Requirements to Open A Dollar Account in GTB

Need to open a dollar (or domiciliary) account with Guaranty Trust Bank (GTB)? As one of Nigeria\’s largest financial institutions, GTB offers a range of domiciliary accounts to both individuals and businesses.

These accounts allow you to save, transfer and conduct transactions in foreign currencies like US Dollars, Pounds Sterling, Euros and more. They are a useful tool for international payments, foreign education funds, investment opportunities and travel expenses.

In this comprehensive guide, we outline everything you need to open a dollar account with GTB. We cover the account options, documents required, fees/charges and step-by-step process to get started. Whether you already bank with GTB or are switching, this guide will help you open the ideal domiciliary account hassle-free.

Overview of GTB Dollar Accounts

Let\’s start with a quick rundown of the domiciliary account options from GTB:

Domiciliary Personal Account – This allows individuals to save and transact in foreign currency for personal use like overseas education, medical tourism, vacations etc.

Domiciliary Business Account – Tailored for business customers for foreign transactions like imports, exports, offshore payments and more.

Domiciliary Escrow Account – Used to safely hold funds denominated in foreign currency on behalf of transacting parties. Useful in M&A deals, real estate purchases, share subscriptions etc.

Domiciliary Bills Payment Account – Created to help individuals pay recurring foreign bills for services like web hosting, app subscriptions, domain registration etc.

Domiciliary Fixed Deposit Account – Allows you to earn interest by placing foreign currency deposits in fixed tenors of 30 days to 12 months.

GTB offers these accounts in major currencies like USD, GBP, EUR, CAD, CHF, JPY etc. You can open them in single or multiple currencies based on your needs.

Now let\’s look at the requirements to open each type of dollar account with GTB.

Requirements for Personal Domiciliary Account

Here are the key documents and information needed to open a personal domiciliary account with GTB:

• Duly completed account opening form
• Valid means of ID – National ID, International Passport, Drivers License or Voter\’s ID
• Recent passport photograph
• Proof of address – Utility bill, tenancy agreement etc. not older than 3 months
• Initial minimum deposit in foreign currency cash or transfer
• Bank Verification Number (BVN)
• Source of funds that will fund the account
• Active email address and phone number
• Next of kin information

Make sure all your documents are valid and your forms are filled out completely. The minimum opening balance is $100 or equivalent in other currency.

Your BVN helps link your domiciliary account to your profile for seamless banking. Providing your source of funds also shows the deposits are from legitimate origins.

Once you submit the documents, GTB will verify your identity, biometrics and details provided. After approval, your shiny new dollar account will be ready to use!

Requirements for Business Domiciliary Account

Companies looking to open a corporate domiciliary account with GTB need:

• Duly completed account opening forms
• Certificate of Incorporation for limited companies
• Memorandum and Articles of Association
• Board Resolution authorizing the account opening
• Form CAC2 and CAC7 for limited companies
• CAC certificate for business name registration for partnerships/sole proprietorships
• Valid company IDs of owners/directors/authorized signatories
• Proof of company address – Utility bill etc.
• BVNs of account signatories
• Email address and contacts
• Initial foreign currency deposit
• Sources of income/funds for the business

The documentation provides details on the company’s registration, ownership, operations and capacity to open the account. GTB will verify all documents and signatories\’ identities before approval.

The minimum opening balance is $500 for corporate dollar accounts. Funds can be deposited abroad and inwardly remitted to activate the account.

Requirements for Escrow Domiciliary Account

Here are the typical requirements for opening a domiciliary escrow account with GTB:

• Escrow account opening forms
• Deal agreement or contract specifying escrow terms
• IDs and proof of address for transacting parties
• Company registration documents if corporate entities
• Source of funds for transfers into escrow
• Bank confirmation letters
• Email address and contacts
• Initial transfer into the escrow account
• Escrow management and release instructions

This provides GTB with insights into the escrow arrangement, parties involved and management of the account.

Thorough KYC and documentation is crucial given the account’s function to temporarily hold deposits on behalf of different entities.

