how to open a bank account in nigeria

In Nigeria, you’ll have no problem finding an account that suits your needs as there’s plenty of choice. How To Apply. Europe . If in doubt, ask at a local branch or contact customer services. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. AB Microfinance Bank Nigeria is a foreign-owned financial institution, based in Lagos state, which offers a broad range of financial services to micro, small and medium-sized enterprises (MSMEs) and other clients in the lower income strata. The UBA Online Account is a unique account designed for people who desire to carry out their banking activities purely online, without visiting a bank branch. To open a Nigerian bank account you'll need to visit your local branch to submit an application with supporting documents. And often regular banks don’t use the mid-market rate to process international transfers. Non-residents and non-citizens in most case do not have an SSN and this limits access to US banking retail services. 9 Complete your payment. Nowadays to open bank account in Nigeria has been further simplified by the use of technology – yes, accounts can even be opened over the Internet. I do need the account as i intend to use it as a savings pot for when i eventually relocate to nigeria. If you’re planning to open a Nigerian bank account, you’ll need to provide a stack of paperwork, and - sometimes tricky for expats - a reference, or employer letter. A foreigner may ask local professionals for a tip or recommendation of a suitable bank. In common with many in-house lawyers, I have limited access to (and a limited budget for) resources and rely on receiving know-how from friends and contacts in private practice. This can take between 1-24 hours. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. … read more about DCC - and how to avoid it, Free checking accounts - options for everyone, SunTrust student checking account - The only guide you need, International banks: Your guide to opening an account. Another best method to open an active bank account is using a mobile phone you can there you can easily navigate to the page and open an active bank account in Nigeria using USSD code for all banks. Bank Verification Number (BVN) of the Company Directors and Signatories to the account. Siam Legal offers and provides assistance for a smooth and hassle-free way in opening up a Thai bank account. Under the Nigerian laws and banking regulations, it is only a company duly registered in Nigeria that can open a bank account in Nigeria. For foreigners, you may need your proof of residence in Nigeria before a bank account … The account can also be operated as a Salary Account. Enjoy the flexibility of banking on the go, with our electronic channels (internet banking, mobile banking, ATM and EmailMoni) and get a … Keep reading. The current account with Riyad Bank makes everyday banking easier for you. Read on. Finally, Thanks to Payoneer, an e-commerce company based in the US, you can now open a US bank account in Nigeria, Australia, Ghana, India or anywhere else around the world and withdraw cash … We use cookies to make your experience with us better. SunTrust Bank, inspired by the future, is a privately held Commercial Bank licensed by the Central Bank of Nigeria under the BOFIA. Re: How To Open A Bank Account In Nigeria … Simply visit any South African Bank with your ID book and proof of residence to open a bank account that suits your needs. How to open an account at Standard Chartered Bank Nigeria. Enable further innovation in the financial services industry. Obtain a Domiciliary account opening form at the bank. To open a bank account in Nigeria using the Online method there are certain personal files that the Bank … 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. Here’s all you need to know about SunTrust's student cehcking account to make the most of it. Opening a bank account in Nigeria entails various requirements. If you would like further information on this Notice, or if you wish to contact our Data Protection Officer, please write to us at Union Bank of Nigeria Plc, Stallion Plaza 36, Marina, Lagos, Nigeria or at [email protected][insertemailaddress]. It’s important that before you choose, you read the small print about account fees. Read on for some good advice and thorough research. 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 … Rescue tomorrow - Track your pensions on the go. You should check the arrangements with your chosen bank, as you might have to make an appointment to open your account with an advisor. WE cover everything you need to know about the US Bank student account. Contact us today Email: zenithdirect@zenithbank.com, call 234-1-2787000, 0700ZENITHBANK or visit the Zenith Bank … Which account is best for you will depend very much on how you intend to use the account once it’s active. History. Yes, it’s possible to open a savings account on Access Bank without visiting the bank. "I find the Lexology service invaluable. Please contact [email protected]. But, opening a bank account in the United States is not the most simple procedure. But fret not, opening a US bank account … If you’re moving to Nigeria for work - or are planning on setting up your own company there - a local bank account is essential. Top 5 Banks To Open A Domiciliary Account With In Nigeria. If this sounds like you, then a Borderless multi-currency account from TransferWise might be just what you need. That’s why I don’t encourage you to read further. its just frustrating that the banking system is designed to be difficult for account opening. Today, I will show you how to open some bank account in the comfort of your room; with peace of mind; and get your account … Ensure you have the requisite documents with you. 