How to Open a UBA Domiciliary Account & Requirements
Are you looking to diversify your financial options and manage your money in multiple currencies? Opening a UBA domiciliary account might be the perfect solution for you. In today’s globalized world, having access to foreign currencies can be incredibly beneficial.
We will guide you through the process of opening a UBA Domiciliary Account, detailing the requirements and providing insights to streamline your experience. Opening a bank account, especially one designed for foreign currency transactions, can sometimes seem daunting. However, with our step-by-step approach, you’ll find the process to be straightforward and manageable.
This account not only facilitates easier management of foreign currencies but also opens doors to a range of financial possibilities and convenience.
From receiving international payments with ease to making foreign transactions without the constant need for currency conversion, a UBA Domiciliary Account is your gateway to a hassle-free international banking experience.
UBA Domiciliary Account Overview
A UBA (United Bank for Africa) Domiciliary Account is a type of account that allows you to save, transact, and manage funds in foreign currencies. This account is particularly beneficial for individuals and businesses that deal with international transactions. Here’s a brief overview of the UBA Domiciliary Account:
- Currency Flexibility: The account typically supports major foreign currencies such as the US Dollar, British Pound Sterling, and the Euro. This allows for ease of transactions in these currencies without the need for frequent currency conversions.
- Who Can Open the Account?
- Both individuals and corporate entities can open a UBA Domiciliary Account. It’s suitable for those who engage in international trade, online business, or receive remittances from abroad.
Requirements to Open a Domiciliary Account in UBA
To ensure a smooth application process, make sure you have the following documents and information ready:
- Valid Identification: You’ll need a valid means of identification, such as your international passport, driver’s license, or national ID card.
- Proof of Address: UBA will require proof of your current address, which can be provided through a recent utility bill or a tenancy agreement.
- Two Passport Photographs: You should have two recent passport-sized photographs.
- Completed Account Opening Form: You’ll need to fill out an account opening form, which can be obtained at any UBA branch or on their official website.
- Reference Letter: You will need a reference letter from a UBA current account holder or any other commercial bank in Nigeria.
- Minimum Deposit: Be prepared to make an initial deposit, as UBA requires a minimum opening balance.
How Much Does it Cost to Open a Domiciliary Account in UBA?
One common question potential account holders have is about the cost of opening a UBA domiciliary account. The good news is that the account opening itself is generally free.
However, you will need to cover the cost of maintaining the account and other services, which UBA charges as fees. These fees might include maintenance charges, card issuance fees, and other transaction-related costs. Be sure to consult with UBA for the most up-to-date fee structure.
How to Open a UBA Domiciliary Account
- Visit a UBA Branch: To start the process, visit the nearest UBA branch to your location. You can find a list of UBA branches on their official website.
- Request an Account Opening Form: Ask the bank staff for an account opening form. You can also download the form from UBA’s official website and fill it out in advance.
- Provide the Required Documents: Submit the necessary documents, including your valid identification, proof of address, passport photographs, reference letter, and the completed account opening form.
- Choose Your Domiciliary Account Type: UBA offers different domiciliary accounts to cater to various needs. You can select the one that best suits your requirements.
- Make an Initial Deposit: Deposit the minimum required amount to activate your account. The bank will provide details on the specific minimum balance for your chosen account type.
- Receive Your Domiciliary Account Details: Upon successful processing and approval of your application, you will be furnished with your account details, comprising your account number, along with guidelines for online access.
Types of UBA Domiciliary Account
UBA offers the following types of domiciliary accounts:
- Freedom Savings Dom account: With no initial opening balance required, this account enables you to receive remittances directly. Monitor your account balance and transaction history effortlessly via the mobile app and Internet banking platform. Additionally, access your funds conveniently by visiting any UBA branch.
- Dom Advantage Account (Savings or Current): This account has a minimum opening balance of $50, €50, or ₤50 and is available in USD, GBP, and EURO. It offers several benefits, including:
- Access to UBA’s international network of branches and ATMs
- Competitive exchange rates
- Online and mobile banking
- Debit card
- Dom Advantage Plus Account: This account targets high-net-worth individuals, medium-net-worth individuals, and self-employed professionals. It offers all the benefits of the Dom Advantage Account, plus:
- Zero withdrawal and transfer charges
- Higher interest rates
- Non-Resident Domiciliary Account (NRDA): This account is designed for non-residents of Nigeria who need to hold and manage funds in foreign currency. It offers several benefits, including:
- Easy opening and maintenance
- Competitive exchange rates
- Online and mobile banking
- Debit card
- Domiciliary Deposit Account (DDA): This account is designed for businesses and individuals who need to hold and manage large sums of money in foreign currency. It offers several benefits, including:
- Competitive interest rates
- Flexible deposit and withdrawal options
- Dedicated account manager
UBA Domiciliary Account Charges
UBA charges the following fees for its domiciliary accounts:
- Account opening fee: There is no account opening fee for any UBA domiciliary account.