Requirements for Bills Payment Domiciliary Account

To open a domiciliary account specifically for paying foreign bills or subscriptions, GTB will need:

• Account opening forms
• Valid ID and proof of address
• Email confirmations or billing invoices showing recurring payments
• BVN
• Mailing address for bills, if applicable
• Minimum opening balance of $200
• Schedule of upcoming payments

By showing billing proof, GTB can ascertain the foreign payment needs justifying a dedicated bills account. Funds should be routed only toward the approved billers.

You can request to add new merchant payees as required down the road through written authorization.

Requirements for Fixed Deposit Domiciliary Account

For a fixed deposit dollar account, the key requirements are:

• Fixed deposit mandate and account forms
• Means of ID and proof of address
• BVN
• Deposit tenor – 30, 60, 90 days or longer
• Preferred interest payout structure
• Minimum opening deposit based on currency
• Instructions for renewals on maturity
• Next of kin information
• Agreement to terms for early withdrawals

You\’ll decide the fixed tenor aligned to your financial plans. Interest accrues based on the prevailing rates for your chosen currency and tenor.

Early withdrawals are permitted but may incur fees or reduced interest depending on terms. GTB will explain the applicable rates, fees and conditions before opening your account.

Step By Step Process to Open a Dollar Account

Now let’s walk through the step-by-step process to open your preferred domiciliary account at GTB:

Step 1) Visit your nearest GTB branch

Request the account opening forms for the specific type of dollar account you want. You can also download forms from the GTB website.

Step 2) Submit your documentation

Submit the completed account forms with the required documents attached. Ensure every detail and copy is legible and valid.

Step 3) Identity and biometric capture

GTB will perform biometric capture and verification for your fingerprint, photo and signature. This enters your details into their centralized system.

Step 4) Make the minimum deposit

Fund your account with the minimum opening balance in foreign currency via cash or transfer. Transfers take 2-3 days to reflect so plan accordingly.

Step 5) Account activation

Once your funds are received, GTB will activate your new domiciliary account. This may take up to 5 working days from submission.

Step 6) Collect your debit card/chequebook

Visit the branch to collect your domiciliary account debit card, chequebook and other materials. Sign all necessary documents.

And that\’s it! Your GTB dollar account will be ready for foreign transactions and payments within a week or so. Fund it regularly and utilize it wisely for your specific financial needs!

Fees and Charges for GTB Domiciliary Accounts

Opening and maintaining a dollar account with GTB does attract some fees you should be aware of:

• Account opening fee – N5,000 for individuals, N50,000 for corporate accounts
• Account maintenance fee – N1,000 monthly for personal, N10,000 monthly for business
• Debit card issuance – $10 per card
• Internet/mobile banking – Free
• Cash deposits – 1% of deposit amount
• Cash withdrawals – 3% of withdrawal amount
• Foreign transfers in – 1% of inflow amount (min $10 or N2,500)
• Foreign transfers out – 1% of outflow amount (min $40 or N10,000)
• Domiciliary draft/cheque issuance – $10 per cheque
• Dormant account reactivation – $20 or N5,000
• Account closure – $25 or N7,500
• SMS alerts – $2 monthly

GTB provides full details on their latest fees on the website and account opening forms. The charges help maintain top-notch service levels and state-of-the-art banking infrastructure for customers.

Perks of Banking with GTB

Beyond an easy domiciliary account opening process, GTB offers many advantages for retail and corporate customers:

• Top-level service at over 270 branches nationwide
• Leading digital banking services
• Zero charges on inter-bank transfers
• Competitive interest rates on deposits
• Fast easy account opening with BVN
• Access to business banking support
• Excellence in international banking and transactions

-Prompt 24/7 customer service on all channels

-Cutting-edge products and technological innovation

So along with opening your dollar account seamlessly, you gain a reliable financial partner supporting your needs in Nigeria and globally.

Frequently Asked Questions

Can I open a dollar account online or via the mobile app?

Unfortunately, GTB currently requires you to visit a branch in person to open a domiciliary account. This allows them to verify your identity and documents thoroughly. However, ongoing account usage can be done digitally once opened.

