Foreign exchange rates are so unpredictable. Some currencies keep growing, and others keep losing their value. Nigerians who are running an international business, working with foreign markets and earning or sending Euros, British pounds or U.S. dollars can think about opening a Diamond Bank domiciliary account. What advantages does it offer you?
Every customer of Diamond Bank whether you’re thinking about making online purchases on eBay, Amazon and different shops or receive international earnings or not can open their Domiciliary account and protect themselves from unexpected currency fluctuations.
This is a special type of account offered by Diamond Bank and many other Nigerian banks. Such accounts are available for individuals and businesspersons.
The main advantage of domiciliary account in Diamond Bank and other financial organizations is the ability of account holders to send and receive money from international companies and people. In other words, you can work with foreign currency and foreign firms.
Such accounts usually support different payment methods:
- International cheques (including deposit)
- Cash deposit option
Such accounts are real savings when you need to pay with dollars but do not want your bank to overcharge you. Since it is impossible to transfer finances from one type of account (in Naira, for example) to an account in U.S. dollars or other foreign currency, you can fix this problem by using a domiciliary account that supports transactions between the same types of bank accounts.
In other words, you can transfer money from one domiciliary account to another domiciliary account and save time and nerves on currency exchange rates.
Charges for Domiciliary Account in Diamond Bank
You can hold a domiciliary account in one of these three currencies:
- U.S. dollars
- British pounds
Business Domiciliary Account
Nigerian Businesspersons can open the account in U.S. dollars or other currencies (except Naira). It will support cheques facility for withdrawing cash. Besides, you can be paid nice interest on your deposit along with some free services:
- Text messages alert is available at no cost
- Inward transfer of foreign currency is available at no additional cost
There are some requirements you have to meet. For example, individuals have to deposit at least 100 U.S. dollars, 100 Euro or 100 English pounds to open their domiciliary account, while small and media companies (MSME) are required to deposit the minimum of 150 in one of the three supported currencies.
Here are the charges you have to pay:
- 0.25 percent – fee to pay for each cash withdrawal
- 0.75 percent – fee to pay for online transfers from one account to another account
- 1 percent – fee to pay for transferring money between accounts at bank branch
- 1 percent (or at least 10 U.S. dollars) + 40 U.S. dollars – fee to pay for outward SWIFT transfers at bank branch
- 0.75 percent (or at least 10 U.S. dollars) + 40 U.S. dollars – fee to pay for online outward SWIFT payments
- 25 U.S. dollars – fee to pay for all outward bank transfers
- 0.25 percent (or at least 10 U.S. dollars, at maximum 100 U.S. dollars) – fee to pay for foreign draft purchases
Domiciliary account holders can earn 0.25 percent of interest per year on their credit balance and their inward SWIFT transfers are free of charge.
It is possible to transfer the maximum equivalent of 10,000 U.S. dollars per day. Besides, all cash transfers are limited to the equivalent of 50,000 U.S. dollars per month. You can open your business account in foreign currency by filling out the form called ‘Incorporated and Non-incorporated Account Opening Form.’
Personal Domiciliary Account
All you have to do is download the Personal Account Opening Form from the official Diamond bank’s website and fill it in by checking one of the foreign currencies next to ‘Applicable only to Domiciliary A/C.’ Such an account can be opened within a couple of minutes.
Each personal domiciliary account (available to Diamond Privilege clients) has a limit for online transactions. It is set for 20 million Naira equivalent.
Diamond bank domiciliary account charges are applied to all personal accounts that do not keep 10 million Naira in them. This is the permanent limit for those Nigerians who do not want to pay extra fees for keeping their accounts in foreign currencies.
By the way, it is also possible to link your bankcard in U.S. dollars or other foreign currency to personal domiciliary account. This definitely works for Diamond Bank users. You can use it for international transactions online and at shops as well as withdraw your money in foreign countries through ATMs.
In addition, since you know what Diamond Bank domiciliary account is and what charges are applied for individuals and businesses, you have to also learn one important detail. You can use this account to transfer different foreign currencies to all other Nigerian and foreign banks.