A Domiciliary account is a type of foreign currency account that allows you to receive, hold and make payments in foreign currencies. This can be beneficial for those who frequently travel abroad, engage in international trade, or receive foreign currency payments.
If you are interested in opening a Domiciliary account, United Bank for Africa (UBA) offers this service to its customers. In this article, we will provide a detailed guide on how to open a UBA Domiciliary account, including the requirements and the steps involved in the process.
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Requirements
Before opening a UBA Domiciliary account, you will need to meet certain requirements. These include:
- A valid government-issued ID (e.g. National ID, Driver’s License, or Passport)
- A proof of residence (e.g. utility bill or lease agreement)
- Two referees (with their contact details)
- A minimum deposit of $50 or its equivalent in the desired foreign currency
It’s important to note that additional documentation may be required depending on the type of account you are opening and your specific circumstances.
Opening an account at a UBA Branch
To open a UBA Domiciliary account by visiting a UBA branch, you will need to follow these steps:
- Gather the required documents: Collect all of the necessary documents, including your government-issued ID, proof of residence, two referees and minimum deposit.
- Visit a UBA branch: Go to your nearest UBA branch and speak to a customer service representative about opening a Domiciliary account.
- Complete the application form: The customer service representative will provide you with an application form to fill out. Make sure to fill it out accurately and completely, including the contact details of your referees.
- Submit the application form and required documents: Once you have completed the application form, submit it along with the required documents to the customer service representative. They will review your application and make sure that all of the necessary documents are included.
- Wait for account activation: After your application has been reviewed and accepted, you will need to wait for your account to be activated. This process can take up to 2-3 business days.
- Receive account details: Once your account has been activated, you will receive your account number and other account details through mail.
- Make an initial deposit: To activate your account you will be required to make an initial deposit of $50 or its equivalent in the desired foreign currency.
Additional Services
UBA offers additional services such as online banking, debit card, and cheque book facilities to its domiciliary account holders. You can request for these services after the account has been opened.
Conclusion
Opening a UBA Domiciliary account is a simple process that can only be done by visiting a UBA branch. By following the steps outlined in this guide, you can easily open a UBA Domiciliary account, meet the requirements, and start receiving and making payments in foreign currencies.
With a UBA Domiciliary account, you can easily manage your international transactions and take advantage of the benefits that it offers such as online banking, debit card and cheque book facilities. It’s important to note that the bank may conduct a background check on the applicant and the referees before approving the application.
It’s always a good idea to consult with the bank before opening a domiciliary account, to ensure that you have all the necessary information, and are aware of any additional charges or fees that may apply.