How long does it take to open a dollar account with GTB?

It typically takes 5-7 working days from successful submission of documents to activate your new GTB domiciliary account. The process involves verification, biometrics capture, debit card issuance and awaiting your initial fund transfer to reflect.

What are the ways I can fund my dollar account?

You can fund your GTB domiciliary account via foreign currency cash deposits, inward remittances from other banks, wire transfers from overseas, conversion of naira balances, check deposits and online transfers from other GTB domiciliary account holders.

Can I withdraw dollars or foreign currency over the counter?

Yes, GTB allows cash withdrawals in supported foreign currencies over the counter at branches. This may attract some charges so request for details. There are limits on cash out amounts to discourage black market trading.

How do I check my dollar account balance and transactions?

GTB provides free access to your domiciliary account on their Internet Banking platform and Moove mobile app. You can check balances, view statements, see transaction details and download activity reports. Alerts can also be set up.

Are there advantages to having multiple currencies in one account?

Yes, a multi-currency domiciliary account allows you to hold funds in USD, EUR, GBP simultaneously while enjoying competitive interest rates. It also saves costs by avoiding fees on multiple accounts. Convenient for accessing different currencies quickly.

Can I transfer online from my dollar account to other banks?

You can seamlessly transfer funds real-time to beneficiaries with GTB or other Nigerian banks directly via Internet/Mobile Banking. Charges apply for outsourced transfers. Multiple transfer options are available digitally.

What happens if my dollar account becomes dormant?

Accounts become dormant after 6 months of inactivity. You will be notified and required to reactivate at a branch by visiting, signing forms and paying the applicable fee. Failure to reactivate within 1 year leads to account closure.

How secure are GTB\’s domiciliary accounts?

GTB utilizes robust security like transaction encryption, app passcodes, BVN verification and two-factor authentication. Domiciliary account fraud is extremely rare due to their state-of-the-art systems and monitoring. Your funds remain safe.

What is the minimum opening balance for minor domiciliary accounts?

For minors below age 18, the minimum opening balance is $50 or equivalent in another foreign currency. A parent or guardian will need to co-sign on the account until the minor comes of age. Valid ID/BVN is required for the minor.

Can I get a dollar card or prepaid travel card linked to the account?

Yes, GTB offers multi-currency Visa prepaid cards that can be linked to your domiciliary account. These let you pay directly in foreign currency and are handy for overseas trips. Fees apply for issuance and card management.

How often are interest payments credited on fixed deposits?

For fixed term domiciliary deposits, you earn interest monthly, quarterly, biannually or at maturity based on the option selected. Interest accrues daily and is credited at the chosen frequency. Taxes apply accordingly.

Can I open a domiciliary account without visiting a branch?

Domiciliary account opening requires in-branch verification currently. However, GTB is launching an option to open these accounts digitally very soon. This will allow completely online account opening for your convenience.

Is a BVN mandatory for opening any domiciliary account?

Yes, having a Bank Verification Number (BVN) is a statutory requirement set by the CBN for individuals or signatories opening a domiciliary account. Institutional customers also require equivalent identification.

How long does an outward transfer from my dollar account take?

Outbound transfers via SWIFT from a GTB domiciliary account typically take 1-3 working days to reach the recipient bank. Time varies based on intermediary banks involved. GTB offers real-time transfer tracking.

What are the insurance benefits on domiciliary accounts?

Domiciliary accounts enjoy up to N500,000 insurance coverage from the Nigeria Deposit Insurance Corporation (NDIC). This protects your foreign currency deposits in case of bank failure. Terms and conditions apply by NDIC.

Conclusion

We hope this detailed guide provides everything you need to open the ideal GTB domiciliary account with ease. Simply prepare the required documents, submit your forms at a branch, provide your BVN and initial deposit – then enjoy transacting in foreign currency!

GTB makes the account opening process smooth while still adhering to strict KYC requirements. Reach out to their knowledgeable team if you need any assistance.

And once your dollar account is approved and ready, be sure to use it actively for your intended overseas payments, purchases, investments and expenses. GTB offers a gateway into international banking just a step away!