UBA domiciliary account – Keeping up with reality of purpose in recent time, every adult Nigerian who understands banking, money and econometrics can attest the fact that the Naira has been devalued three times in the last two or more years.
Inflation has soared to high heavens, poverty has attained alarming rate following a recent report on the wellbeing of Nigerians against poverty index, seeing is believing, experience is top-notch, assuming you do not understand the poverty index, how has life been as a Nigerian? The answer is an open secret.
In the light of these teaming circumstances the Nigerian naira has lost its value, it can hardly afford the least of items, a unit per foreign exchange is nothing to write about, it’s getting even worst.
Except a drastic change occurs Nigerians are in for a long thing (in Dbanj’s voice), could there be a solution in view anytime soon? That’s left to be seen.
In the growing spade of this challenge as at the time of writing this guide a naira per dollar rate stands at N585 per 1/$.
Why you need a UBA domiciliary account
- It’s the best way to save money in today’s Nigeria considering the dwindling economy
- Receiving foreign remittance in USD is better than the bank giving you the Naira since the dollar value is higher at this time, this is the only way you can spend with ease in the Nigeria’s economy.
- Receiving your fund in USD will give you an edge against inflation
Given this, if you wish to receive remittance from friends and family abroad, save your money in USD or a blogger who is looking to receive Google AdSense earnings and other funds from clients as a freelance writer, this guide is tailored for you all.
What I am about to show you can be replicated if you want to open a domiciliary account with other Nigerian banks, however, I’m writing about the UBA savings domiciliary account because to me it feels like the best of its kind I’d ever seen in the industry.
In my opinion,
- The process is swift and easy
- Minimal documentation requirement
- There’s a zero opening balance enabled, etc.
If you you’ve tried to access a domiciliary account in Nigeria previously you’d appreciate how easy and seamless UBA tailored its savings domiciliary account.
UBA understands that customers are unique in their lifestyles and individual requirements, there’s no one size fits all scenario, in this case there’s UBA domiciliary account type that fits and suits everyone.
Let me run you through the various UBA domiciliary savings accounts, their features and benefits, you then choose whichever appeals to your lifestyle.
1. Freedom Dom Account
The freedom savings domiciliary account is tailored to receive foreign remittances with no limits straight into your bank account.
- Minimal/easy documentation required
- Zero balance account opening
- Free access to check account balances through the UBA Mobile app and internet banking platform
- You can receive foreign currency/telex straight into your account
- No withdrawal charges, unlike other banks
Requirement for this account is your BVN only.
2. Dom advantage account
Dom advantage account is a current/savings domiciliary account denominated in USD, Pounds, Euro, etc. This account is operated in Nigeria as a domiciliary account.
- Minimum opening balance of $100 or its equivalent in other currencies
- Account can be used as a channel for investments in securities and real estate
- Valid identification card (International passport, voters card, driver’s license or national ID card)
- Two passport photographs
3. UBA kiddies domiciliary account
The UBA kiddies domiciliary account is an account denominated in USD, GBP and Euro, specifically for parents who are looking to save for their children’s secondary/tertiary education abroad.
- Valid ID card of the parent/guardian
- Two passport photographs of child as well as parent/guardian
- BVN of the parent/guardian
UBA domiciliary account as well as other domiciliary accounts are tailored to receive foreign currency in Nigeria. Keep one in place to ensure your funds are kept in high value other than the naira.