GTB domiciliary account: Everything you need to know about opening one and charges

Opening a GTB domiciliary account enables individuals and businesses to send and receive foreign currencies such as US dollars, pounds or euros. The process is relatively straightforward, requiring valid identification and reference documents. However, it is essential to understand the applicable fees before proceeding.

Key takeaways

• A GTB domiciliary account enables transactions in major foreign currencies like US dollars, pounds and euros.
• To open an account, you will need documents such as a valid ID, passport photographs, a utility bill, and reference forms.
• Charges include transfer fees, cash handling charges, and maintenance fees, which vary depending on the transaction type.

What is a GTB domiciliary account?

A GTB domiciliary account is a foreign currency bank account. It is designed for individuals or corporate entities who receive or make payments in foreign currencies, including US dollars, British pounds, and euros.

Therefore, if you receive funds from abroad, make international purchases, or conduct cross-border business transactions, this type of account suits you. The bank offers two types of domiciliary accounts: personal and business domiciliary accounts.

Personal domiciliary account

This type of GTB domiciliary account suits individuals and allows you to hold and manage foreign currencies such as US dollars, British pounds, and euros. Its key features include:

• Cash withdrawals in foreign currency from any GTBank branch.
• Ability to transfer funds in foreign currency to domiciliary accounts of banks in Nigeria and abroad.
• Allows 24/7 access to banking services through various electronic channels.

Business domiciliary account

This type of account is tailored to corporate needs for international trade and transactions in major foreign currencies. Below are the account’s key features:

• Allows transactions in major foreign currencies.
• It can be funded through traveller's cheques, lodgement of foreign currency cheques, cash inflows and cash deposits.
• Withdraw cash or make transfers/payments to suppliers offshore.

Requirements for opening a GTB domiciliary account

To open a GTBank domiciliary account, you need to provide specific documentation. Below are the requirements for opening personal and business domiciliary accounts.

Personal GTB domiciliary account opening requirements

If you want to open a GTB domiciliary account for individual use, you will require the following:

• A filled and signed domiciliary account opening form, which you can obtain at any GTBank branch or online.
• A copy of a valid identification document, such as a driver's licence, international passport, or national I.D. card.
• One passport photograph.
• Two completed reference forms from current account holders in Nigeria.
• Recent utility bill (not older than 3 months) to verify address.

Business GTB domiciliary account opening requirements

Opening a business GTB domiciliary account for corporate use requires you to provide the following documents:

• Certificate of Incorporation (CAC).
• Memorandum and Articles of Association.
• Resolution to open an account (on company letterhead).
• Valid ID cards of signatories.
• Utility bill and passport photographs of signatories.
• Two reference forms.
• Tax Identification Number (TIN) and other KYC documents.

How can I fund my GTBank domiciliary account?

Funding a GTBank (GTB) domiciliary account can be done through several methods that accommodate both local and international sources. Below are the main ways to fund a GTB domiciliary account.

• Foreign inward transfers – You can receive money from abroad directly into your GTB domiciliary account. This is one of the most common methods for funding such accounts.
• Cash deposits in foreign currency at GTBank branches – You or other people can go to any GTBank branch and deposit physical foreign currency into your domiciliary account.
• Traveller’s cheques and bank drafts – You can fund your account using foreign bank drafts or traveller’s cheques payable in the supported currencies.

Benefits of a GTB domiciliary account

Opening a GTBank (GTB) domiciliary account comes with several benefits, especially for individuals and businesses involved in international transactions. Below are the key advantages:

• Receive and send foreign currency easily – This account allows you to receive and send foreign currencies. It is suitable for individuals receiving remittances from abroad, workers paid in foreign currency, importers, exporters, and international business owners.
• International payments and transfers – You can make international wire transfers directly from your domiciliary account to banks abroad. This makes it ideal for paying for goods outside Nigeria, settling school fees abroad, and sending money to family and business partners internationally.
• Foreign currency savings – The domiciliary account lets you save money in stable foreign currencies, helping you hedge against naira devaluation, preserve the value of your savings, and plan for international expenses.
• Online and mobile banking access – Internet banking and GTWorld Mobile App fully support GTB domiciliary accounts.
• Secure and reliable platform – GTBank is a well-established bank with strong international partnerships, ensuring your foreign currency transactions are processed securely and efficiently.

Who can open a domiciliary account with GTBank?

Both individuals and businesses can open domiciliary accounts with GTBank, provided they meet the required documentation and identification criteria.

What is the minimum balance for a GTB domiciliary account?

GTBank does not require a minimum opening or operating balance for its domiciliary accounts. This means you can open and maintain the account without a mandatory deposit.

What are the disadvantages of a domiciliary account?

While domiciliary accounts offer several benefits, there are some drawbacks to consider, including currency restrictions, inability to fund with local currency, physical branch visits, and transaction fees.

Can I open a GTBank domiciliary account online?

Currently, GTBank requires customers to visit a branch in person to open an account. The process involves submitting necessary documentation, including identification and reference forms.

Can I transfer money from a Naira account to a domiciliary account?

No, direct transfers from a naira account to a domiciliary account are not permitted. To fund a domiciliary account, you must use foreign currency through methods such as cash deposits, foreign currency cheques, or international wire transfers.

The GTB domiciliary account is a smart financial tool for anyone who transacts in foreign currencies. With proper documentation and a straightforward application process, you can open an account and start enjoying the benefits of international banking. However, be mindful of the associated transaction charges.

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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Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng