", © Copyright 2006 - 2021 Law Business Research. I do need the account as i intend to use it as a savings pot for when i eventually relocate to nigeria. A new or existing customer can open an account online with GTBank. Access your account using your Zenith Bank debit card at participating merchant stores for payment of goods and services in Nigeria and anywhere in the world. Yes! First Bank of Nigeria Limited is Nigeria's premier commercial bank and most valuable banking brand with over 10million customers and over 750 business locations The current account with Riyad Bank makes everyday banking easier for you. Bank Verification Number (BVN) of the Company Directors and Signatories to the account. Questions? Requirements For Opening A Guaranty Trust Bank Non-Resident Nigerian Account 1. I tend to scroll through the daily email when I am having my lunch, reading the headlines and descriptions of the articles, and click on any items that are of interest to me - that way, I feel like I am kept 'in the loop' with legal developments. Also Read: Nigeria’s Top 5 Mobile Banking Apps In 2019. An international bank account available in GBP, USD, EUR and AUD; Unlimited deposits and withdrawals when banking at home or abroad; A Visa debit card for easy payments and withdrawals worldwide * Access to international savings accounts and foreign exchange; Standing Orders on all Optimum bank accounts and Direct Debits on sterling accounts Companies registered in Nigeria are eligible to open a bank. To open an Individual Domiciliary account, Download the Individual Account Opening Form. Better yet, there are no monthly account fees, and you get local bank account numbers which can be used in the eurozone and the UK. That’s why I don’t encourage you to read further. Open your Suits Me account today using the application form below. For joint account holders, download the Joint Account Holder Form. Even if a bank says a transfer is ‘fee free’, you really want to pay close attention to the rate that you're getting. Nigeria is a country in which most transactions are done in cash. Easy … The documents required to open a bank account in Nigeria by a registered company are as follows; Lately, the bank account opening forms can be downloaded from the banks’ websites. All you have to do is to simply dial * 901 # USSD code on any phone type. In fact, surveys have found that the best-paid expats in the world are to be found in Nigeria, as people move to pursue career opportunities in sectors such as banking, mining and oil.¹ ². Start your research as soon as you can, so you can find an account that works for you, and then you can get on with enjoying your new life in Nigeria. As for a company registered in Nigeria, the fact that such a company is eligible to open a bank account does not imply that a foreigner can be a signatory to a Nigerian bank account … It is safe to state therefore that the procedures for account opening depend broadly on two major factors – type of account and the bank … This isn’t always made entirely clear when you place the transaction. But fret not, opening a US bank account … Once your account is open, you'll gain instant access to your online banking to start managing your money. You can also get the TransferWise multi-currency debit card, which you can use to pay for goods and services all over the world. This is the first and the most essential step to take while opening a bank account in Nigeria. The procedure to open a bank account in Nigeria by any business commences with due incorporation of a company. Contact us today Email: zenithdirect@zenithbank.com, call 234-1-2787000, 0700ZENITHBANK or visit the Zenith Bank … But there are top ones that make the operation of the account … Which account is best for you will depend very much on how you intend to use the account once it’s active. Obtain a Domiciliary account opening form at the bank. Your bank account will be open 2 to 3 days after the bank received your application. To open a bank account in Nigeria using the Online method there are certain personal files that the Bank … You should simply just need to submit your paperwork and it’ll then take a few days to have your bank card prepared. In many cases, the bank will want one or two references to vouch for your good character, usually from people who already hold an account with that bank. This can make your bank account expensive to open and run, especially if you still don’t have a job. For foreign companies desirous of having a corporate bank account in Nigeria, it must register a subsidiary company in Nigeria first and it is that subsidiary company that will be eligible to open and operate a corporate bank account in Nigeria provided the signatory to the bank account is a Nigerian citizen or someone with Nigerian residency status. Chances are, that as an expat living in Nigeria, or a non-resident Nigerian, living away from home, you’re going to need to make an international money transfer sooner or later. Looking for the best international student bank account in the US? One passport … You might need to transfer an opening balance to get your Nigerian bank account operational, for example - or you might want to send money to friends or family overseas as a gift. You agree that the account opening will be subject to the Bank’s processes and reviews which may require you to provide further confirmation or documents. After the opening of the bank account, you may request for a debit or ATM card. If you’re using your home card in Nigeria, make sure your bank knows you’re travelling there. A duly completed corporate Account Opening Form signed by the company’s authorized signatories and directors of the company. Evidence of residency by the Company Directors. This can take between 1-24 hours. Resident permit. First Bank of Nigeria¹¹ has been established for well over a century and now has over 750 offices, and 10 million customers, in addition it has business locations across Africa, Europe, Middle East and Asia.