May 17, 2022
Polaris bank domiciliary account

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

A domiciliary account is a savings account for an individual who resides outside the country.

This is for any transaction that has to do with a foreign currency that is not of your country of residence. The Polaris Domiciliary account is a savings account where you can conveniently deposit and transfer funds in US dollars, British pounds, or Euros.

 

With the Polaris Domiciliary account, you can also settle bills, school fees and other foreign exchange transactions from the comfort of your own home abroad.

 

How to Open one with Polaris Bank

The people who are eligible to open this account with Polaris are foreign or non-resident individuals, employees and business owners. Opening one is also quite easy, all you have to do is follow these steps:

 

  1. Visit any Polaris bank close to your area, and get the application form (there is also an online copy that you can download from the website).
  2. Fill the application form with the necessary details and submit.
  3. Provide the name of two references who are current bank account holders for at least six months. The best way to get a referee is to ask for one from the same bank (Polaris in this case) as the institution you’re applying with. This will allow for faster confirmation of your identity.
  4. Provide a document with proof of your address, for instance, Utility Bills like PHCN bill or water bill.
  5. Provide your National ID card, International Passport, Driver’s License for proper identification.

 

Once all the documents and references are verified, your domiciliary account will be opened in less than 72 hours.

Now, you can go on to manage and carry out your transactions abroad with ease from the comfort of your home.

 

How to Fund Your Polaris Domiciliary Account

Funding your Polaris Domiciliary Account is quite easy with Polaris. You have two options in funding, you either do it with Cash deposits/ Wire Transfer.

Cash deposits:

Cash deposits are free at any Polaris Bank with the purchase of a Moneybookers voucher. Moneybookers is a financial service that allows individuals to send and receive money. They guarantee their customers the best security and at low costs.

You can send money to a Moneybookers voucher in cash or through their mobile app. The cash deposit is then used to top up your account.

 

Wire Transfer:

Another way to fund your account is through the Wire Transfer. This is done through Polaris’s online banking or by calling the call center.

Note: To fund your account with wire transfer you must have your bank account number.

Once you have provided the details on the wire transfer you have to wait for the funds to be credited into your account. This normally takes about 2-3 business days. You will receive a notification once you have received the funds into your account.

Additionally, if you use Polaris’s calls center, the funds will be transferred automatically and Polaris will notify you once it has been processed.

 

How to withdraw from a Polaris Domiciliary Account

To withdraw from a Polaris Domiciliary account, you have to:

 

  1. First, identify the type of card you would like to use.
  2. After selecting your card, you can then enter the amount you would like to withdraw.
  3. Enter the required details and information,
  4. To make the withdrawals, you need to make sure that there are no outstanding transactions.
  5. Then, authorize the transaction.

 

Note: You can use the Polaris’s App to monitor your account balances and transfers, as well as receive notifications on transactions.

The latest Polaris App update, supporting both MasterCard and Visa cards includes a new payment option that allows you to make payments onto your credit card accounts. It also allows you conveniently pay bills through your account.

 

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