- Account maintenance fee: The account maintenance fee varies depending on the type of account you open:
- Freedom Savings Dom account: N200 per month
- Dom Advantage Account: N500 per month
- Dom Advantage Plus Account: N0 per month
- Non-Resident Domiciliary Account (NRDA): N0 per month
- Domiciliary Domiciliary Deposit Account (DDA): N0 per month
- Withdrawal fee: The withdrawal fee is 0.5% + VAT on the amount withdrawn for all types of UBA domiciliary accounts.
- Transfer fee: The transfer fee is N10 + VAT for transfers to other banks for all types of UBA domiciliary accounts.
- Telex transfer fee: The telex transfer fee is 0.5% + VAT or US$10 or its equivalent, whichever is higher + communication charge of US$25 or Euro 20 or £ 15 for all types of UBA domiciliary accounts.
UBA Domiciliary Account Benefits
- Access to various banking services: You can use your domiciliary account to receive and send money in foreign currencies, pay for goods and services online and in-store, and withdraw cash from ATMs worldwide.
- Competitive interest rates on savings and loans: UBA offers competitive interest rates on savings and loans in foreign currencies. This means you can earn money on your savings and borrow at a lower interest rate.
- 24/7 customer support: UBA offers 24/7 customer care via phone, email, and live chat. This means you can always get help with your account, regardless of the time of day or night.
- Free online and mobile banking: UBA offers free online and mobile banking services for domiciliary account holders. This means you can manage your account from anywhere in the world, any time of day or night.
- Access to ATMs worldwide: You can use your UBA domiciliary account card to withdraw cash from ATMs worldwide. This means you’ll always have access to your money, no matter where you are.
- Discounts on products and services from partner merchants: UBA offers discounts on products and services from various partner merchants to domiciliary account holders. This means you can save money on travel, shopping, and entertainment.
- Dedicated relationship manager: UBA domiciliary account holders are provided with a dedicated relationship manager who can assist them with their banking requirements. This includes opening new accounts, applying for loans, and investing their money.
- Priority banking services: UBA domiciliary account holders get priority banking services, such as shorter wait times at branches and access to dedicated customer service lines.
- Investment advice and planning: UBA offers investment advice and planning services to domiciliary account holders. This can help them to grow their wealth and achieve their financial goals.
- Estate planning services: UBA offers estate planning services to domiciliary account holders. This can aid them in ensuring that their assets are distributed according to their wishes following their demise.
- Access to exclusive events and promotions: UBA domiciliary account holders can access exclusive events and promotions, such as cocktail parties and networking events.
Can I Receive Dollar in My UBA Account?
Yes, you can receive dollars and other foreign currencies in your UBA domiciliary account. This feature is especially valuable for international businesses and individuals receiving payments from abroad.
How Much Does a UBA Dollar Card Cost?
The cost of a UBA dollar card depends on the card you are applying for. The following are the costs for different types of UBA dollar cards:
- UBA Gold Domiciliary MasterCard: Issuance fee of $10 or its naira equivalent and a monthly maintenance fee of $21.
- UBA Dollar Prepaid Card: Issuance fee of $3.31 (VAT inclusive), reissuance fee of $3.31 (VAT inclusive), and an annual card convenience fee of $20 (VAT Exclusive).
How Long Does it Take to Create a UBA Domiciliary Account?
Opening a UBA domiciliary account typically takes 1-2 business days. This includes the time it takes to review your application, verify your documents, and set up your account. However, it is essential to note that this may vary depending on the visited branch and the volume of applications they are processing.
Conclusion
UBA Domiciliary Account isn’t just about holding foreign currencies; it’s about unlocking opportunities. It provides a platform for seamless international transactions, offering you the flexibility and security needed in today’s fast-paced world.
Whether it’s for receiving payments from overseas clients, managing international investments, or simplifying your foreign exchange transactions, this account stands as a testament to UBA’s commitment to providing customer-centric banking solutions.
