It is easy to fund your domiciliary account if you reside in Nigeria or anywhere in the world. In this post, you will be learning how to send/receive money to a domiciliary account in Nigeria.
A domiciliary account let you operate a bank account in any foreign currency of your choice and help you ease the process of sending money home or abroad from wherever you stay.
Quick Overview of Domiciliary Accounts
The most common difficulty encountered by those who use either of the method highlighted above is normally currency exchange issues. Money is converted to a naira equivalent when sent to your local account. Besides, PayPal yet only allows Nigerians to send money and not receive.
Unlike those methods, a domiciliary account will let you receive your money in the original currency. Also, you can get a card for the account to enable you to make online transactions, send money or withdraw cash (in the original currency form) from the account.
A domiciliary account can be used by anyone to collect payment from anywhere in the world. Lots of people who have relatives online, freelancers, bloggers receive their dollars monthly using the account.
Other similar methods are the Western Union and MoneyGram. But, the recent Google AdSense announcement about dropping the Western Union payment method is good enough a reason to go domiciliary. Here is an interesting resource to tell you more and help you open an account.
If you have already opened an account but would like to learn how to fund the account, kindly proceed with the guidelines below.
How to Send/Receive Money to A Domiciliary Account in Nigeria
How to Fund A Domiciliary Account
If you live in Nigeria, you can fund a domiciliary account by making a cash deposit in the currency or make transfers. People outside the country can send money to the account through Western Union and MoneyGram.
How to Receive Money to A Domiciliary Account
Money can be sent through Western Union, MoneyGram, direct deposit or via transfers. However, before you can receive cash to a domiciliary account, there are some account details you must send across to the money sender.
These include the account number and name (as it appears on the account), bank name, branch address, routing number and swift code. You may consult your bank for the correct routing number and swift code.
The details above will be used to initiate the payment process and you will receive the money to your account once confirmed by your bank. However, you can ask for transaction receipt or its equivalence from the sender to ascertain the money was sent in case of any delay on the part of your bank.
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