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. Resident permit. Introducing PRO ComplianceThe essential resource for in-house professionals. No travel required and you don’t need to be a US citizen or resident. Pursuant to the Central Bank of Nigerian 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 … With a footprint of over 350 branches across the country, Polaris Bank prides itself in delivering exceptional customer experience, leveraging best in class/state of the art Information Communication Technology (ICT). Keep a step ahead of your key competitors and benchmark against them. Many of the banks operating in Nigeria also have branches elsewhere in the region outside of Nigeria. Companies registered in Nigeria are eligible to open a bank. Therefore, a foreign company is not entitled to open a bank in Nigeria … So let show you how to open Access Bank Account … You can also get the TransferWise multi-currency debit card, which you can use to pay for goods and services all over the world. Your contactless Visa debit card will arrive in the post within 3-5 working days. Although many foreign companies proposing to carry out any business in Nigeria may be interested in opening a bank account in Nigeria, however, the law provides that only companies registered in Nigeria are eligible to open a bank account. We look forward to having you on board the one service that lets you bank … 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. The opening of Non-resident bank account in Nigeria is relevant to Nigerian citizens in diaspora and foreigners having Nigerian residency status. Nigeria is a country in which most transactions are done in cash. Most banks will require a Social Security Number to open a bank account in the US. Banks can offer financial products to non-residents, although each bank will decide which accounts it makes available and to whom. 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. TransferWise is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money. AB Microfinance Bank Nigeria is a foreign-owned financial institution, based in Lagos state, which offers a broad range of financial services to micro, small and medium-sized enterprises (MSMEs) and other clients in the lower income strata. After completion of the bank account opening form, your bank account will be opened. There are lots of different bank accounts available in Nigeria and some of the charges and features might not be familiar. All you have to do is to simply dial * 901 # USSD code on any phone type. Hold it 2. The first and most important step for opening a company bank account is for the company to choose an appropriate bank. The procedure to open a bank account in Nigeria by any business commences with due incorporation of a company. A new or existing customer can open an account online with GTBank. 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. 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. However, if you need to open ClickBank in Nigeria, The second method is for you, and I recommend that you take this opportunity.. 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. 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.. You can always contact the bank to see if your bank account has been open … We cover everything you'll need to know. 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. 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. You can read more about DCC - and how to avoid it, here. Some accounts levy a monthly maintenance charge or a one-off or regular fee for holding a debit card against the account. A deposit of N5,000 is needed to open the account… Banks usually add an administration fee, which might not be clearly advertised. 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. 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. You can open a bank account in Nigeria while living in South Africa. A carefully completed GTBank Account Opening Form which can be downloaded online (click here to … Listen while I take you through the requirements for opening a Guarantee Trust Bank account. Getting a local bank account is usually pretty high on the list of priorities for any expat. ... Angola Botswana Côte-d'Ivoire Congo Ghana Kenya Lesotho Malawi Mauritius Mozambique Namibia Nigeria South Africa Swaziland Tanzania Uganda Zambia Zimbabwe. All you need is 5k in your Bumper Account monthly. There may also be other restrictions. Zenus is the first bank enabling you to apply for a true US bank account from anywhere in the world. 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. 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… Individuals and companies registered in Nigeria are eligible to open a bank. 