United Bank for Africa has had three (3) types of domiciliary accounts, these types include:
- Freedom Domiciliary Account
- Domiciliary Advantage Account
- U-Care Plus Domiciliary Account
Each of these accounts has a different charge rate, we will be looking at the advantages, terms & conditions, charges, and requirements for opening these types of domiciliary accounts.
● Freedom Domiciliary Account
This type of domiciliary, of course, is a USD foreign currency account having lower operating limits, for individuals who are looking for forwarding to saving in dollars. Check out its features, terms & conditions, and requirements.
Benefits of Freedom Domiciliary Account
● Zero Opening Account Balance
Cash isn’t needed to open a freedom domiciliary account, all you need to do is to walk into any UBA branch, open an account opening form, if you feel going all the way to the bank is strenuous, you can also download the account form from their official website.
● Minimum Balance of $10
When compared to other domiciliary accounts, this freedom domiciliary account has an operating balance that’s affordable by all. All types of earners can make use of this account perfectly.
Requirements of Freedom Domiciliary Account
Some of the requirements of the freedom domiciliary account include:
- Completed account opening form
- Recent passport photographs (2)
- National ID card (NIMC), Driver’s License, Voters Card, and lots more
- Resident permit
This is how basic and straightforward opening a freedom domiciliary account is. However, there are some terms and conditions guiding the Freedom Domiciliary Account Opening. These terms and conditions include:
- A minimum balance of $10 or it’s equivalent depending on the currency
- A maximum balance of $5,000
- Only foreign currency cash deposit should be used to fund the account
- Foreign currency inflows are not allowed in the Freedom Domiciliary Account
● Domiciliary Advantage Account
This type of domiciliary account is a current or savings domiciliary account that’s either denominated in US Dollar, Euro, or Pound Sterling (GBP).
Benefits of Dom Advantage Account
● Minimum Opening Balance is $100
Unlike other types of Dom accounts which require a huge minimum opening balance, the advantage dom account requires only €80, $100, or £70, depending on the currency you intend to use.
● Foreign Cheque Deposit is Allowed
Foreign cheques can be easily credited to the domiciliary advantage account and it could be used as a proper channel for investments in assets, securities, home, and abroad.
Requirements to Open Domiciliary Advantage Account
Some of the requirements of the domiciliary advantage account include:
- Valid means of identification
- Recent passport photograph
Some of the terms and conditions for opening a domiciliary advantage account include:
- $100 minimum opening balance and its equivalent
- Interest payable of this type of don account is about $1,000.00
● U-Care Plus Domiciliary Account
This type of domiciliary account is a variant of the unique U-care plus savings account. This account is an FCY account that is adequately denominated in USD, GBP, and EUR. Basically, this account is designed for parents who are looking to save up for their children’s education, either locally or internationally.
Requirements to Open U-Care Plus Domiciliary Account
- Valid means of identification
- Recent passport photograph
- Birth certificate
- Parent’s address
What Are the Charges on a U-Care Plus Domiciliary Account?
- For every withdrawal, there’s a 0.5% + VAT on the amount you withdraw
- For Telex Transfer, there’s always a 0.5% + VAT and a communication charge of $25 on your withdrawals
- For draft request, there’s 0.5% + VAT and a communication charge of $25 just as in Telex transfer
What Are the Terms and Conditions Applied to a U-Care Plus Domiciliary Account?
- A minimum opening balance of £70 or its equivalent.
- A minimum operating balance of £350 is required.
- A 0.1% interest rate is payable on the credit balance.