¹² There are also specific banking options for people looking for more specialised financial expertise and for products suited to Nigerians living abroad. If you are looking forward to creating a Domiciliary bank account, then expect steps on How to Open a Domiciliary Bank Account in Nigeria. The fact that a company is eligible to open a bank account in Nigeria after incorporation does not imply that a foreigner can be a signatory to a Nigerian bank account without obtaining the requisite Nigerian work permit. But, opening a bank account in the United States is not the most simple procedure. If you intend to travel outside of Nigeria often, choosing a bank with a presence in other countries in West Africa might make sense, as you can usually get cheap or free ATM withdrawals if you use banks in the same network outside of Nigeria. It’s important that before you choose, you read the small print about account fees. With your application approved, your Zenus account gives you the flexibility and control to manage your money as you want to: 1. The Access Bank Early Savers account is for children below the age of 18 years, you the parents are in charge of the account until your child is old enough to operate it. Read on for some good advice and thorough research. Top 5 Banks To Open A Domiciliary Account With In Nigeria. … How To Open Business Bank Account in Nigeria #2 – BVN:. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. In this post, we will be showing how to open Access Bank Account online. Public Utility Receipt of the business address of the company. Well done, you're almost there, to open your account please use the link below to fund your account, once your account is funded, you will receive your new account … The first problem most foreigners encounter is lacking an SSN. Enable further innovation in the financial services industry. On 1 June 2017, a group of bankers and fintech experts in Nigeria got together for the Open Banking Nigeria initiative to drive the adoption of common API standards for the country. In addition to the daily email, I find the articles themselves very helpful - they set out the legal principle but most importantly, they 'boil it down' to the practical implications. All you need is to choose “Apply Now”, verify your personal information via the National Single Sign-On system using "ABSHER" account and fill in the required information. Banks can offer financial products to non-residents, although each bank will decide which accounts it makes available and to whom. Passport or another proof of ID such as a national identity card, Application form, and minimum account balance if relevant, One passport photograph of authorized signatory, One or two reference forms or an employer letter, Recent proof of your address such as a water bill, rent receipt or phone bill, Residence permit proving you’re in the country legally, Wide variety of accounts for savings and everyday use ⁷ ⁸, Specialist corporate and business accounts available⁹, Basic and specialist accounts and loan products ¹³ ¹⁴, Specialist business accounts available ¹⁶, Good range of products including loans and insurance²⁷ ²⁸. Introducing PRO ComplianceThe essential resource for in-house professionals. I have recommended the service to quite a few friends who have also found it very helpful. For a company to be eligible to open a bank account in Nigeria, the company must be duly incorporated with the Corporate Affairs Commission (CAC). Application form, and minimum account balance if relevant. When you choose your bank to use, you should take into account the fees which will be applied to the transactions you make. TransferWise is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money. Walk into any Guaranty Trust Bank branch and head for the customer service section (usually located towards the main entrance) and inform the staff that you would like to open an … How to get a divorce in Nigeria - filing for divorce, Important land documents in Nigeria for property transactions, Procedure for Authentication of Documents in Nigeria, Proof of land ownership and types of land documents in Nigeria, Limitations of foreign investments in Nigeria, Doing business in nigeria- guide and requirements, Company Registration & Setting Up Business in Nigeria. In this latest podcast, we quickly guide you through the process of opening a Nigerian GT Bank account online even though you live in South Africa.. The shares of stock of the group are listed on the Nigerian Stock Exchange, where they trade under the symbol: UBA. its just frustrating that the banking system is designed to be difficult for account opening. If