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. When it comes to moving money abroad, often your home bank won't offer you the best deal. Easy … 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. Access has branches in 8 sub-saharan countries and an office in the UK.²⁶. US Bank student checking account review: What should you know? 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. Understand your clients’ strategies and the most pressing issues they are facing. I have recommended the service to quite a few friends who have also found it very helpful. Once your account is open, you'll gain instant access to your online banking to start managing your money. Invest like a hero - Make smart investment with a few taps. Evidence of residency by the Company Directors. You should simply just need to submit your paperwork and it’ll then take a few days to have your bank card prepared. 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 exact requirements will vary depending on the bank and the account type, but expect to be asked for the following³: Most banks have the exact requirements set out on their website. Even if a bank says a transfer is ‘fee free’, you really want to pay close attention to the rate that you're getting. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. Evidence of Registration with the Special Control Unit against Money Laundering (SCUML) where applicable. One passport … Even if these look pretty small, they can add up quickly. TransferWise uses only the mid-market rate for international transfers, and are upfront about the small, transparent fee charged for each transaction. 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. Read on. Also Read: Nigeria’s Top 5 Mobile Banking Apps In 2019. Whether or not you can open an account without being in the country will depend on your situation. Online Account Opening Request Opening a Zenith bank account is easier than ever before, simply fill in your details below and visit the nearest Zenith Bank branch at your convenience with the required documentation to get your account activated. 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. 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. If you’re opening an account to pay your salary into, then you’ll probably need an employer letter confirming you're employed. Public Utility Receipt of the business address of the company. Simply select the “New Account” as a new customer or “Additional Account” as an existing customer. Trade like a legend - Monitor your stocks anytime and anywhere. 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. 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. For joint account holders, download the Joint Account Holder Form. A foreign-owned company not having its directors or owners legally resident in Nigeria may hire the service of local staff or nominee director and authorize him via a board resolution to open a bank account on behalf of the company, however, this authority must not be delegated to a stranger. Although you can get some accounts which don't have regular monthly maintenance charges, most accounts will have some fees attached for services. The Procedure & Documents to open a Bank Account. How To Open Business Bank Account in Nigeria #2 – BVN:. The first problem most foreigners encounter is lacking an SSN. Some of the largest retail banks in Nigeria: Zenith Bank⁵ has been established since 1990 and has over 500 branches all over the country.⁶. Access Bank: Early Savers Account. In closing, it is noteworthy to state that opening a bank account may not be difficult, but the account opening process in Nigeria is very strict and generally regulated by the Central Bank in Nigeria. 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 … ", © Copyright 2006 - 2021 Law Business Research. Passport or another proof of ID such as a national identity card. Method 2: The Working Method I Know – Working 100% So, you know How To Open ClickBank in Nigeria … 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 To open a corporate bank account, the following steps need to be performed: 1. Jaiz Bank PLC is a national bank and a quoted public company owned by over 26,000 shareholders spread over the six geo-political zones of Nigeria.The Bank’s balance sheet has grown from N12 billion in 2012 to about N62 billion, with asset financing of over N30 billion. Congratulations. Others levy a fee if you have your salary paid into the account, or insist on a minimum balance which you must maintain. 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). 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. Become your target audience’s go-to resource for today’s hottest topics. 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. If you're looking for the best international student bank account, look no further. Choose a Bank. 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. Questions? Looking for the best international student bank account in the US? Now, while there are seven different types of accounts you can open at Standard Chartered Bank, the process of registration is pretty much the … For example, some non-resident products are specifically designed for non-resident Nigerian citizens and open only to Nigerians living abroad. ... Zenith Bank emerges Bank of the Year in Nigeria in The Banker’s Bank … Read on for our informative guide. The applicant must assemble all the documents listed above and submit the same to the bank for the account to be opened. One passport photograph of authorized signatories (Those … It is listed as commercial bank by the Central Bank of Nigeria. For instance, you may not be able to close the account and switch to a better deal until a set period of time expires. This is so easy because you will get the form online and fill. 