A domiciliary account with Union bank is a financial account that a Nigerian citizen can open to receive foreign remittances. Foreign remittances are the money transfers received by international migrants or expatriates for personal or family use. Opening a Union bank domiciliary account isn’t difficult, provided you have the required documents and follow the procedures which will be highlighted in this article.
A domiciliary account with Union Bank provides you access to your foreign remittances, which you deposited overseas into your bank’s branch office that covers your country of residence or origin.
Before we look at how to open a union bank domiciliary account, let us take a look at the types of domiciliary account available for Union bank customers.
Types of Union bank Domiciliary account
There are majorly two types of domiciliary accounts which a customer can open with Union bank. These accounts are the domiciliary current account and the domiciliary savings account.
The Union bank domiciliary current account is an account that can be opened with a minimum of $100 or the equivalent amount in pounds and euros. This account provides customers with access to make foreign and international transfers with a little transfer charge of 0.5% of the principal amount and 0.05% on cash withdrawals.
The Union bank domiciliary savings account is a type of bank account which allow individuals and customers to save their money in dollars (D), pounds(P) or euros(E). This account requires a minimum balance of $50 or the equivalent amount in pounds and euros in other to open it and it also offers an interest rate of up to 1% per annum. A bank charge of 0.05% is issued on cash withdrawals for customers who use this account.
- Documents required to open a union bank domiciliary account
To begin the process of opening a domiciliary account with Union bank, you first need to provide the following documents:
- Recent passport photograph clearly showing both sides of your face
- Utility bills (not more than 3months old) that show your address (electricity/cell phone/landline telephone bills).
- Two valid references
- CIU Form
- Certified copy of your international passport, drivers license or National Identity card
- BVN
- How to open a Domiciliary account with Union bank
- Visit any Union Bank branch near you or go to the union bank official website “www.unionbankng.com” to get started.
- Make sure all the documents stated above are available before registration.
- Fill the account opening form, signature form and the reference form given to you by the bank agent.
- Once you are done, get your documents certified and take them back to the agent.
- Make any other necessary arrangements with the bank agent to get your account activated and start making transactions using your domiciliary account.
Note: If you are opening the account online make sure to E-mail completed forms to customerservice@unionbankng.com and complete the process
How to receive foreign transfers into your Union bank domiciliary account
With the help of the Union bank domiciliary account, customers can receive foreign currencies from anywhere in the world. Here are the formats and details which you will need when receiving foreign transfers from your Dom account.
USD TRANSFER TO DOMICILIARY OR NAIRA ACCOUNT
INTERMEDIARY BANK: CITIBANK NEW YORK
SWIFT CITIUS33
ROUTING/ABA NUMBER: 021000089
BENEFICIARY BANK UNION BANK OF NIG PLC
SWIFT UBNINGLA
OUR AC NO WITH CITIBANK 36058132
BENEFICIARY NAME: YOUR ACCOUNT NAME
BENEFICIARY ACCOUNT NO: YOUR ACCOUNT NO.
GBP TRANSFER TO DOMICILIARY OR NAIRA ACCOUNT
INTERMEDIARY BANK: CITIBANK LONDON
SWIFT: CITIGB2L
BENEFICIARY BANK: UNION BANK OF NIG PLC
SWIFT UBNINGLA
CURRENT A/C 19249621
BENEFICIARY NAME: YOUR ACCOUNT NAME
BENEFICIARY ACCOUNT NO: YOUR ACCOUNT NO.
EUR TRANSFER TO DOMICILIARY OR NAIRA ACCOUNT
INTERMEDIARY BANK: COMMERZ BANK FRANKFURT
SWIFT COBADEFF
BENEFICIARY BANK: UNION BANK OF NIG PLC
SWIFT UBNINGLA
OUR AC NO WITH COMMERZ BANK: 400880111000EUR
BENEFICIARY NAME: YOUR ACCOUNT NAME
BENEFICIARY ACCOUNT NO: YOUR ACCOUNT NO.
INTERMEDIARY BANK: CITIBANK LONDON
SWIFT CITIGB2L
BENEFICIARY BANK UNION BANK OF NIG PLC
SWIFT UBNINGLA
CURRENT A/C 19249605
BENEFICIARY NAME: YOUR ACCOUNT NAME
BENEFICIARY ACCOUNT NO: YOUR ACCOUNT NO.
