Looking to open a domiciliary account in Nigeria this 2025? You're in the right place. Whether you're a freelancer receiving payments in dollars, a business owner dealing with international clients, or someone who just wants to save in foreign currency, this detailed guide explains everything you need to know about the best banks for domiciliary accounts in Nigeria.
We’ll walk you through how domiciliary accounts work, what documents you need, the top 10 reliable banks to consider in 2025, and how each bank compares in terms of ease, charges, and foreign transaction support.
By the end of this guide, you’ll know exactly which Nigerian banks offer the best domiciliary accounts and which one suits your needs.
What Is a Domiciliary Account in Nigeria?
A domiciliary account (often called "dom account") is a type of foreign currency account you can open with Nigerian banks. It allows you to receive, send, and save money in foreign currencies like US dollars (USD), British pounds (GBP), and euros (EUR).
Instead of converting every foreign transaction into naira, a domiciliary account helps you:
Receive dollar inflows from clients abroad (e.g., Payoneer, Upwork, Fiverr)
Withdraw FX directly in cash or via international cards
Save in stable currencies to protect against naira inflation
Send international transfers (SWIFT) to banks abroad
This account is essential if you work online, run a global business, or want to hedge against currency devaluation in Nigeria.
Why You Need a Domiciliary Account in Nigeria 2025
In 2025, the exchange rate continues to fluctuate, and many Nigerians are searching for ways to earn, save, or spend in dollars. Here's why more Nigerians are opening dom accounts this year:
Protection Against Naira Devaluation
Holding funds in dollars or euros helps you avoid local currency risks.Freelancing & Remote Work Payments
Platforms like Fiverr, Upwork, Payoneer, and Amazon affiliates require a dom account to receive earnings.Dollar Savings & Investments
You can use your dom account to invest in foreign stocks, crypto, or save in foreign banks.Online Shopping & Subscriptions
Dom accounts often come with FX debit cards for paying international services like Netflix, Canva, and domain renewals.
Top 10 Best Banks for Domiciliary Accounts in Nigeria 2025
Here are the most reliable and user-friendly banks for opening a domiciliary account in Nigeria this 2025, based on customer experience, low charges, fast processing, and FX availability.
1. Guaranty Trust Bank (GTBank)
GTBank is widely known as one of the best banks for domiciliary accounts in Nigeria due to its fast account setup and online-friendly platform.
Why Choose GTBank:
Fast and paperless account opening (you can start online)
Accepts FX inflows from Payoneer, Upwork, and other platforms
Offers MasterCard for FX withdrawals
Works well with domiciliary transfers
Charges:
Transfer fee: ~$20 SWIFT
Maintenance fee: Low (quarterly)
Best For: Freelancers and remote workers
2. Access Bank
Access Bank provides a flexible domiciliary account with good international transfer support and foreign card issuance.
Why Choose Access Bank:
You can open a USD, GBP, or EUR account
Easy to link with international payment platforms
They support cash deposits and wire transfers
Charges:
Transfer fee: ~$25 SWIFT
Maintenance: Moderate
Best For: Small business owners receiving global payments
3. Zenith Bank
Zenith is a popular pick among exporters and high-volume dollar receivers due to its strong corporate banking infrastructure.
Why Choose Zenith Bank:
Efficient for international transfers
Supports large FX transactions
Offers good security and tracking
Charges:
SWIFT fee: ₦5,000–₦7,000 per transfer
Monthly maintenance fee applies
Best For: Businesses and exporters
4. UBA (United Bank for Africa)
UBA’s dom account is beginner-friendly and great for customers new to foreign banking.
Why Choose UBA:
Simple account opening process
Accepts FX from MoneyGram, Western Union, and bank transfers
Comes with Visa Dollar Card
Charges:
SWIFT transfer: ₦5,000+
Maintenance: Low
Best For: Side hustlers and individual earners
5. Fidelity Bank
Fidelity Bank is rising in popularity among freelancers and SMEs thanks to their fast service and support for online transactions.
Why Choose Fidelity:
Great customer service
Supports FX inflows and Payoneer transfers
Easy access to dollar withdrawal
Charges:
Competitive SWIFT fees
Minimum opening balance may apply
Best For: Freelancers and Payoneer users
6. FCMB (First City Monument Bank)
FCMB is known for simplicity and user-friendliness when it comes to dom accounts.
Why Choose FCMB:
Smooth documentation
Swift card issuance for dollar spending
Accepts Western Union and direct wire
Charges:
Transfer cost: ~₦5,000
Account maintenance is minimal
Best For: Students and self-employed earners
7. Stanbic IBTC
Stanbic offers reliable access to foreign currencies with a global banking feel.
