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Gtbank Domiciliary Account ~ Apply, Fund, Transfer & Charges

I have been operating guaranty trust bank domiciliary account for more than a year now (since March 2017) and even better, i know people that have had this gtbank account for about 4 years. I have recommended it for numerous people that i think needed it.gtbank domiciliary account

To cut the story short, i represent virtually half a decade of knowledge on gtb dom account. This article is presenting you with first hand information and if thoroughly followed, you can be a domiciliary account holder in gtbank in less than a week.

Hey there! Relax. It is not like the registration is hard or something. But if not careful, can be stressful and frustrating like in my case last year even though i had people put me through the necessary steps.

Gtbank Domiciliary Account ~ What Does it Mean & Why Do i Need it?

Some are reading this article because they probably urgently needs the information while it is just another educational or eye opening article for some.

Therefore, there is a probability that you, reading this article right now haven’t heard of domiciliary account before or if i rephrase, you are hearing this banking term for the first time and will like to know what it is all about.

What Does it Mean?

Well, in layman terms, domiciliary account is basically another type of bank account but in its case, transactions are in foreign currencies.

You can open this account with almost all the banks in Nigeria but Gtb, First Bank, and Stanbic IBTC are preferred. Some friends keeps complaining about Access and Zenith bank always saying they don’t have dollar on ground.

So what is the essence of the dom account if you can’t withdraw your hard earned money? You might want to stay clear of those two except you are sure of the branch in your vicinity as i understand the case might be different with each branches.

Therefore, you can simply say gtbank domiciliary account is a type of account that allows you to manage or transact in foreign currency through guaranty trust bank plc.

However, my gtb domiciliary accounts are listed as current account on my gtbank internet banking profile. And i was able to open Dollar, Pounds and Euro dom account with the bank. You can also open a CFA franc (8 west African countries currency) account if you want.

I advice people to open all the accounts even though you don’t need them right now or atleast the major ones that i opened. Why? Because you can’t be sure what the future holds for you, it might be needed when you won’t have the time to visit a bank to open one.

But you also needs to be aware the account will become dormant if it is inactive for over 6 month. Not to worry though, you just have to visit any branch of gtbank with any of the form of identification listed later in the article to activate it again.

Why Do i Need it or What are its Advantages?

The advantages of gt-bank domiciliary account are intangible especially to digital marketers (Bloggers, Freelancers etc) who works with companies that pays in USD, GPB or EUR and also to online shoppers (and you know we have many of us) in Nigeria.

Basically, the advantages revolves around payments (receiving and sending/paying).

1.) Bloggers, Affiliate Marketers & Related.

Most Nigerian bloggers monetize with Google that pays in USD while numerous others that operate Amazon or other affiliates also receive payments in US Dollars.

Receiving foreign currency into savings account is a gain to the banks but a loss for you. Why? Let’s answer that with basic calculation. Lol, by now you must have known how much i love calculating.

Let’s say one of the aforementioned companies paid $100 into your savings account, gtbank will convert it to Naira for you at the rate of 315 Naira per dollar.

  • 1 US Dollar – 315 Naira.
  • 100 US Dollars – X Naira.

Cross multiplication gives, X = 100 x 315 = 31,500 Naira.

That’s (i.e) $500 will amount to 157,500 Naira and $1000 = 315,000 Naira.

But if you are to receive the money into your gt-bank domiciliary account, you can walk into any of the numerous gtb branches to withdraw and change at black market (from aboki) rate of dollar to naira which currently fluctuates between 357 – 360 Naira per dollar.

Meaning $100 will gives 35,700 – 36,000 Naira. That’s atleast 4,200 Naira difference compare to the 31,500 Naira at bank rate.

Now we have pro bloggers in Nigeria that makes nothing less than $2000 per month. That is 714,000 – 720,000 Naira at black market rate (357 – 360 Naira per dollar) which at bank rate (315 Naira) amounts to 630,000 Naira.

That’s 84,000 Naira discrepancies. I believe now you understand why you need to open a gtbank dom account as a blogger in Nigeria.

2.) Online Shoppers.

If you shops a lot on foreign sites and also probably makes money in foreign currencies, you also need dom account(s).

Because it will eliminates the spending limit of Naira master card on foreign sites and also erase your worries on gtbank exchange rate which also currently fluctuates between 365 – 368 Naira to a dollar on Gtb Naira Master card.

In short, you will be opening a domiciliary account so you can apply for gtbank dollar mastercard which is what you will be using to shop online.

How to Open Gtbank Domiciliary Account {Pounds, Euro, CFA & Dollar}.

Having fully understood what gtb domiciliary account is, you can now proceed to opening one for yourself. All you have to do is walk into any branch of guaranty trust bank nearest to you.

But before you do that, i think you might learn one or two things from my own experience.

I said earlier that i had a case why opening my own account that made the process stressful and frustrating. Below is my experience.

Yes, i was told i needed two referees (current account holders) to fully activate the account but i didn’t know salary current accounts weren’t suitable which were what i presented to gtbank.

The accounts were opened and i was sent the account numbers via SMS and email after 2 days. It was pretty fast and i was happy which only lasted for 2 days because i received another set of messages saying my referees were not suitable and my account will remain not fully activated until suitable ones are presented.

What they meant by not fully activated was that i can receive money into it but i can’t withdraw from it. And do you know the most annoying part? The payment which i usually received with my Naira savings account was redirected into the dollar domiciliary account which i can’t debit from. It was frustrating.

It took me another three days to get them to tell me why the previous ones are unsuitable. The reason been they are salary current account. My point is make sure you have suitable referees before initiating the registration process.

Requirements to Apply for Gtb Domiciliary Account.

Below are couple of requirements needed to get started. Make sure you have all of them before you start the process.

