Engaging in international business demands having a domiciliary account, you will definitely need it. Although there are a lot more international gateways for payment available online, Access bank domiciliary accounts still remain the most comfortable to work with. Before we discuss domiciliary account charges, let’s have a brief understanding of what an Access bank domiciliary account means.
Access Bank Domiciliary Account
This account is quite easy to open and carrying out operations on the account is quite easy. This account comes with several benefits for its users. It allows customers receive and send money from one account to another conveniently. In essence, this type of account only contains foreign currencies and is void of the local Nigerian Naira.
Opening an Access Bank Domiciliary Account
Opening an Access Bank domiciliary account is quite easy. Follow the stepwise procedure below:
- Start by downloading the Access bank domiciliary account form online. If you don’t get it online, walk into any Access bank branch and demand a domiciliary account opening form.
- Fill up the form you downloaded and submit the completed form to any Access bank branch near you.
- Scanned copies of the completed form will also be requested. Scan the completed forms and send them via email to email@example.com.
- From here, follow any other instructions you come across.
Access Bank Domiciliary Account Charges
For every transaction on the Access bank domiciliary account, there’s always a fixed charge. There’s a 0.5% charge known as the cash handling charge which occurs on withdrawals every 30 days. This cash handling charge is for maintenance.
The minimum opening balance for an Access bank domiciliary account is $100. Having a minimum balance of $100 is mandatory and it’s among the basic requirements, some other requirements for opening an Access bank domiciliary account include:
- Contact/home address
- Reputable references
- Two recent passport photographs
- Residential permit
- CO7 and CO2 forms depending on the company’s preference
What Are the Different Types of Access Bank Domiciliary Accounts Available?
Aside from getting familiar with the Access bank domiciliary, you should also get to know the two types of Access bank domiciliary accounts available. The two types available include:
- Domiciliary Savings Account
- Domiciliary Current Account
For Access bank domiciliary savings account, here are some of the unique features you’ll come across:
- Unlike other domiciliary account types, you will not be needing a minimum balance
- No maintenance fee is needed
- There will be no withdrawal restrictions
- An opening balance of $100 is needed
- This type of domiciliary account permits direct debit instructions
For Access bank domiciliary current account, here are some unique features you’ll be exposed to:
- An opening balance of about $500 is required
- For a Dom plus domiciliary current account, you’ll need an opening balance of $5000
- An interest rate of 0.2% is incurred monthly
- This type of account permits Cheque deposits
- There’s a free debit card for owners of this type of account
What Are the General Benefits of Access Bank Domiciliary Accounts?
Owners of Access bank domiciliary accounts enjoy the following benefits:
- Free access to third party withdrawals
- The requirements to open an access bank domiciliary account is quite straightforward
- Gives users remote access to their bank accounts
- Owning this account makes it quite easy for users to make use of MasterCard, and other debit cards on POS terminals
- Keeps owners updated via email/SMS alerts
- Access to loan facilities at outstanding rates
- Easy access to cash at any time using your debit cards at ATM terminals
- With good internet, you can easily access your account information without stepping a foot into Access bank.