Why Choose Stanbic:
Strong digital banking platform
Easy access to FX transactions
Ideal for international investments
Charges:
SWIFT: Around ₦6,000
Maintenance: Charged per quarter
Best For: Investors and professionals
8. Union Bank
Union Bank is suitable for customers seeking stable dollar banking and easy-to-understand procedures.
Why Choose Union Bank:
Quick account activation
Friendly to low-income FX receivers
Strong branch support for dollar deposits
Charges:
FX transfer: ~₦5,000
Maintenance: Moderate
Best For: First-time dom account holders
9. Wema Bank (ALAT)
Wema Bank's ALAT digital banking platform makes opening a domiciliary account seamless.
Why Choose Wema Bank:
100% online application
Easy documentation upload
Dollar card option available
Charges:
Transfer: ₦4,000–₦6,000
Maintenance: Low
Best For: Tech-savvy users and Gen Z freelancers
10. Sterling Bank
Sterling Bank provides a smooth experience for foreign savings and international transactions.
Why Choose Sterling Bank:
Offers different dom account types
Accepts Payoneer and wire transfers
User-friendly banking interface
Charges:
Moderate transfer fees
Minimal hidden charges
Best For: Online workers and dollar savers
Requirements to Open a Domiciliary Account in Nigeria 2025
To open a dom account in Nigeria this year, you’ll typically need the following:
Valid means of ID (NIN, International Passport, or Voter's Card)
Utility bill (not older than 3 months)
Two passport photographs
Two references (some banks waive this in 2025)
Minimum opening balance (varies — some from $50 to $100)
Most banks now support partial online account opening before you visit a branch to complete the process.
How to Fund Your Domiciliary Account in Nigeria
You can fund your dom account through:
Foreign wire transfers (SWIFT)
Payoneer or freelance platforms
Cash dollar deposits at the bank
International remittance via Western Union or MoneyGram (in some cases)
What to Watch Out for When Choosing a Bank
When picking the best bank for a domiciliary account in Nigeria, consider the following:
Speed of account opening
Transaction charges
Card access (Dollar card or Visa/MasterCard)
Ease of receiving FX
Customer service
Domiciliary Account Charges in Nigeria (2025)
| Bank | Transfer Charges (SWIFT) | Maintenance Fee | FX Card Access |
|---|---|---|---|
| GTBank | ₦5,000–₦7,000 | Quarterly | Yes |
| Access Bank | ₦6,000 | Monthly | Yes |
| Zenith Bank | ₦5,500+ | Monthly | Yes |
| UBA | ₦5,000 | Quarterly | Yes |
| Fidelity | ₦5,000 | Quarterly | Yes |
| FCMB | ₦5,000 | Low | Yes |
| Stanbic IBTC | ₦6,000 | Quarterly | Yes |
| Union Bank | ₦5,000 | Low | Yes |
| Wema (ALAT) | ₦4,000+ | Minimal | Yes |
| Sterling Bank | ₦5,000 | Low | Yes |
FAQs on Best Banks for Domiciliary Accounts in Nigeria 2025
Which bank is the best for a domiciliary account in Nigeria?
GTBank, Access, and Zenith Bank are among the best options in 2025 due to fast processing, low fees, and digital support.
Can I receive Payoneer payments into my domiciliary account?
Yes, most Nigerian dom accounts accept Payoneer-linked bank transfers if the bank matches the Payoneer routing details.
Do I need two referees to open a domiciliary account in 2025?
Some banks have removed this requirement, especially for digital dom accounts. But traditional banks still ask for two current account holders as referees.
Can I open a domiciliary account online in Nigeria?
Yes. Banks like GTBank, ALAT by Wema, and Stanbic allow online initiation with branch follow-up for verification.
Can I withdraw dollars in cash from my domiciliary account?
Yes, but subject to availability of physical dollars in the branch. You can also use your FX card for POS or online spending.
Final Thoughts: Which Is the Best Bank for Domiciliary Account in Nigeria 2025?
Choosing the best bank for domiciliary account in Nigeria depends on your personal needs. If you’re a freelancer or remote worker, GTBank, UBA, and Fidelity offer the most convenience. For high-volume users or businesses, Zenith Bank and Stanbic IBTC are reliable. If you want fully online access, ALAT by Wema is your best bet.
No matter your choice, having a domiciliary account in 2025 is a smart move to beat currency instability and tap into global earnings. Choose wisely, compare charges, and always ask questions at the branch before proceeding.