There are lots of different bank accounts available in Nigeria and some of the charges and features might not be familiar. 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. 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 Two (2) duly completed Reference Forms by a corporate account holder. Read on. I do need the account as i intend to use it as a savings pot for when i eventually relocate to nigeria. 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. Banks can offer financial products to non-residents, although each bank will decide which accounts it makes available and to whom. Each bank would provide various features like the ability to transfer funds from Nigeria … After the opening of the bank account, you may request for a debit or ATM card. It is not intended to amount to advice on which you should rely. Choose a Bank. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. To open a Nigerian bank account you'll need to visit your local branch to submit an application with supporting documents. There are no limits to the number of withdrawals you can make from the account in a month; You get a debit card instantly as soon as you open the account; This account type is for those who carry out lower transactions with the bank… The first and most important step for opening a company bank account is for the company to choose an appropriate bank. Your contactless Visa debit card will arrive in the post within 3-5 working days. Hold it 2. Introducing voice banking - Bank as quick as you speak. Because Nigeria has had problems with card fraud, unexpected transactions originating here might mean your card is blocked.⁴ A final pitfall to watch out for, if you choose to use your home bank card in Nigeria, is the hefty charges applied due to dynamic currency conversion (DCC). 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 … Rescue tomorrow - Track your pensions on the go. A foreigner may ask local professionals for a tip or recommendation of a suitable bank. Once your account is open, you'll gain instant access to your online banking to start managing your money. If you’re an expat, a non-resident Nigerian, or a freelancer working with companies based in different countries, managing your cash across multiple currencies can be a challenge. ... Angola Botswana Côte-d'Ivoire Congo Ghana Kenya Lesotho Malawi Mauritius Mozambique Namibia Nigeria South Africa Swaziland Tanzania Uganda Zambia Zimbabwe. The documents required to open a bank account in Nigeria by a registered company are as follows; A Board Resolution signed by the Board of Directors authorizing that the bank account be … 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. Enjoy the flexibility of banking on the go, with our electronic channels (internet banking, mobile banking, ATM and EmailMoni) and get a … For instance, you may not be able to close the account and switch to a better deal until a set period of time expires. If you’re opening an account to pay your salary into, then you’ll probably need an employer letter confirming you're employed. US Bank student checking account review: What should you know? Open your PureSave account online now. The next generation search tool for finding the right lawyer for you. If you don’t have one, simply dial *919*20# to open one instantly or *919*20*1# to migrate your existing savings account. United Bank for Africa Plc (UBA), is a Nigerian pan-African financial services group headquartered in Lagos.It has subsidiaries in 20 African countries and offices in London, Paris and New York. All you have to do is to simply dial * 901 # USSD code on any phone type. Whether or not you can open an account without being in the country will depend on your situation. You can also get the TransferWise multi-currency debit card, which you can use to pay for goods and services all over the world. The applicant must assemble all the documents listed above and submit the same to the bank for the account to be opened. 9 Complete your payment. 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. Become your target audience’s go-to resource for today’s hottest topics. And often regular banks don’t use the mid-market rate to process international transfers. You can also ask your employer if they offer support for opening a bank account to expats that they hire. How To Apply. A carefully completed GTBank Account Opening Form which can be downloaded online (click here to … You should check the arrangements with your chosen bank, as you might have to make an appointment to open your account with an advisor. This can make your bank account expensive to open and run, especially if you still don’t have a job. By virtue of the Central Bank of Nigeria Regulations, no person or entity may open a bank account in Nigeria unless the signatory to the bank’s bank account is resident in Nigeria … ", © Copyright 2006 - 2021 Law Business Research. 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. Read on for our informative guide. When I am doing legal research, I also find the archive search function very helpful. By choosing a bank with a regional or global presence, you could benefit from reduced charges at ATMs in your network while you travel, too. With a Borderless account, you can hold your money in multiple different currencies, including EUR, USD and GBP, and then just convert it when you need it, using TransferWise to get the best rate available. 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