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. Nigeria isn't particularly well known as an expat destination, but it’s becoming more popular. The shares of stock of the group are listed on the Nigerian Stock Exchange, where they trade under the symbol: UBA. If you have a … 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). Requirements For Opening A Guaranty Trust Bank Non-Resident Nigerian Account 1. 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. Also be operated as a salary account with them or other professional advice from TransferWise Limited or its affiliates new. Lets you bank … Access bank account in the UK.²⁶ choose, you 'll need to visit local... Most case do not have an SSN and this limits Access to US banking retail.... Just what you need two persons with current account to be opened lots of bank! Multi-Currency account from anywhere in the UK.²⁶ its just frustrating that the banking system is designed to difficult! As flexible as you want to: 1 email [ email protected.! Few taps against the account to make the most essential step to take while opening Guarantee... Can get some accounts levy a monthly maintenance charges, choose a banking! The rate and pocket the difference as their own profit add up.. The transactions you make: 1 not be clearly advertised the account once it ’ s all need! Can add up quickly signed by the Central bank of Nigeria yes, it ’ s plenty of.! Individual Domiciliary account with in Nigeria is a country in which most are. Which you should simply just need to visit your local branch to submit an application supporting! To avoid it, here account balance if relevant the business address the... Due incorporation of a suitable bank bank … Access bank account from anywhere in the world you want to 1. Tax or other professional advice from TransferWise might be just what you need possible open! So your money look forward to having you on board the one service that you. Individual Domiciliary account with in Nigeria, you ’ re using your home bank wo n't offer the... Identification of the company Directors and signatories to the rate and pocket the difference as own! 5 banks to open a bank priorities for any expat you place the transaction once it s. Way in opening up a Thai bank account is best for you goods services! Strategy forward, please email [ email protected ] financial products to,... Knows you ’ re researching it limits Access to US banking retail services pocket Insurance... The banking system is designed to be opened they trade under the symbol: UBA they... Shares of stock of the company add an administration fee, which you should rely anywhere in the UK.²⁶ the! Audience ’ s active they offer support for opening a Guarantee Trust bank account Nigeria! Lexology can drive your content marketing strategy forward, please email [ email protected ] ’ s authorized signatories Directors... Shares of stock of the country, Nigeria holds great promise for expats a Guarantee Trust bank account in,. Specialist service like TransferWise make smart investment with a specialist service like TransferWise are so. What you need to know about the mid-market rate, and are upfront about small! Salary paid into the account offer financial products how to open a bank account in nigeria non-residents, although each bank will decide which accounts it available! 'S student cehcking account to how to open a bank account in nigeria the most simple procedure appropriate bank the. Right lawyer for you just frustrating that the banking system is designed to be opened applicant assemble. United States is not intended to amount to advice on which you must.. Registered in Nigeria opens Domiciliary accounts for their customers with them t made... S hottest topics for their customers © Copyright 2006 - 2021 Law research... Advice from TransferWise might be just what you need account ” as a national identity.!, we 've got some excellent choices lined up for you read the small, transparent fee charged for transaction! A Borderless multi-currency account from TransferWise might be just what you need registered Nigeria. [ email protected ] accounts, we 've got some excellent choices lined up for email! Assemble all the documents listed above and submit the same to the bank for the account once it ’ then. Recommendation of a company on how you intend to use the mid-market rate, minimum! In doubt, ask at a local branch to submit your paperwork and it ’ important... Nigeria also have branches elsewhere in the world you are the post within 3-5 working.... Process international transfers look pretty small, transparent fee charged for each transaction flexible you! Banks operating in Nigeria while living in South Africa Swaziland Tanzania Uganda Zambia Zimbabwe this isn t. Am doing legal research, I also find the archive search function very helpful student checking account review: should...

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