Opening Dollar Account in Union Bank Online- This article will help you know how to open a dollar account with Union bank and the benefit of a dollar account in Nigeria.Meaning of Dollar Account or Domiciliary Account
A dollar account officially known as a domiciliary account is a bank account you open in Nigeria that enables you to receive and withdraw foreign currencies. With a dollar account in Nigeria banks today you can receive money from different currencies from abroad but is not operated in Nigeria currency, with this account you can operate with the three global currencies and you can receive money from either United States dollars, or British Pounds, or Euros.
How many Types of Dollars do we have?
Basically, we have two types of dollars account which are;
- Domiciliary Savings account, and
- Domiciliary Current account.
About Domiciliary or Dollar Savings Account
This is a foreign currency account that gives customers the option to save in any of the three global currencies (US Dollars, Euros, and GB Pounds) while earning interest.
Union Bank Domiciliary or Dollar Savings Account Features
Below are the features made of the Union bank Dollar savings account;
- Account opening balance of $50 or its equivalent in Pounds and Euros
- Up to 1% interest per annum (interest will be forfeited when a withdrawal is more than 4 times in a month)
- 0.05% is charged on cash withdrawals (maybe change to – Discounted charges on cash withdrawals)
Dollar Savings Account Benefits
Below is the benefit of a Dollar savings account;
- Account opening balance of $100 or its equivalent in Pounds and Euros
- Charge of 0.05% on the amount withdrawn
- Interest earned is 0.2% p.a (interest will be forfeited when the withdrawal is more than 4 times in a month)
- 05% is charged on cash withdrawals
Requirement for Opening a Dollar Savings Account
When opening a dollar account few things will be required from which is;
- 2 passport photographs
- Valid means of identification: international passport or Driver’s license/National Identity card
- Current Utility bill (not more than 3 months old) or signed tenancy agreement
- BVN
- CIU Form
NOTE; Same requirement for both Dollar Savings Account and Dollar current account only dollar current account request for 2 valid references
Domiciliary Current Account
This is a foreign currency account that gives customers the option to a bank in any of the three global currencies (US Dollars, Euros, and GB Pounds).
See also-How to Open a Bank Account with GT Online
Domiciliary Current Account Features
Unlike a savings account, a current account also has it unique features which are;
- The account opening balance is the equivalent of $100 in Pounds and Euros
- Access to international transfers
- The swift charge is the equivalent of 22USD in GBP & 18EUR for transfer. (If this is a discounted offer, can you rephrase)
- Transfer charge of 0.5% of the principal amount
- 0.05% is charged on cash withdrawals
Domiciliary Current Account Benefit
Unlike a savings account, a current account also has it unique features which are;
- Account opening balance of $100 or its equivalent in Pounds and Euros
- Swift charge of 22USD, 15GBP & 18EUR for transfers
- Access to International transfer
- Transfer charge of 0.1% of principal amount (2% when cash deposits are transferred)
- 0.05% is charged on
How to Open a Dollar Account in Union Bank Online
- Visit the Union bank website
- Scroll down to ‘Account Opening Form’, and click on it.
- Three forms will be displayed, that is ‘Account Opening Form, Signature Form, and Reference Form’. Click on each of them, they will be downloaded automatically to your phone or PC.
- Ensure to fill out all the forms you have downloaded.
- Once you have filled them out, email the forms to customerservice@unionbankng.com.
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