If you have been awarded a scholarship that pays a monthly stipend in pounds, dollars, or euros, one of the first practical steps you need to take before travelling is setting up the right account to receive those funds. A regular naira savings account cannot receive foreign currency payments directly, and even when it does accept an international transfer, the bank converts the funds to naira at their own rate — which is almost always unfavourable. A domiciliary account solves this problem. It allows you to hold and receive foreign currency in Nigeria without forced conversion, giving you control over when and how you access your funds. This guide explains exactly what a domiciliary account is, why scholarship recipients need one, and how to open one at a Nigerian bank in 2026.
A domiciliary account — commonly called a dom account — is a foreign currency bank account operated in Nigeria. It functions like a regular savings or current account except that the balance is held in a foreign currency — typically US dollars (USD), British pounds (GBP), or euros (EUR) — rather than in naira. When someone sends you money in dollars to your dom account, the full dollar amount arrives and sits in your account as dollars. You only convert to naira when you choose to withdraw in naira or make a naira transaction. For scholarship recipients expecting regular monthly stipend payments from the UK, Europe, Australia, or North America, this is the most practical and financially sensible account structure to have in place before you travel.
Why Scholarship Recipients in Nigeria Need a Domiciliary Account
There are several specific reasons why a dom account is important for Nigerian scholarship applicants and recipients:
- Receiving stipend payments before departure: Some scholarships pay an advance allowance or settling-in grant before you travel. Having a dom account ensures you can receive this in the original currency without losing value to forced naira conversion
- Financial evidence for visa applications: Certain visa applications — including the UK Student Visa — require you to show that funds have been held in your account for at least 28 consecutive days. A dom account that holds foreign currency can serve as this evidence where scholarship funds are being received into a Nigerian account
- Receiving refunds or partial payments: If your scholarship reimburses certain costs — such as flight expenses — to a Nigerian bank account, a dom account ensures the reimbursement arrives without conversion loss
- Protecting savings from naira depreciation: If you return to Nigeria between academic years or after completing your scholarship, a dom account lets you keep any saved foreign currency in its original denomination rather than converting it and watching it lose value in naira
Which Banks Offer Domiciliary Accounts in Nigeria
All major Nigerian commercial banks offer domiciliary accounts. The most commonly used by scholarship applicants and professionals with international connections include:
- GTBank (Guaranty Trust Bank): One of the most popular choices for dom accounts in Nigeria. Offers USD, GBP, and EUR accounts. Known for a relatively smooth account opening process and a reliable mobile banking app. GTBank now offers digital domiciliary account opening through their app for existing customers
- Zenith Bank: Widely used for international transactions and business forex needs. Offers USD, GBP, and EUR dom accounts. Strong reputation for handling large international transfers reliably
- Access Bank: Offers domiciliary accounts with digital opening options for existing customers. Competitive for international wire transfers
- UBA (United Bank for Africa): Pan-African presence makes UBA a strong option for students who may be transiting through other African countries. Offers digital account opening for dom accounts
- First Bank of Nigeria: One of Nigeria’s oldest banks, with reliable domiciliary account services across a wide branch network
- Stanbic IBTC: A good option for applicants who anticipate frequent international transactions, given the bank’s South African parent company’s international banking infrastructure
Compare the transaction fees, minimum balance requirements, and mobile banking quality of at least two banks before choosing. Some banks charge monthly maintenance fees on inactive dom accounts — check this carefully if you are opening the account primarily to hold funds occasionally rather than for regular transactions.
