How To Fund Your Domiciliary Account in Nigeria
Opening a domiciliary account in Nigeria can be great for your business especially if you perform transactions that involve foreign currencies (USD, GBP, Euro etc.) regularly. If you operate a domiciliary account in Nigeria for personal or business purposes, you are in luck for finding today’s article because it will explore the quickest way you can fund your domiciliary account in Nigeria.
Unlike your regular bank account that is restricted to sending and receiving just one currency which is the Naira, a domiciliary bank account is a foreign currency denominated account that allows you to save, send, receive and carry out transactions in foreign currencies like United State Dollar (USD) , Great British Pound (GBP), Euro etc.
There are two types of domiciliary accounts which are current domiciliary account, suitable for businesses who carry out international transactions regularly like sending and receiving foreign currencies and a savings domiciliary account, suitable for individuals or businesses who need an account to save foreign currencies and also make withdrawals using a bank teller.
Dompay: The Quickest Way To Fund Your Domiciliary Account in Nigeria
Although a domiciliary account can be highly beneficial to your business, a major disadvantage to having a domiciliary account is funding as this involves your physical presence at the bank and some paperwork which can be time-consuming.
We have created the simplest and quickest way to fund your domiciliary account in Nigeria and it is called Dompay. Using Dompay, Individuals, entrepreneurs, freelancers who have domiciliary accounts in Nigeria can fund their domiciliary account and send money to other domiciliary accounts in Nigeria within 24 hours from the comfort of their home or places of business.
How To Send Money To Your Domiciliary Account in Nigeria
On mobile
- Log into your Vella account
- Tap Send Money on your dashboard
- Select Dompay and tap New Payment
- Choose Country, purpose for the transaction and wallet
- Enter the amount to send
- Input the beneficiary bank details
- Enter the beneficiary billing information
- Scan through the transaction summary for any error(s)
- Authorize transaction with your 4-digit pin
On web
- Log into your Vella account
- On your dashboard, click on Send Money Globally
- Select Dompay and Tap New Payment
- Select Country, Purpose for transaction and Wallet
- Enter amount to send
- Enter beneficiary bank details
- Enter beneficiary billing information
- Scan through transaction summary for any errors
- Authorize transaction with your 4-digit pin
Within 8–24 hours, the domiciliary account will be credited!
Currently, this service is only available for customers that have accounts with Access Bank, Fidelity Bank, UBA, Wema Bank, Zenith Bank, Polaris Bank and First Bank.
Now, you can fund your domiciliary account and send money to other domiciliary accounts in Nigeria without any stress.
To access this service, simply Login to your existing Vella account or sign up on Vella for free!
For more information on our products and business growth tips, follow us on Medium or any of our social media channels @VellaFinance
