Have you tried paying tuition for a study abroad or open a forex account with Alpari, or perhaps buy iPad online, and you hit a roadblock because you neither have a domiciliary account nor a credit/debit card like Visa card or MasterCard? A few months ago a childhood friend wanted to pay for some fees abroad but he had no domiciliary account, let alone a Visa card. The troubles we encountered prompted my writing this article.
A lot of people find it unbelievable that one can open a domiciliary account and get a Visa card with less than N6,000.Defining what a domiciliary account should be a good dive before unveiling the how- to.
I did not do so much research to know how best to define or explain what a Domiciliary Account is. Since I have one with Guaranty Trust Bank, I just borrowed their definition. The Guaranty Trust Bank Domiciliary Account allows customers to maintain accounts in foreign currencies. These accounts can be funded through travellers cheques, lodgement of foreign currency cheques, cash inflows and cash deposits. Guaranty Trust Bank Domiciliary Account Holders can withdraw cash or make transfers to their accounts or other accounts offshore.
GTB…wouldn’t you rather pay me for this?
As an individual you can open the account, as well as a corporate body.
What do I need?
GTBank requires an International passport, driver’s license or national ID card for identification. I remember I presented my national ID card. Aside this, a Utility bill, preferably PHCN bill. Ensure the address on the bill is the residential address you intend to fill on the Application form. They’d ask you for passport photograph, say four. Please, remember to request for reference letters for two people who maintain current accounts with any bank for a minimum of 6 months, and collect the Visa Debit Card application form immediately so as to maximize the time. In order to expedite the account opening process, your referees should have GTB accounts. I don’t have a current account with GTBank, but I have stood as a referee for 5 people. You know why? My domiciliary account was used instead of the savings account. For the domiciliary account, you need a $100 to open it; however a minimum deposit of $200 is required for the Visa Debit card to be issued to you. That’s why you open your domiciliary account with $200 which you will authorize to be transferred to your Visa account. Per adventure, you find N32, 000 quite expensive to withdraw from your salary, delay immediate gratifications and start with N16, 000 in the first month for opening the account. Collect the Visa Card application form, fill and submit it. The second month deposit another $100 into your domiciliary account and you can transfer the balance of $200 in the card whenever it is ready
What’s Next Now?
Click Below To Buy:
After some weeks, your PIN (Personal Identification Number) should have been delivered in a sealed PIN envelope through the bank’s branch. Sign the back of the card with an ink pen before you start to use it. It is mandatory you change promptly the PIN the bank issued you using one of the ATM points. Remember your new PIN, please. Before you’d start using the card, you have to call GTConnect (the GTBank Cardholder services) to activate the card. See the customer Service desk for the GTconnect phone contacts. Go to any ATM point which allows using Visa debit card to withdraw money. Take note! You won’t be able to withdraw in dollars, but the naira equivalent. Certain charges are deductible from the $200 in your Visa Debit card.
What’s The Cost for All These?
$200 is not less than N6, 000 you’d scream at the rooftop! Let’s assume you earn a monthly income of N50, 000. Withdraw N32, 000 to buy $200 from a registered Bureau De Change. Fund the domiciliary account with the $200 and transfer same amount to your Visa account. The bank deducts $20 as card issuance fee. There is an Annual fee of $30 which is not deducted immediately. Every withdrawal you make through the ATM point or any online transactions you make, you are charged $5 + 0.5% of amount withdrawn or paid online. It is noteworthy that there is a maximum withdrawal limit of N20, 000 at ATM point for each transaction. So, if you are withdrawing N26, 000, you will be charged for the second withdrawal of N6, 000 another $5 + 0.5% of N6, 000.
Analysis of Expenditure:
(1)Visa Debit card issuance fee N3,200
(2)Visa Card withdrawal fee ($5) X 2 transactions N1,800
(3) 0.5% of cash withdrawn (N26, 000) N 130
(4) Withdrawable Balance in Card N 870
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TOTAL EXPENSES N 6,000
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Please note that the balance of N870 in your Visa Card is still your money, hence the total cost for opening the US domiciliary account and getting your Visa Card is N 5, 130.Ridiculously cheap, isn’t it?
As at the time of writing this article, $1 was less than N160.It could be higher when this would be published.
The currency conversion rate used for this article was $1 to N160.I deliberately used the top ceiling of N160 as some Bureau De Change will charge close to that for a ($1) dollar.
Use your card online wisely.My fingers have been burnt before. Don't disclose your card details to anyone, and transfer only the money you intend to use immediately online or withdraw pronto from the ATM points. Best of Successes as you take wise actions.
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