in doubt, ask at a local branch or contact customer services. A carefully completed GTBank Account Opening Form which can be downloaded online (click here to … If you're looking for the best international student bank account, look no further. Simply select the “New Account” as a new customer or “Additional Account” as an existing customer. Know more. To give you the best chance of avoiding any excess charges, choose a large banking network which offers many ATMs. Aside from the natural beauty of the country, Nigeria holds great promise for expats. Banks usually add an administration fee, which might not be clearly advertised. If you’re opening an account to pay your salary into, then you’ll probably need an employer letter confirming you're employed. Whether or not you can open an account without being in the country will depend on your situation. Lexology is great as it provides a daily email with the headlines in all the areas of law that I am interested in (which are all relevant to me, as I was able to choose which areas I was interested in at registration), with links to articles from a wide variety of sources. Promote adoption of open banking standards with stakeholders across Nigeria. Ensure you have the requisite documents with you. For example, some non-resident products are specifically designed for non-resident Nigerian citizens and open only to Nigerians living abroad. In most cases, you’re expected to attend a bank in person, with original documents, and give signature samples for your account to be opened. The Procedure & Documents to open a Bank Account. Form of Identification of the Company Directors such as International Passport. Many of the banks operating in Nigeria also have branches elsewhere in the region outside of Nigeria. Even if you’re simply expecting to travel frequently to Nigeria, for business or pleasure, a Nigerian bank account might make life easier and cheaper. What documents are necessary for a foreigner to open a bank account? Banks available include local brands and those operating all over the region. You need two persons with current account to sign a form for you. Access Bank: Early Savers Account. One passport photograph of authorized signatories (Those … Open a GTBank Non-Resident Nigerian (NRN) Account Today You can open an NRN account from anywhere in the world. Europe . There are lots of different bank accounts available in Nigeria and some of the charges and features might not be familiar. A person not resident in Nigeria is not permitted to be a signatory to any bank account in Nigeria, even if such a person owns a registered company in Nigeria. You should check the arrangements with your chosen bank, as you might have to make an appointment to open your account with an advisor. Choose a Bank. Every bank in Nigeria opens domiciliary accounts for their customers. Prior results do not guarantee a similar outcome. Access has branches in 8 sub-saharan countries and an office in the UK.²⁶. How to open an account at Standard Chartered Bank Nigeria. US Bank student checking account review: What should you know? A Board Resolution signed by the Board of Directors authorizing that the bank account be opened and it must also contain the names of the approved signatories to the company bank account. Individuals and companies registered in Nigeria are eligible to open a bank. Other special requirements such as business permits, residence permits, especially for expatriates. Even if these look pretty small, they can add up quickly. Open bank accounts in Nigeria has not been so easy in the past; because it requires a lot of stress and documents to have a single bank account in Nigeria. The opening of Non-resident bank account in Nigeria is relevant to Nigerian citizens in diaspora and foreigners having Nigerian residency status. The next generation search tool for finding the right lawyer for you. Instead, they add a markup to the rate and pocket the difference as their own profit. Your contactless Visa debit card will arrive in the post within 3-5 working days. Guaranty Trust Bank¹⁷ has a presence in 9 different countries in Africa and also has an office in the UK.¹⁸ There are over 230 Guaranty Trust Bank branches and 1165 ATMs across the region.¹⁹, Access Bank²⁴ offers basic and specialist banking products, including accounts aimed at senior citizens²⁵, and accounts for parents saving on behalf of their children. In Nigeria, you’ll have no problem finding an account that suits your needs as there’s plenty of choice. Power up your legal research with modern workflow tools, AI conceptual search and premium content sets that leverage Lexology's archive of 900,000+ articles contributed by the world's leading law firms. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. Please contact [email protected]. A Company registered in Nigeria is eligible to open an account from any reputable or tier one banks, but the procedure may differ from one bank to the other, even though the requirements by the banks are essentially the same and cut across all the banks in Nigeria. Provided for general information purposes only and is not the most of it just what you need submit! “ Additional account ” as a national identity card get a savings and bank account stocks anytime and.... 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