Referees: You must have two current account holders (salary account is unsuitable) preferably of Gtbank that are ready to fill and sign the reference forms. Other banks are accepted but confirmation and activation may take weeks if not months.

Identifications: For personal details confirmation, you will need one of (Nigerian International Passport, Permanent Voters Card, National ID Card, Driver’s License).

Utility Bill: For address confirmation, you will need a water or electricity (Nepa) bill issued within the last three (3) months.

Passport Photograph: Not really sure why they need this, but you need one (1) taken within the last 3 months.

Gtbank Naira Account: You need to have an existing account with gtb that is Naira denominated it can either be savings or current. If it is current, you may not need referees as you must have already presented them upon opening of the current account.

Also, if you don’t have an existing account with the bank, you will have to open atleast a savings account before the domiciliary account.

Gtbank Domiciliary Account Application Process {Step by Step Guide}.

I will assume you have met all the above requirements especially the referees. Now follow the simple guide below either you are a new or an existing customer.

  • Visit any branch of gt bank close to you and go straight to the customer care section.
  • When assigned an agent, let him/her knows you want to open a domiciliary account in gtbank.
  • He/She will then give you a gtb domiciliary account opening form to be completed by you and 2 reference forms to be completed by your referees.
  • Know that you are free to open all the available dom accounts (USD, GPB, EUR & CFA). You just have to check the boxes preceding them.
  • Select email as method of receiving transaction alert to avoid the charges that comes with sms alert.
  • If your referees lives nearby, you can quickly fill the opening form and visit them to complete the reference forms.
  • Once you done with that, go back and submit the forms so they can initiate the registration process.

You will be submitting the reference forms, account opening form, copy of your ID (Go with the original, they will make a copy themselves), a passport photograph and utility bill. Expect your account number(s) in 48 – 72 hours.

To speed up the process, make sure your referees are gtbank current account (salary account is not suitable) holders and are reachable.

Also Read: Gtbank Sort Code.

You can also present current account users of other banks, but it might takes more time to get your account fully activated.

Once your account is active, all foreign currency sent to your Naira denominated savings account will be forwarded to the appropriate domiciliary account. You can unlock full potential of your gtb dom account by applying for a dollar card.

Guaranty Trust Bank Domiciliary Account Charges & Monthly Limitations.

Opening an account is free but you need to fund the account to activate it. If you do not perform any transaction with it for 6 months, it will become dormant.

  • Withdrawal Limit of $1000 Monthly.
  • Daily & Weekly Transfer Limit of $10,000 and $50,000 respectively or its equivalent in other currencies.
  • There is No spending limit on WEB and POS. But you need gtbank dollar card (Will talk about this in next article).
  • Transfer to other domiciliary accounts attracts a charges of 1% of the amount you are transferring plus a swift charge of 4000 Naira.

There has been an increase in the transfer charges. Because it was 0.5% of the transaction and 5% of the 0.5% (VAT) or a minimum charges of 10.5 USD. If you calculate the charges, you will notice that the minimum charge of 10.5 USD was actually for $2000 transfer.

I mean 0.5% of 2000 = $10. And 5% of 10 USD is 0.5. Total = 10.5 Dollars. So all transfer made between $1 – 2000 US Dollars used to attract a charge of $10.50. And you would have to use the same procedure to calculate for the transfer above 2000 Dollars.

But that doesn’t matter anymore since the transfer charges have been revised to 1% plus 4000 Naira.

How to Fund Gtbank Domiciliary Account.

Your dollar, euro, pound and cfa dom account(s) can be funded through any of the following means.

  • Cash Inflows: Payments from the likes of Google & Amazon.
  • Bank Cash Deposit: You need to buy the foreign currency from bank or abokis and deposit.
  • Lodgment of Foreign Currency Cheques.
  • Travelers Cheques.

Gtb Domiciliary Account FX Transfer.

You can transfer from your domiciliary account to your dollar account, to other gtbank domiciliary accounts or to other Nigerian banks domiciliary accounts. You can make the transfer using gtbank internet banking platform or GTWorld (Gtbank modern mobile banking app).fx transfer in gtb

Using Internet Banking Platform.

  • Navigate to your gtbank internet banking dashboard.
  • Click on FX Transactions at the left side bar of the dashboard for other dom accounts.
  • To transfer to your card account, click on Account Transfers.
  • From the drop down menu, select “FX transfer to gtbank” to transfer to another gt dom account or “FX Transfer to other banks” to transfer to other banks or Own Account to transfer to your Card Account.
  • Click on Add New Beneficiary and fill out the receiver’s dom account details.
  • Authenticate the transfer and that’s it.

Using Mobile App (GTWorld).

Gtworld is guaranty trust bank modern mobile application that comes with a lot of features. Among them are performing basic transactions without signing in, transferring with phone numbers, biometric sign in and authentication, FX transfer etc.gtworld foreign currencies transfer

To transfer dollar, euro or pounds from your domiciliary account to another dom account in Nigeria;

  • Login to GTWorld.
  • Tap on transfers.
  • Under Transfer Type, select Own (to transfer to your card account), FX Transfer to Gtbank (to transfer to another gtb dom account) or FX Transfer to Other Banks (to transfer to other Nigerian banks dom account).
  • Select which of your account to debit (dollar, euro, pounds, cfa).
  • If you are sending to other banks, you will have to add the recipient’s to your beneficiary list.
  • Once you are done with the forms, you can authenticate using PIN, Fingerprint or Token (compulsory for third party transfer).

That’s all on gtbank domiciliary account. Was this article helpful? If Yes, kindly share using the social buttons below. If you have any question, don’t hesitate to use the comment box.

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Updated: August 23, 2018 — 9:34 am

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