Documents Required to Open a Domiciliary Account
Requirements vary slightly between banks but the following documents are standard across all major Nigerian banks for individual domiciliary account opening in 2026:
- Valid government-issued ID: Any one of the following — international passport, national identity card (NIN slip or NIN card), driver’s licence, or permanent voter’s card. Your international passport is the most universally accepted and is recommended for scholarship applicants since you will need it for your visa process anyway
- Bank Verification Number (BVN): Mandatory for all Nigerian bank accounts. Ensure your BVN is active and linked to your phone number before visiting the bank
- National Identification Number (NIN): Most banks now require NIN verification alongside BVN as part of CBN’s customer identification requirements
- Proof of address: A utility bill — electricity (EKEDC, IBEDC, EEDC, or your state’s disco), water bill, or waste management bill — not older than three months, showing your current residential address. A tenancy agreement is accepted by some banks as an alternative
- Passport photographs: Two recent colour passport-size photographs on a white background
- Referees: Some banks — particularly for current account domiciliary accounts — require two referees who are existing current account holders at the same bank. This is the most common obstacle Nigerian applicants face. If you do not have two referees who hold current accounts at your chosen bank, consider choosing a bank where a family member or trusted colleague already has a current account. GTBank, Access Bank, and UBA have moved toward eliminating the referee requirement for savings-type dom accounts through their digital channels — confirm with your chosen bank before visiting
- Completed account opening form: Provided by the bank at the branch or available for download on their website
- Initial deposit: Most banks require a minimum opening deposit in the foreign currency of your choice. This is typically $100 USD, £50 GBP, or €50 EUR in cash. Some banks accept a lower minimum or have reduced the requirement for digital account opening
How to Open a Domiciliary Account — Step by Step
Step 1: Choose your bank and currency. Decide which bank best suits your needs and which currency or currencies you need the account in. For most scholarship recipients, you will need the currency of your destination country — GBP for UK scholarships, EUR for European scholarships including Erasmus Mundus and DAAD, AUD for Australia Awards, and USD for US-based scholarships including Fulbright. Some banks allow you to hold multiple currencies under one dom account structure — confirm this with your chosen bank.
Step 2: Gather all your documents before visiting the branch. Do not visit the bank without all your documents ready. Missing a single document — particularly the utility bill or BVN — will send you home without completing the process. Prepare everything in advance, including physical copies and digital scans on your phone where accepted.
Step 3: Visit your chosen bank branch or open digitally. For banks that offer digital dom account opening — including GTBank, Access Bank, and UBA — you can begin the process through their mobile app if you are an existing customer. For new customers or banks that require physical presence, visit the nearest branch and request a domiciliary account opening form at the customer service desk. Inform the bank officer that you are a scholarship recipient who expects to receive international wire transfers — they may direct you to the appropriate account type for your needs.
Step 4: Complete and submit your forms and documents. Fill out the account opening form accurately and submit it alongside all your documents. If referees are required, ensure their completed referee forms are submitted at the same time. Any error or missing information at this stage causes delays.
Step 5: Make your initial deposit. Fund your new account with the minimum opening deposit in the relevant foreign currency. Most banks require physical cash in the foreign currency for the initial deposit — you cannot fund a new dom account from your naira account at the point of opening. Source your opening deposit from a bureau de change or bring foreign currency you already hold.
Step 6: Receive your account details and set up online banking. Once your account is active — typically within one to five working days — collect your account number and SWIFT/BIC code. The SWIFT code is what your scholarship body will need to send international wire transfers directly to your account. Keep these details in a safe and accessible place.
What to Do After Opening Your Account
Once your dom account is active, provide your account details — including your full name as it appears on the account, your account number, your bank’s name, and the SWIFT code — to your scholarship programme coordinator or finance office as instructed. Ensure the name on your bank account exactly matches the name on your scholarship award letter and your passport. Discrepancies between names on financial documents cause transfer rejections and payment delays that can be very stressful to resolve from abroad.
Monitor your account regularly after your scholarship payments are due and report any delayed or missing transfers to both your bank and your scholarship finance contact promptly. International wire transfers can occasionally be delayed by correspondent banking processes — a delay of two to five working days beyond the stated payment date is not unusual and does not necessarily indicate a problem, but anything beyond that warrants a follow-up with both parties.
Moreschooling covers every stage of the scholarship journey for Nigerian students — from finding the right opportunity to applying, preparing your visa, and managing your finances abroad. Explore the rest of our guides for everything you need to make your scholarship application and transition as smooth as possible.