero (0) USD

What is the minimum opening balance for Freedom Savings Domiciliary accounts?

The minimum opening balance for Freedom Savings Domiciliary account is Zero.

What documentation is required for FSDOM?

The only documentation required for FSDOM is the BVN

How much does it cost to open a domiciliary account with UBA?

Establishing a new account is free of charge. The account can be started with no initial deposit. Depending on the account’s base currency, a minimum deposit of $100 (or its equivalent in euros or pounds) is required to start a domiciliary account.

Can I open a domiciliary account in UBA?

Domiciliary accounts with UBA can be opened by anyone with a Bank Verification Number (BVN), regardless of whether or not they really live in Nigeria. (Diaspora consumers are excluded from participation in this way.) A dom account can be created and used by a business as well.

What are the requirements to open a domiciliary account?

Completed account opening form (different per bank)Completed specimen signature card.Two (2) recent passport photographs.Address verification document, such as a utility bill.Valid ID, e.g. international passport, driver’s license, or national ID card.Resident per

mit.

Conclusion

The many features and perks offered by the UBA domiciliary account are what make it so popular amongst users.

There are a number of advantages to using this service, including the simplicity of signing up online, the absence of regular maintenance costs, and the flexibility to transact in a number of different currencies.

If you’re seeking for a stress-free way to handle your money, the UBA domiciliary account is a fantastic choice.

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