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The short answer
Union Bank offers a domiciliary account in US dollars, pounds and euros with a minimum opening balance of $50 or equivalent, and a domiciliary current account in pounds and euros from the equivalent of $100. You need two passport photographs, a valid ID, a utility bill under three months old or a signed tenancy agreement, and your BVN; the current account also needs two references and a CIU form. Union Bank lists a 0.05% charge on cash withdrawals, capped at $10 on the standard account.
A domiciliary account lets you hold foreign currency in a Nigerian bank: income from abroad, savings in dollars, or funds set aside for school fees. Union Bank offers several versions. This article sets out what each requires and costs, using Union Bank's own page as checked in October 2026, and explains the CBN rules that apply to cash.
The three Union Bank domiciliary options
| Domiciliary Account | Domiciliary Current | UnionAce | |
|---|---|---|---|
| Currencies | USD, EUR, GBP | EUR, GBP | USD |
| Minimum opening | $50 or equivalent | $100 equivalent | $100 |
| Interest | Up to 1% a year | Not stated | Up to 4% a year |
| Card | Not stated | Not stated | UnionAce MasterCard |
| Extra documents | None | 2 references, CIU form | 2 references, KYC documentation |
Interest rates are as stated on the page in October 2026 and can change; ask the branch for the rate that applies on the day you open. The page wording on whether interest is lost after more than four withdrawals a month is unclear, so confirm that too.
Documents
For the standard Domiciliary Account, Union Bank lists:
- Two passport photographs
- A valid ID: international passport, driver's licence or National ID card
- A utility bill under three months old, or a signed tenancy agreement
- BVN
For the Domiciliary Current account, add two valid references and a customer information update (CIU) form, which the page describes as internal documentation for existing customers whose KYC details have changed. Our guide to business domiciliary accounts covers company versions, which need CAC documents as well.
Charges Union Bank publishes
- Cash withdrawals, Domiciliary Account: 0.05%, capped at $10. The page's benefits section prints this as "05%", which reads as a typo for 0.05%.
- Cash withdrawals, Domiciliary Current: 0.05%, with no cap stated.
- Transfers from the Domiciliary Current: shown as 0.5% of principal in one section and 0.1% in another.
- Transfers of cash deposits from the Domiciliary Current: 2%.
- SWIFT charges: listed as 22 USD (or 15 GBP) and 18 EUR, again with conflicting figures.
Because the page conflicts with itself, ask the branch for the current tariff in writing before you rely on a figure. The CBN Guide to Charges caps foreign-currency card maintenance at $10 a year; the bank's other FX charges are in its tariff.
Worked example
Example: you withdraw $1,500 in cash from a Union Bank Domiciliary Account. 0.05% of $1,500 is $0.75, well below the $10 cap, so the charge would be $0.75. On a $30,000 withdrawal, 0.05% is $15, so the $10 cap applies. Confirm whether VAT is added.
Cash deposits and the CBN rules
Cash rules for domiciliary accounts are where most confusion lies. The CBN has restricted and then relaxed cash deposits and withdrawals on domiciliary accounts more than once in recent years, and the precise rules (for example, whether cash-funded balances can be transferred abroad, and daily withdrawal ceilings) are set in CBN circulars rather than on bank product pages. Union Bank's own page shows that it accepts cash deposits on the Domiciliary Current account, because it prices transfers of cash deposits at 2%, which is higher than its transfer charge on other funds. In practice:
- Bring identification and be ready to state the source of the cash; banks must apply anti-money-laundering checks.
- Ask whether cash-funded balances can be sent abroad, and at what charge, before you deposit.
- Keep the deposit slip: it is your evidence of the source of funds later.
- Check the current CBN circulars on cbn.gov.ng, or ask the bank to show you the rule it is applying.
Our article on withdrawing dollars in cash covers the withdrawal side in more detail.
Inflows and outflows
Typical inflows are international transfers (the sender needs Union Bank's SWIFT code and your account number; see our SWIFT guide), transfers from other domiciliary accounts in Nigeria and, where accepted, cash. Outflows are transfers abroad or to other domiciliary accounts, cash withdrawals and, on UnionAce, card spending. For paying school fees abroad, Union Bank lists a separate document set, including Form A, the admission letter or invoice and the student's passport data page.
Steps to open one
- Choose the version: the Domiciliary Account for simple saving and receiving, the Domiciliary Current for pounds or euros with transfers, or UnionAce if you want a dollar card.
- Gather the documents above, plus references if the version needs them. References are usually from existing current-account holders; ask the branch for its reference form.
- Visit a branch, or ask UnionCare (07007007000) whether your branch can start the process by email.
- Fund the account with at least the minimum opening balance.
- Ask for the full tariff and the interest terms in writing, and register the account on UnionMobile so you can see inflows.
If you already bank with Union Bank, the domiciliary account is linked to the same customer record and BVN, which usually shortens the process.
Where Pryme fits
For people abroad or paid in foreign currency, a Pryme account holds USD, GBP and EUR with local account details for each, alongside naira, and can be opened from any country. See multicurrency accounts.
Questions people ask
How much do I need to open a domiciliary account in Union Bank?
$50 or its equivalent in pounds or euros for the Domiciliary Account, the equivalent of $100 for the Domiciliary Current, and $100 for UnionAce, per Union Bank's page in October 2026.
What are the requirements for Union Bank domiciliary account?
Two passport photographs, a valid ID, a utility bill under three months old or a signed tenancy agreement, and BVN. The current account adds two references and a CIU form.
Can I deposit cash dollars in Union Bank domiciliary account?
Union Bank's page indicates cash deposits are accepted on the Domiciliary Current account and prices their onward transfer at 2%. CBN cash rules apply; ask the branch first.
Does Union Bank domiciliary account pay interest?
The page states up to 1% a year on the Domiciliary Account and up to 4% on UnionAce, as at October 2026. Rates can change.
Sources
- Union Bank: Domiciliary Account · accessed Oct 2026
- Union Bank: FX for school fees (documents) · accessed Oct 2026
- CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (effective 1 Jan 2020) · 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.