A Fidelity Bank domiciliary account is a specific type of bank account operated in Nigeria for non-resident (or “foreign”) individuals and organizations. It is established in accordance with the Nigerian Financial Code, 2003. According to the article 15 of this Code, a foreign person may open a domiciliary account which enables him/her to manage his/her finances in Nigeria through this account.
Therefore, a domiciliary account is used by people of legal age who are not residing in the country, but reside in another country of which they are a citizen or on visa. The individual who opens this account is called “the domiciliary”.
By open a domiciliary account, Fidelity allows the earnings of this account to be deposited in the account holder’s name, thus allowing them to take advantage of applicable financial institutions benefits like free check-writing and payment of bills electronically, among other things.
- Requirements for opening an account.
- First and foremost, the interested applicant must be a foreign (or non-resident) individual.
- Secondly, the account can only be opened by a person who is 18 years old or older.
- Thirdly, persons with domiciliary accounts need to regularly make payments on their account to avoid forfeiting any privileges such as free checks and electronic bill payment.
- Documents needed to open a domiciliary account
- Account Opening Form:
An Account opening form is a document filled by an applicant which is duly signed and verified by the Fidelity Bank staff.
- Proof of Address:
A proof of address is a document that confirms that you have been living in a certain place for a certain period in time. This can be in any form such as an electricity bill, council tax bill, or a verified driving license.
- Identity Card or Passport Copy
- Two references from active current, domiciliary or corporate account holders.
- How to open a domiciliary account with Fidelity Bank
For people that are interested in opening a domiciliary account with Fidelity, you can follow these simple steps:
- Firstly, fill out a domiciliary account opening form.
- Provide proof of your address (electricity/water bill, council tax bill or driver’s license).
- Provide your ID card/passport.
- Submit two (2) References Letters (The Referee(s) must be current, domiciliary or corporate account holders)
- Pay the relevant fee for opening the account.
Note: There is no fee for adding another domiciliary to its existing Company Account with Fidelity Bank PLC.
- Withdrawing from a Fidelity Domiciliary Account
- First, create a request for the money to be transferred over to your account at Fidelity Bank PLC where it will be available for use immediately after it is credited to your personal account
- Pay the relevant withdrawal fee. It can be paid in cash, cheque or electronic transfer.
- Wait up to 3 working days after making this request for the funds to arrive into your bank account.
Note: There is no way for you to withdraw money from their account to any other foreign country, however there is a dedicated fund transfer facility allowing fund transfer to and from different countries for both amount and currency. of Fidelity Bank PLC domiciliary accounts
- Fees for maintaining a domiciliary account with Fidelity Bank PLC
The charges for maintaining a domiciliary account with Fidelity Bank PLC is a minimum operating balance of $30 or its equivalent in pounds and euro. There are also charges applied when transferring money in and out of the country in either Naira or foreign currencies.
- Benefits of a Fidelity Bank Domiciliary Account
- The ability to transfer funds using their internet banking platforms at any given day and time.
- Management of your personal funds needs in Nigeria remotely through your domiciliary account. Because you can’t be present to manage them personally, you can easily send instructions via the internet or telephone to manage these funds for you while you reside abroad.
- Easy accessibility to your account balance at any time in the comfort of your country of residence