Top 10 Best Rated Banks To Open A Domiciliary Account In Nigeria (2025)

Opening a domiciliary account in Nigeria is essential for individuals and businesses that need to transact in foreign currencies such as USD, GBP, or EUR. Whether you’re an importer, exporter, freelancer paid internationally, or someone who travels frequently, domiciliary accounts provide a safe and convenient way to hold and manage foreign currencies.

But with so many banks offering domiciliary accounts, which one is the best for your needs in 2025? Factors like ease of opening, competitive exchange rates, online access, and transfer fees all matter.

This post reveals the Top 10 Best Rated Banks to Open a Domiciliary Account in Nigeria in 2025 based on customer reviews, services, and overall banking experience.

Summary Table: Best Banks for Domiciliary Accounts in Nigeria (2025)

Rank	Bank Name	Key Features	Ideal For
1	Zenith Bank	Competitive FX rates, seamless international transfers	Freelancers, exporters, importers
2	GTBank (GTCO)	Easy online setup, multi-currency domiciliary	E-commerce, digital entrepreneurs
3	Access Bank	Wide currency options, bulk payment capabilities	SMEs, international traders
4	First Bank Nigeria	Strong global presence, USD & GBP accounts	Corporates, NGOs, importers
5	Fidelity Bank	Flexible forex account packages, good customer service	SMEs, freelancers
6	Wema Bank (ALAT)	Fully digital domiciliary account with virtual dollar card	Tech startups, freelancers
7	Stanbic IBTC Bank	Premium forex services, international business support	Large businesses, exporters
8	Union Bank Nigeria	Competitive fees, mobile banking support	Retail traders, importers
9	Sterling Bank	Quick account opening, forex hedging options	MSMEs, fintech businesses
10	Polaris Bank	Good FX rates, user-friendly online banking	Small and medium businesses

1. Zenith Bank Domiciliary Account

Zenith Bank is a leader in domiciliary services with:

Multiple currency options (USD, GBP, EUR)
Competitive exchange rates
Smooth online transactions and international wire transfers
Dedicated customer support for forex account holders

Best For: Freelancers paid in foreign currency, importers, and exporters.

2. GTBank (GTCO) Domiciliary Account

GTBank offers domiciliary accounts with:

Easy online account setup
Fast international transfers and card payment options
Integrated Payoneer and PayPal support
Multi-currency domiciliary accounts

Best For: Digital entrepreneurs and e-commerce store owners.

3. Access Bank Domiciliary Account

Access Bank provides:

Flexible foreign currency account packages
Bulk payment capabilities for businesses
Strong forex trading desk for SMEs
Wide branch and ATM network

Best For: SMEs dealing with import and export.

4. First Bank Nigeria Domiciliary Account

With over 120 years of banking experience, First Bank offers:

Domiciliary accounts in major currencies
Extensive physical and digital banking support
Competitive rates for businesses
International trade financing solutions

Best For: NGOs, large corporate entities, and exporters.

5. Fidelity Bank Domiciliary Account

Fidelity Bank is popular for:

Flexible forex account types
Transparent fees and forex rates
Prompt customer service
Easy access via mobile banking

Best For: SMEs and freelancers needing forex services.

6. Wema Bank (ALAT) Domiciliary Account

Wema Bank’s ALAT platform offers:

Fully digital domiciliary account opening
Virtual dollar cards for online payments
Real-time forex transactions
No paperwork required for account setup

Best For: Tech-savvy entrepreneurs and remote freelancers.

7. Stanbic IBTC Bank

Stanbic IBTC is ideal for premium forex services with:

Tailored forex accounts for businesses
Forex hedging and risk management options
Strong international banking partnerships
Dedicated forex relationship managers

Best For: Large businesses and exporters seeking premium forex support.

8. Union Bank Nigeria

Union Bank domiciliary account features:

Competitive exchange rates
Mobile banking access with forex transaction support
Quick account opening process
Access to trade finance services

Best For: Importers and retail traders.

9. Sterling Bank

Sterling Bank provides:

Fast and hassle-free domiciliary account opening
Forex risk management tools
Integration with digital payment platforms
Support for MSMEs and fintech businesses

Best For: Digital startups and MSMEs.

10. Polaris Bank

Polaris Bank offers:

Good foreign exchange rates
User-friendly internet banking
24/7 customer support
Business-friendly forex account packages

Best For: Small and medium-sized businesses.

Requirements to Open a Domiciliary Account in Nigeria (2025)

Document	Purpose
Valid Identification (NIN, Passport, Driver’s License)	Proof of identity
Recent Passport Photograph	Verification
Completed Account Opening Form	Bank’s records
Utility Bill or Bank Reference	Proof of address
Business Registration Certificate (for corporate accounts)	Validates business identity

FAQs

Q1: Can I open a domiciliary account online in Nigeria?

Yes, banks like Wema Bank (ALAT), GTBank, and Zenith allow partial or full online domiciliary account opening.

Q2: What currencies can I hold in a domiciliary account?

Most Nigerian banks offer accounts in USD, GBP, and EUR. Some also offer CAD, CHF, and ZAR.

Q3: Are there charges for maintaining a domiciliary account?

Yes, maintenance fees vary between banks, typically ranging from ₦2,000 to ₦5,000 monthly.

Q4: How do I fund my domiciliary account?

You can fund via international wire transfers, forex deposits, or local currency conversion.

Conclusion

A domiciliary account is a powerful tool for Nigerians who want to engage in global commerce or manage foreign currencies easily. The best rated banks in Nigeria for domiciliary accounts in 2025 combine competitive fees, smooth online access, and excellent customer service.

Choose the bank that best fits your business or personal foreign exchange needs and enjoy seamless international transactions in 2025.