This guide explains how to withdraw money from a domiciliary account in Nigeria?
In our previous guide, we explained how domiciliary accounts work in Nigeria. And how it is the best option for Nigerians who transact with foreign individuals or companies; be it for the sake of sharing, funds reception or sending money to others.
But in a case whereby you have some funds deposited into your domiciliary accounts, how do you withdraw that money? You’ll soon find the answers to that.
Page Contents
How to withdraw foreign currency from domiciliary accounts
The easiest way to withdraw money from your dom account is by walking to any bank branch near you; however, it must be the same bank with which you opened your account.
walk to the bank customer service and make clear your intentions. He/she should be able to direct you on how to go about the remaining processes.
In some cases, small branches complain of not having enough foreign currency at their disposal. If that’s the case for you, then you might have to leave that small branch and go to a bigger one.
The bank should be able to give you your cash in the exact currency of your dom account. For instance, if you have funds in your USD domiciliary account, then you will receive your money in dollar notes.
Thereafter, you can proceed to any Bureau De Change office near you to convert your dollar notes to the equivalent value in naira, based on the current exchange rate.
Withdrawing money from your domiciliary account in foreign currency and then visiting a bureau de change office is by far the best option. Most BDC offices convert funds using the black market rate, which is by far more profitable to individuals with dollars looking to buy naira.
How to withdraw money from a domiciliary account using ATM
Another way to withdraw money from a domiciliary account in Nigeria is by using ATM machines.
In most cases, banks in Nigeria issue mastercards to domiciliary account holders. And with those mastercards, customers can shop online or withdraw funds from ATM machines.
You must, however, be aware that conversion rates are usually not so friendly. Furthermore, ATM charges per withdrawal — which depends on the exact bank — are quite high.
Note: Nigerian ATMs don’t issue dollar, euro, or pound sterling notes; your funds will be converted to the equivalent amount in Naira.
Transfer funds from domiciliary accounts to naira savings / current accounts
To do this, all you have to do is talk to your account manager about it or your bank customer care personnel. Most banks in Nigeria have their official exchange rates, and will buy your dollars for that exact rate.
They’ll deduct that money from your domiciliary account, and in return credit your naira current / savings account with the exact value, based on their official exchange rate. Alternatively, they’ll pay you your money in cash, depending on your preference.
That’s everything regarding withdrawing from domiciliary accounts in Nigeria.
Read also:
There is even a better way! You send the money to your USD debit card, then using transfer wise send the money to your USD transfer wise account, then from transfer wise send it to your savings account
Nice one. Thanks for letting us know!
Hello, I am looking forward to sending a huge sum to someone abroad that usually accesses the money via ATM machine withdrawal. When you speak of an unfriendly exchange rate using a domiciliary account, i.e, “You must, however, be aware that conversion rates are usually not so friendly. Furthermore, ATM charges per withdrawal — which depends on the exact bank — are quite high”, do you happen to know the most plummet cost of actually doing that?
Withdraw your cash in dollars and change at any money changer nationwide. The rates are much better doing that.