Access Bank domiciliary account details: requirements and charges explained

An Access Bank domiciliary account enables customers to hold funds in foreign currencies. Opening a domiciliary account with Access Bank in Nigeria is a straightforward process. If you're looking to open an Access Bank domiciliary account, familiarise yourself with its features.

Key takeaways

• Access Bank's domiciliary account is a foreign currency account for Nigerian customers.
• To open an Access Bank domiciliary account, you need a valid ID, two passport photos, proof of your address, two references, and an Access Bank Naira account.
• The Access Bank domiciliary account has a mobile app known as the AccessMore.

Access Bank's domiciliary account: all you should know

An Access Bank domiciliary account is simply a bank account that allows you to keep money in a foreign currency like dollars, pounds, Euros, etc, instead of Naira. It's useful for individuals and businesses who deal with different currencies or conduct international transactions.

Access Bank domiciliary account opening

Opening the account is simple, and the step-by-step process is outlined below.

1. Gather the necessary account opening documents, which vary depending on whether you are opening a personal or business account.
2. Visit an Access Bank branch to submit your documents and fill out the forms.
3. Complete the application form provided by the bank.
4. After submitting the documents, deposit the minimum amount to activate your account.
5. Once Access Bank reviews and processes your documents, your new account will be activated and ready to use.

Access Bank domiciliary account requirements

If you're looking to open a domiciliary account with Access Bank, there are requirements to do so. The requirements are different for individuals and businesses.

Individual requirements

To open a personal account, the following requirements are needed:

• A completed account opening form from the bank.
• A valid ID of each signatory, which could be a passport, National Identity Card (NIN), or residence permit if you're a foreigner living in Nigeria.
• Two recent passport-sized photographs.
• Proof of your address, such as a utility bill from the last three months, a bank statement, or a local tax bill.
• Two references, ideally, people who bank with Access Bank.
• A minimum deposit of $100, £100, or €100 is required to open the account.
• Have an existing Access Bank Naira account.

Business requirements

For a company or business account, the following business documents are required:

• A company's registration certificate.
• A Memorandum and Articles of Association, explaining your company's purpose and rules.
• A Board Resolution, showing that the company's directors agreed to open the account.
• Forms CO7 and CO2, if applicable to the company's registration.
• A Search Report on the company's status.
• IDs and passport-sized photos for everyone authorised to manage the account.
• Proof of address for the business.
• Your Tax Identification Number (TIN) and SCUML (Special Control Unit against Money Laundering) certificate, if required for your business.

What is the Access Bank domiciliary account interest rate?

Access Bank offers various domiciliary accounts with interest rates that vary based on account type and the amount saved. Below are the two types of accounts and the interest earned.

• A domiciliary current account offers an interest rate of 0.01% per annum.
• A domiciliary savings account, however, has two categories with slightly higher interest rates. The Classic savings account pays 0.1% annually, while the Plus savings account pays 0.2% annually.

Access Bank domiciliary account mobile app

Access Bank's domiciliary account has a mobile app known as the AccessMore. The app has the following benefits:

• The AccessMore app gives you full control over your foreign currency account from your mobile phone.
• You can check your balance from anywhere.
• Allows you to check your transaction history.
• Allows you to transfer funds from your account to other banks, both in Nigeria and abroad.
• Contact your bank representative directly through the app.
• Beyond domiciliary account management, the AccessMore app also allows you to pay bills, buy airtime, and manage your bank cards.

How to get the AccessMore app

To get the app, follow these simple steps:

1. Download AccessMore from your phone's app store. Google Play for an Android phone and the Apple App Store for an iPhone.
2. Install the app by following the instructions on your screen.
3. Log in with your Access Bank internet banking details. Otherwise, you have to sign up and set up your profile right in the app.

Access Bank domiciliary account charges

Just like other banks, Access Bank charges various fees for its domiciliary accounts. These fees can differ depending on whether you have a current or savings account, what kind of transaction you're making, and sometimes even the amount of money involved. Here's a simple breakdown of the typical fees you might come across:

• Access Bank generally does not charge monthly fees for its domiciliary accounts.
• The minimum initial deposit is 100 dollars, 100 pounds or 100 Euros. However, there is no minimum balance required after that.
• A small fee of $10 applies to debit cards, though some premium accounts may offer a free card.
• Cash withdrawals are charged a small fee of 0.05% of the amount withdrawn.
• The standard SWIFT charges are $25 for dollars, £13 for pounds, and €15 for Euro transfer funds.
• In addition to the SWIFT fee, Access Bank charges a fee of 0.75% of the transferred amount from your foreign currency account.

Access Bank domiciliary account benefits

Having an Access Bank domiciliary account has many benefits. They include:

• Holding money in a domiciliary account reduces the risk of foreign currency fluctuations.
• The accounts facilitate international transactions.
• Enhanced access to global business, as domiciliary accounts simplify international trade for businesses.
• The account offers individuals and businesses the convenience of accessing foreign currency.

Access Bank domiciliary account limit

While there is no maximum limit on the total foreign currency you can hold in the account, there are limits on daily deposits and transfers. Below are the common limits you might encounter:

• You can deposit a maximum of $10,000 in cash daily.
• There's no limit to how much foreign currency you can receive via direct bank transfers (like SWIFT). This allows large amounts can come into your account without a cap.
• While you can make unlimited withdrawals from a domiciliary current account, prior notification to the bank may be required for large amounts.

Access Bank domiciliary account transfer

Access Bank allows customers to transfer money easily from their domiciliary account both within and outside Nigeria. You can make the following types of transfers:

• Send foreign currency to other Access Bank domiciliary accounts.
• Send funds to other domiciliary accounts in other Nigerian banks.
• Transfer money to foreign bank accounts through SWIFT.
• Convert foreign currencies to Naira and send to a Nigerian Naira account.

What is the minimum balance for an Access Bank domiciliary account?

Access Bank domiciliary account holders in Nigeria are not required to maintain a daily minimum balance after account opening. However, the initial minimum opening balance is as follows:

• $100 for a dollar account.
• £100 for a pound account.
• €100 for a Euro account.

The Access Bank domiciliary account provides Nigerian customers with foreign-denominated accounts, facilitating easy international transactions with minimal charges. Customers can choose between a savings or a current domiciliary account at Access Bank.

DISCLAIMER: This article is not sponsored by any third party. It is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility!

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Source: Legit.ng