Are you experiencing trouble transferring money to a Nigerian domiciliary account in Naira?
You may desire to complete the transaction for a variety of reasons.
Just a few phone taps might allow you to access your foreign exchange funds from anywhere in the world. That’s how a domiciliary account works.
A domiciliary account is a type of bank account that allows you to hold foreign currencies such as dollars, pounds, or euros. It is useful for individuals and businesses that engage in international transactions. In this guide, we will show you how to transfer money from your Naira account to your domiciliary account.
Perhaps you’re saving money for an international trip, or perhaps you’re anticipating a payment from a client overseas.
For whatever reason, the process of moving money from naira to domiciliary is not too complicated.
To be honest, if you know what to do, moving money from your Naira account to your residential account is not that difficult.
Before you begin, there are a few things you should be aware of.
How to Transfer Money from Naira to Domiciliary Account
Transacting from your naira account to your domiciliary account might be challenging at times, but it can be made simpler by following the guidelines provided in this post.
You can take the following actions to move money from a Nigerian naira account to a domiciliary account:
- Write an application letter on your company’s letterhead to the Federal Inland Revenue Service (FIRS) requesting a Tax Identification Number (TIN).
- Visit the nearest FIRS office with the application letter and submit it.
- Collect and fill out the TIN application form. Usually, they will give you three copies.
- Attach the following documents to the application form:
- Memorandum & Articles of Association
- Email Address of company or principle officer
- A copy of Business Registration or Certificate of Incorporation: CAC2, CAC7
- Submit the form and documents to the FIRS office.
How to Transfer Money from Naira Account to Domiciliary Account
- Log in to your bank’s internet banking platform.
- Select the option for “Fund Transfer” or “Transfer Funds”.
- Choose the option for “Interbank Transfer”.
- Select the option for “Domiciliary Account”.
- Enter the recipient’s account number and bank name.
- Enter the amount you want to transfer.
- Confirm the transaction details.
- Enter your transaction PIN or token code.
- Submit the transaction.
FAQs on Transferring Money from Naira to Domiciliary Account
Q: What are the prerequisites for sending money from a Naira account to a domiciliary account?
A: To initiate a transfer from a Naira to a domiciliary account, you must have an active Naira account and a domiciliary account within the same banking institution. Additionally, you will need the recipient’s account number and their full name.
Q: What is the maximum amount I can transfer from my Naira to my domiciliary account?
A: The maximum transferable amount from your Naira account to your domiciliary account is determined by your bank. Most banks typically have a daily transfer limit of $10,000 or its equivalent in other currencies.
Q: What is the typical duration for the transfer process?
A: Typically, it takes 1-2 business days for the funds to be successfully transferred to your domiciliary account.
Q: Are there fees associated with transferring money from a Naira to a domiciliary account?
A: Yes, there is usually a nominal fee for conducting this type of transfer, and the specific amount can vary depending on the bank.
Q: How can I go about transferring money from my Naira account to my domiciliary account?
A: There are several methods for transferring money from your Naira account to your domiciliary account, including:
1. In-person at a bank branch: Visit your bank’s local branch and complete a transfer form, providing your personal details, Naira account number, domiciliary account number, and the desired transfer amount.
2. Online: Many banks offer online transfer options, allowing you to log in to their website and follow the provided instructions.
3. Mobile app: Several banks provide mobile apps that facilitate the conversion of Naira funds to your domiciliary account. You can easily download the app from your respective app store and proceed with the instructions.
GT Bank Domiciliary Account Charges:
GT Bank imposes a fee of 0.1% for Naira to domiciliary account transfers, with a minimum charge of ₦200 and a maximum fee of ₦10,000.
Minimum Balance for Domiciliary Account:
The minimum balance requirement for a domiciliary account at GT Bank is $100 or its equivalent in other currencies.
Domiciliary Account Availability:
Q: Does Kuda offer domiciliary accounts?
A: No, Kuda does not provide domiciliary accounts.
Q: Does Opay offer domiciliary accounts?
A: No, Opay does not offer domiciliary accounts.
Q: Can I transfer money from my Naira account to a domiciliary account in a different bank?
A: Yes, it is possible to transfer money from your Naira account to a domiciliary account held in another bank. However, you may need to furnish additional details, such as the beneficiary’s bank name and SWIFT code.
Q: How is the exchange rate determined for Naira to domiciliary account transfers?
A: The exchange rate used for Naira to domiciliary account transfers is set by the bank and may fluctuate based on the day and time of the transaction.
Transferring money from your Naira account to your domiciliary account is a straightforward process that can be done online via your bank’s internet banking platform. You can also visit your bank’s branch and request assistance from a customer service representative if you encounter any challenges.
I hope this guide helps!