Sterling Bank Domiciliary Account Opening, Requirements, Charges and More

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Domiciliary Account by Sterling Bank

Sterling bank domiciliary account can be categorized into two, the inflow domiciliary account and the cash deposit domiciliary account. Both Dom account allows holders to send and receive foreign currency in any part of the world.

In this article, I’ll be walking you through everything you need to know about Sterling bank domiciliary account in Nigeria. I’ll explain how to open sterling bank domiciliary account online and in-branch, requirements, charges, fees and limits.

Unlike before, opening a domiciliary account in Nigeria has been made easier with many commercial banks including Sterling Bank. More, so, a Dom account can be manage and access via mobile banking app and via internet banking. Meanwhile, all these are done to improve customers banking experience.

As previously mentioned, I’ll be explaining things you need to know about Sterling bank domiciliary account, including the features and types of the bank’s Dom account. Hence, let’s dive into the primary reasons of this article.

Sterling Bank Domiciliary Account

Sterling bank has different types of domiciliary accounts which are categorized in two; Inflow Dom Account and Cash Deposit Dom Account. Under these categories, there are sterling bank domiciliary current account, savings account, and sterling bank diaspora domiciliary account.

However, the Sterling bank domiciliary accounts are denominated in Dollar (USD), Euro (EUR) and Pound (GBP). As one of the benefits of sterling bank dom accounts, holders can access the bank debit cards, internet banking, and mobile banking from anywhere in the world.

Sterling Bank Domiciliary Account Cards

Sterling Bank is one of the most successful commercial banks in Nigeria. The national bank was licensed by the Central Bank of Nigeria (CBN) to offers financial services to individuals, business and organization. As other banks do, sterling bank is also known as bank that prioritized their customers’ satisfaction.

Furthermore, Sterling Bank’s Domiciliary Account was unveiled to let customers carryout international and local funds transactions, including send and receiving foreign currencies, saving and investing in foreign currencies and lot more.

Form the comfort of your home, office or anywhere in the world, you can access Sterling bank’s domiciliary account using internet banking, mobile app, and dollar debit card. More, so, it’s important to know that sterling bank dom accounts are denominated in United State Dollars (USD), Europeans Euro (EUR) and British Pound Sterling (GBP).

Sterling Bank Cash Deposit and Inflow Domiciliary Account

This is the type of domiciliary account that allows account holders to receive foreign currency inflows through electronic transfers. Other hand, Cash Deposit Domiciliary Account is a domiciliary account that allows account holders to receive foreign currency cash deposits.

In other words, Sterling bank cash deposit domiciliary account can only accept cash deposits, while an electronic inflow account can only accept electronic transfers. So when you intend to open a Dom account with sterling bank, you should consider either making cash deposit or electronic inflow account to avoid future challenges.

Features of Cash Deposit and Inflow Dom Account

First of all, do note that both accounts will reflect on the mobile banking app, however you can only transfer with the Inflow Domiciliary Account. Here are some benefits and features of Sterling Bank Domiciliary Accounts.

  1. Foreign currencies transfer such as sending and receiving funds; USD, EUR and GBP
  2. Make payment online using dollar debit card anywhere MasterCard/Visa card are accepted
  3. You can only withdraw maximum of $20,000 per month
  4. You can carryout international ATM withdrawals and POS payments.
  5. Foreign funds are converted to Naira at bank rates.
  6. For cash deposit Dom account, you can only deposited and withdrawn cash via sterling bank branch.
  7. Cash deposit Dom account holders can only sell funds to the bank.
  8. Foreign cheque lodgment availability.

Sterling Bank Domiciliary Account Requirements

Here are requirements needed to open Sterling bank domiciliary accounts;

  1. Passport Photograph ( 1 copy per signatory)
  2. Sterling Bank DOM Account Opening Form
  3. National Means of Identification such as International Passport, Voter’s Card, National Identification Number (NIN), or Driver’s License.
  4. Proof of Residential Address such as Electricity Bills, Water Cooperation Bills e.t.c.
  5. Residential Permit or Alien Card for Foreigners
  6. Bank Verification Number (BVN).
  7. 2 Satisfactory References
  8. Board Resolution to open domiciliary (Compulsory for Company and Organization)

Once all those requirements are sorted out, you can then proceed to account opening online or via sterling bank branches.

How to Open Sterling Bank Domiciliary Account

Before I into opening of Sterling bank Dom Account, I want you to know that there are three (3) types of Domiciliary accounts on Sterling Bank. And they are; domiciliary current account, domiciliary savings account and diaspora account.

However, to open an accounts are done differently on these Sterling Bank Domiciliary Accounts, and I will be explaining the ways of their account opening one after the other.

Domiciliary Savings Account

The Sterling Bank Domiciliary Savings​ Account enables account holders to easily make withdrawals and receive deposits via transfers or cash deposit in foreign currency. To open Dom savings account;

  • Go-to nearest Sterling Bank Branch and request for Dom account opening form
  • Fill-out the form with the required details and submit the form to customer support
  • You form will be go through and when it’s fully verified, your account will be created.

Furthermore, Sterling Bank Dom Savings Account allows holders for offshore remittances, and internet banking facilities and SMS alerts.

Domiciliary Current Account

The Sterling bank Domiciliary Current​ account allows customers to run current accounts in foreign currencies. Transactions (deposits & withdrawals) are carried out in the same currency in which the account is denominated. To open a Dom Current Account;

  • Visit any Sterling Bank Branch and request for account opening form
  • Fill in the required details including your in-cooperation details
  • Submit the form to the customer support desk and wait till your account is created.

However, do note that in addition to requirements for opening sterling bank domiciliary account, Board Resolution is compulsory for Domiciliary Current Account because it’s a company or organization foreign account.

Diaspora Account

Sterling Bank Diaspora Account is a type of Dom account that enables Nigerians who lives abroad to maintain and perform domestic and foreign funds transfers through their accounts. This Dom account can be opened online via Switch, mobile banking application by Sterling Bank, or visit to open an account.

The Switch app is a free, easy to use financial services mobile banking application that people that live abroad access to banking services, currency exchange and insurance products at better rates. This app is available for download on the Google play store and iOS app store for iPhone users.

Sterling Diaspora Accounts can be funded through various International Money Transfer Operators (IMTO) available in your location or cash deposit across the counter at any Sterling Bank branch in Nigeria. You can also fund your Switch account with any Bank card.

To open Sterling Bank Domiciliary Account Online, download the Switch app on the app store, launch and tap on Register an Account. Provide the required details and successfully create your diaspora dollar account.

However, to open sterling bank diaspora account, documents like residential permit, proof of Nigeria address  and bank verification number (BVN) are required.

Sterling Bank Domiciliary Charges and Limits

Here are Sterling Bank Dom Accounts Rates, Charges, Fees and Limitations.

Domiciliary Savings Account

  • Minimum account opening balance of  100 in USD, EUR, GBP
  • 1 % p.a. interest rate on daily balance.

Current Domiciliary Account

  • Minimum account opening balance of  100 in USD, EUR, GBP

In summary, you can only withdraw up to $20,000 monthly. Meanwhile do note that this is subject to internal limits that may be reset or change by the bank.

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