May 17, 2022

GT bank domiciliary account: How to open account and receive/transfer money

It is usually difficult for people who live overseas and want to send money abroad to do so without having the local bank account of their recipient(s). To help fix this disturbing issue, GTBank provided the simple option of opening a domiciliary account which is ideal for people abroad, who don’t have a bank account or savings with them.

A domiciliary account is an account that you open at your bank to keep your foreign currency. They’re often used by people who live overseas and want to send money abroad or by those living in the country for work or study.

It caters to all types of customers, be it salary earners, individuals with multiple sources of income or simply those looking to manage their finances better. A Domiciliary Account provides you with all the benefits of banking without having to leave your home! You can do everything online, including deposits, withdrawals and transfers.

  • How to Open A GTBank Domiciliary Account

There are basically three types of GTBank Domiciliary Account which the Dollar, Pounds and Euro Accounts. Opening any of these account with GTBank is simple. However, there are certain required documents you must provide, they include:

  1. A Completed domicile account opening form.
  2. A piece of identification (it could be your Driver’s license, passport, national identity card, or any other credential that is legitimate for the bank).
  3. Your picture with a simple background
  4. Two (2) reference forms completed.
  5. Utility bill from last 3 months

 

All you have to do if interested in opening an account is follow these easy steps:

  1. First, collect the Domiciliary application form from a GTBank Branch,
  2. Fill out the form with the necessary information,
  3. Provide the bank with your valid identification documents (Driver’s license, national identity card, or any other government-issued ID)
  4. Provide a photo of you with your identification document,
  5. Show the bank a document with verified proof of your address (it could be a copy of your utility or water bill)
  6. Deposit an application fee of least US$1,000 into the account.

 

All in all, the process should take no more than two weeks from start to finish. Once you’ve opened your account, you can then manage it by making deposits and withdrawals via GTBank’s online banking service.

 

Note: It is best that you choose email as method of receiving transaction notifications in order to avoid the charges that comes with SMS alert.

  • How to Transfer Funds from Your Domiciliary Account

Bank Deposits:

A way to send cash abroad using Domiciliary account is by visiting any branch of GTBank closer to you, Request for a transfer Form, fill it, sign it, and submit the form to the bank.

In addition, you’ll need identification documents of yourself and one of your recipients.

 

GBank Internet Banking:

You can also use Internet Banking to carry out your transactions. The process is very straightforward and the instructions are included below:

 

  1. Log into your GTBank Internet Banking account with your user ID and PIN,
  2. Under Self Service, Select and Request a Transfer,
  3. add a service on your profile called “FX Transfer to other Banks and select,
  4. Enter the Beneficiary Details (you will need the Bank Name)
  5. Enter the Amount, Currency Type and Payee’s Address (the recipient’s address)
  6. Click on “View Bank Details” if you want to inquire about any additional details.
  7. Authorize the transaction using a code that is unique to your Token Hardware device and select ok

Note: According to GTBank’s tergms and conditions, all transfers will be processed within 24 hours of receipt and Beneficiaries will receive funds between 48-72 hours, indicative of their location.

 

It’s also important to note that GTBank requests a letter from the person you’ll be transferring funds to confirming their identity and bank details before processing any transfers. This may take up to 7 days to finalize depending on the transfer size and destination country.

  • How to Withdraw Money from a GTBank Domiciliary Account

 

You can withdraw money through an ATM or from your GTBank internet banking account by transferring to another bank. The process is as follows:

 

  1. Log into GTBank Internet Banking
  2. Select Transfer > Request a Transfer > FX Transfer to Other Banks
  3. Enter the Withdrawal Amount and To Bank Name (the beneficiary’s bank name)
  4. Verify withdrawal details such as beneficiary account, amount and currency type at the bottom of the screen before authorizing transfer.

 

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