How to Open Domiciliary Savings Account with UBA
United Bank for Africa (UBA) has three classes of domiciliary accounts: Freedom Dom Account, Dom Advantage Account, and U-Care Plus Domiciliary Account. We will be looking at the benefits, requirements, Fees/Charges, and Terms & Conditions for opening the respective Dom Account
1: Dom Advantage Account
The Dom Advantage Account is a savings or current domiciliary account denominated in US Dollar (USD), Pound Sterling (GBP), and EURO, but operated in Nigeria as Domiciliary Account.
Dom Advantage Account has the following terms and conditions, benefits, and requirements:
Benefits of Dom Advantage Account
- The minimum opening balance for Dom Advantage is $100 US dollars, €80 British pounds, and ₤70 Euro or its equivalent in other currencies.
- Dom Advantage Account is operated in the major currencies- US Dollar (USD), British pounds (GBP), and the Euro (EUR), etc
- Foreign cheques or Instruments can be credited to the Dom Advantage Account which can be used as a channel for Investments in real estate and securities, abroad, and at home.
Requirements to open Dom Advantage Account
Dom Advantage Account has simple and easy-to-meet requirements criteria:
- Valid means of Identification (Passport, Driver’s License, Voter’s card, National ID card, etc)
- Two Passport photographs on a plain background.
Terms & Conditions for opening Dom Advantage Account
Dom Advantage Account has the following simple terms and conditions:
- Minimum opening balance of $100 (USD), €80 (GBP), or ₤70 (Euro).
- Interest payable on account credit balance subject to a minimum balance of $1,000.00 or its equivalent
2: Freedom Dom Account
The Freedom Domiciliary Account is a USD foreign currency account built to receive foreign remittances, with no limits, directly into your account. It is a zero-interest-paying account.
On the Freedom Domiciliary Account, you can not carry out transfers, you can not use Debit and Credit Cards, and you are expected to upgrade the accounts as soon as it exceeds a debit turnover limit of $2,000.
Freedom Domiciliary Account has the following features, requirements, and terms and conditions:
Features/Benefits of Freedom Domiciliary Account
- Zero Opening Account Balance. To open Freedom Domiciliary Account, you do not need any mount, just walk into any branch of UBA closest to you and obtain the account opening form, better still, you can download the account from the link will share below. You also open your account online on UBA’s website.
- Freedom Domiciliary Account gives you free access to check account balances via Mobile App and the Internet banking platform
- With Freedom Domiciliary Account, you can receive foreign currency and Telex inflows directly into your account
- No withdrawal charges on Freedom Domiciliary Account.
Requirements of Freedom Domiciliary Account
- The only requirement to open the Freedom Domiciliary Account is your BVN
3: U-Care Plus Domiciliary Account
The U-Care Plus Domiciliary Account is a variant of a U-care plus savings account. It is an FCY account denominated in the US dollar (USD), British Pounds (GBP), and Euro (EUR). U-Care Plus Domiciliary Account is meant for parents who want to save for their children’s secondary and perhaps tertiary education abroad. The U-Care Plus Domiciliary Account has the following requirement, fees charged, and terms and conditions.
Requirements for U-Care Plus Domiciliary Account
- Valid means of Identification of Parent/Guardian
- Two Passport photographs of the Child and Parent on a plain background
- Child’s birth certificate or age declaration
- Address verification of the parent/guardian
Fees/Charges on U-Care Plus Domiciliary Account
- Withdrawals: 0.5% + VAT on the amount withdrawn
- Telex Transfer: 0.5% +VAT or US$10 or it’s equivalent whichever one is higher + Communication charge of US$25 or Euro 20 or £ 15
- Draft request: 0.5% +VAT or US$10 or it’s equivalent whichever one is higher + communication charge of US$25 or Euro 20 or £ 15
Terms & Conditions
- Opening balance of $100 (USD) or £70 (GBP) or its equivalent.
- Minimum operating balance of £350 or its equivalent.
- The Interest Rate of 0.1% is payable on the credit balance.
Visit UBA’s website to learn more