Made up your mind to check out Zenith Bank’s domiciliary account charges? Well first, you need to the basics of a typical Zenith Bank domiciliary account. First, Zenith bank has the best domiciliary account in Nigeria.
What is a Zenith Bank Domiciliary Account?
Zenith bank domiciliary account is a saving account through which individuals can receive funds in hard currencies, dollars, pounds, euros, etc, and can efficiently carry out payments in the hard currencies.
In the Nigerian banking system, the domiciliary account is common as it assists bank users to receive cash in hard currencies other than naira.
Owning a domiciliary account at Zenith bank, you will be able to receive pounds, euro, and other foreign currencies into your bank account without the bank converting the deposit to Nigerian naira.
Not only can you store the cash in foreign currencies, but you can also withdraw in hard currencies and head to any bureau de change for swift exchange.
Types of Zenith Bank Domiciliary Account Available
There are two types of zenith bank domiciliary accounts available. These accounts include:
- Zenith Bank Ordinary Domiciliary Account
- Zenith bank cash domiciliary account
The Zenith Bank Ordinary Domiciliary Account type is the best you can open in this bank. This is because, it gives users the option to retrieve USDs, Pounds, and Euros. Some of the requirements for opening this type of Zenith bank domiciliary account include:
- N300k minimum initial deposit
- Zenith Bank’s account opening form fully filled
- One recent passport photograph
- Authorized signatories
- Valid means of identification
The Zenith Bank Cash Domiciliary Account type can also be called the zenith bank dollar account. The reason behind this name is that the account can’t receive any other currency other than the United States dollar. With this domiciliary account, you won’t be able to receive pounds, euro, or yen. It’s strictly limited to the United States dollar.
This Zenith bank domiciliary account type requires the following:
- An account opening form
- A recent passport photograph
- Authorized signatures
- Valid identity card
- Public utility
Zenith Bank Domiciliary Account Charges
Bank domiciliary account charges vary with banks, for example, Gtbank opens domiciliary accounts for free, however, two referees are needed. Both referees must also make use of current accounts, this makes opening a domiciliary account with Gtbank quite difficult.
Zenith Bank domiciliary account charges for as low as $30 which is equivalent to about 1,160 Nigerian Naira. This charge could vary but $3 is the highest customers could be charged.
The worst thing that could happen to an individual when it comes to making transfers, is to receive deposits from abroad, and can’t cash it out in the foreign currency but the Nigerian Naira. If the money is converted to Naira, zenith Bank will make use of their exchange rate which is quite bad.
For example, you received a deposit of $500 into your Nigerian Naira Account, the money will be converted to $1- N382 and this amounts to N191,500. However, if you decide to receive your cash in a domiciliary account and head out to the black market for exchange, the exchange rate will be about $1 – N460, this will give N231,000 in total. Meaning a zenith Bank domiciliary account gives you more money.
Benefits of using the zenith Bank domiciliary account include:
- Visa credit card
- Mobile/Internet banking, and lots more.
You can’t own a zenith visa credit card without opening a domiciliary account. The domiciliary account allows you to own a visa credit card that is able to run online transactions up to $10,000, making it easy for you to make payments online and carry out mobile banking at ease.