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The short answer
Access Bank's domiciliary FAQ asks for address verification, two references, two passport photographs and a valid ID for each signatory (plus a residence permit for foreigners), with a minimum opening balance of $100 and a minimum daily balance of zero. It states a 0.5% cash handling charge on withdrawals, which differs from the CBN Guide to Charges, so confirm the current charge before you withdraw cash.
A domiciliary account lets you hold foreign currency with a Nigerian bank. People open one to receive pay from abroad, keep savings in dollars, pay school fees or hold money for travel. Access Bank's own FAQ sets out most of the requirements, though a few answers are thin. This guide takes them one by one and adds what the CBN's charges guide says where the two overlap.
Who can open one and in which currencies
Access Bank describes the domiciliary account as a foreign currency current account, "Pounds, Euros, Dollars, Yen, etc.", and says it suits individuals of all classes and corporates. In practice most personal customers open a US dollar account, often alongside a pound or euro account. Ask the branch whether each currency has its own account number, and decide which currencies you need before you start.
Documents Access Bank asks for
Individuals
- Means of address verification (for example a recent utility bill).
- Two references.
- Two passport photographs.
- A valid means of identification for each signatory.
- A residence permit, if you are a foreign national.
Companies
- Forms CO7 and CO2 as applicable, or the current equivalent CAC documents.
- Certificate of incorporation or business registration.
- Memorandum and articles of association, as applicable.
- A board resolution and a search report, as applicable.
- The individual documents above for each signatory.
References are the item that most often holds up an application. A reference is usually a short form or letter from an existing account holder who knows you, and banks set their own rules on who may sign it and whether it must be on the bank's own form. Ask the branch for the reference forms when you first enquire, so your referees can complete them while you gather the rest. If you already bank with Access in naira, ask whether your existing account information can be relied on for any part of the package.
The FAQ says you can take the package to any Access Bank branch or send scanned copies by email to the address it gives. Your BVN will also be needed, as for any Nigerian bank account; if you live abroad, see the NRBVN for Nigerians abroad. Business owners should also read how business domiciliary accounts work.
Opening balance, running balance and charges
| Item | What Access Bank's FAQ says | What to note |
|---|---|---|
| Minimum opening balance | "$100, $100 and $100" | The FAQ does not say which currency each figure belongs to; ask for the pound and euro amounts |
| Minimum daily balance | Zero | No balance needs to be kept after opening |
| Monthly maintenance | Not stated; the answer describes a cash charge instead | Ask for the current fee schedule |
| Cash withdrawal | 0.5% cash handling charge | The CBN Guide to Charges (effective 2020) sets domiciliary withdrawals at 0.05% or US$10, whichever is lower |
The two figures for cash withdrawals do not match, and the Access FAQ is undated. Ask the bank which charge applies today and whether the CBN guide's cap covers your withdrawal. The CBN guide also sets outward foreign currency transfers at the SWIFT cost plus a 0.5% commission, plus any charges the foreign bank deducts.
Worked example: a $1,000 cash withdrawal
Example only. At the 0.5% Access Bank's FAQ states, a $1,000 withdrawal would cost $5. At the CBN guide's 0.05%, it would cost $0.50, since that is lower than US$10. On a $20,000 withdrawal, 0.05% is $10, so the US$10 figure would apply. Ask before you withdraw.
Getting money in and out
The FAQ says domiciliary customers can transfer to beneficiaries at Access Bank and at other Nigerian banks through internet banking, using a secure token, and can set up standing orders for fixed recurring transfers. Local cheques and dividend warrants can be lodged at any branch. It does not set out how cash deposits or inward transfers from abroad are treated, or any limits on them.
Rules on foreign currency cash, inflows and the purposes a domiciliary balance may be used for come from the CBN, not the bank, and they were updated in the CBN's FX Manual that took effect in June 2026. We cover what changed in the CBN FX Manual 2026 for personal dollar accounts, and cash withdrawals in withdrawing dollar cash from a domiciliary account. For money coming in, see receiving money from abroad into Access Bank.
Steps to open
- Decide which currencies you need.
- Gather ID, address proof, two passport photographs and your BVN; arrange two references.
- Visit an Access Bank branch, or ask whether your documents can be emailed.
- Fund the account with at least the minimum opening balance.
- Ask for an internet banking token if you plan to make transfers online; see the Access Bank internet banking token.
- Ask for the current fee schedule in writing.
Where Pryme fits
A domiciliary account at a bank and a multicurrency account work differently; our comparison of domiciliary and multicurrency accounts sets out the trade-offs. A Pryme account holds NGN, USD, GBP and EUR in one place, with local account details for each, and can be opened from any country. See multicurrency accounts.
Questions people ask
What is the minimum balance to open an Access Bank domiciliary account?
Access Bank's FAQ gives a minimum opening balance of $100 and a minimum daily balance of zero. Ask the branch for the equivalent pound and euro amounts.
What documents do I need for an Access Bank domiciliary account?
Address verification, two references, two passport photographs and a valid ID for each signatory, plus a residence permit for foreigners. Companies add their registration documents.
How much does Access Bank charge for dollar withdrawals?
Its FAQ states a 0.5% cash handling charge. The CBN Guide to Charges (effective 2020) gives 0.05% or US$10, whichever is lower, so confirm the current charge with the bank.
Can I transfer from my Access domiciliary account to another bank?
Yes. The FAQ says you can transfer to Access Bank and other Nigerian bank accounts through internet banking using a secure token, and set up standing orders.
Sources
- Access Bank: Domiciliary Account FAQs · accessed Oct 2026
- CBN: Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (effective 1 Jan 2020) · accessed Oct 2026
- Mondaq: Key regulatory update in Nigeria, the CBN Foreign Exchange Manual 2026 · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.