how to open a domiciliary account in sterling Bank
Opening a domiciliary account in Sterling Bank is a great way to handle foreign currency transactions. Whether you are a business owner, a student, or a traveler, having a domiciliary account makes it easy to send and receive money in foreign currencies.
how to open a domiciliary account in sterling Bank
In this article, we will provide a step-by-step guide on how to open a domiciliary account in Sterling Bank.
First, it is important to understand what a domiciliary account is. A domiciliary account is a type of bank account that is denominated in a foreign currency, such as US Dollars, Euros, or Pounds Sterling. This account allows you to make transactions in foreign currencies without having to convert your money to the local currency.
Opening a domiciliary account in Sterling Bank is a straightforward process.
Here are the steps to follow:
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Step 1: Gather the Required Documents
Before you visit a Sterling Bank branch to open a domiciliary account, you will need to gather the following documents:
- A valid means of identification (International passport, National ID card, Driver’s license or Voter’s card).
- A recent passport photograph.
- Proof of address (Utility bill or bank statement).
- A reference letter from a current account holder in any Nigerian Bank.
- A minimum opening balance of $100 or its equivalent in any other currency.
Step 2: Visit a Sterling Bank Branch
Once you have all the required documents, visit any Sterling Bank branch closest to you. Locate the customer service desk and request to open a domiciliary account.
Step 3: Complete the Account Opening Form
The customer service representative will provide you with an account opening form to fill. Ensure that you fill in all the required details, such as your personal information, contact details, and other necessary information.
Step 4: Submit Your Documents
After filling the account opening form, submit it to the customer service representative, along with your valid means of identification, proof of address, reference letter, and passport photograph. The customer service representative will verify your documents and provide you with an account opening pack.
Step 5: Fund Your Domiciliary Account
To activate your domiciliary account, you will need to deposit the minimum opening balance of $100 or its equivalent in any other currency. You can transfer the funds from your existing account in another bank, or you can deposit cash at any Sterling Bank branch.
Step 6: Collect Your Domiciliary Account Details
After funding your account, the customer service representative will provide you with your domiciliary account number and other necessary details, such as the bank’s SWIFT code, routing number, and correspondent bank details.
Step 7: Start Using Your Domiciliary Account
Once your account is active, you can start using it for foreign currency transactions. You can send and receive money in foreign currencies, make international payments, and even withdraw cash in foreign currencies from any Sterling Bank branch.
Conclusion
Opening a domiciliary account in Sterling Bank is a simple process that can be completed in a few steps. With this account, you can easily handle foreign currency transactions and enjoy the convenience of making payments in foreign currencies. If you are a business owner, a student, or a traveler, a domiciliary account in Sterling Bank is a must-have. Follow the steps outlined in this article and start enjoying the benefits of a domiciliary account in Sterling Bank.