Guaranty Trust Bank (GTB) Domiciliary Account: All You Need To Know 
Posted by Udegbunam Chukwudi on January - 8 - 2012
Getting paid for making money online can be quite tricky especially for those of us working with companies that don’t pay via Electronic Fund Transfer or Western Union. These companies pay through check or PayPal (which by the way isn’t available to some countries).
Cashing a foreign currency check (dollar/euro/pound denominated) in a country other than where the check was issued can be quite frustrating but with the right bank, you can’t go wrong.
To clear a foreign check in Nigeria, you would need a domiciliary account which is a current account that’s denominated in either Euros, Dollars or Pound Sterling.
I’ve been clearing my Google Adsense cheques here in Nigeria via Guaranty Trust Bank PLC and here’s how you can do the same too without fuss.
This quick guide sums up what you need and how to open a domiciliary account with GTB Nigeria and what they currently charge per transaction be it deposits or withdrawals.
NOTE: Domiciliary accounts are just foreign currency denominated current bank accounts.
How To Open A GTB Domiciliary Account In Nigeria
If you don’t have an account with GTB or own a savings account with them, you will need the following requirements
- 3 passport photographs
- Photocopies of National I’d Card or Drivers License or International Passport.
- Minimum of $100 opening deposit
- 2 completed reference forms from referrals that own current accounts in any bank in Nigeria.
- Utility Bill (PHCN, Water bill) that’s no older than 3 months.
- Properly filled domiciliary account opening form
NOTE: the minimum balance of $100 does not apply if you’re also depositing a foreign currency cheque at the time of opening the account.
If you already own a current account with GTB, all you have to do is go to the bank with your check or $100 minimum and fill the required form and in 24hrs, your account is live.
At the time of opening the account, it’s highly recommend that you tick all three boxes for dollar, euro and pound sterling transactions should in case you’ll be receiving checks in all those currencies.
Do please note that as it is with most current bank accounts, if you do not make a transaction on your account within 6 months, it will be deactivated!
GTB Nigeria Domiciliary Account Bank Charges
Like I said earlier as it is with current accounts, you should expect to be charged per transaction on your account.
As at the time of writing this post, GTB charges a flat rate of 1% per transaction with a minimum of $10. What this means is that for any transaction below $1,000 you will be charged only $10 and anything above that amount is subject to the 1% flat commission rate.
How to Fund Your GTB Domiciliary Account Via Wire Transfer
There are three major ways of funding your domiciliary account and they are via foreign currency cheques, travellers cheques or Wire Transfers.
Wire transfers are a type of Electronic fund transfer that take place between two banks. Anyone around the world can deposit money into your domiciliary account via wire transfer.
Listed below are the details needed when receiving US Dollars in your Domiciliary account via the USA. This info should be made available to the person initiating the wire transfer over in the States.
THROUGH CITIBANK NEW YORK:CORRESPONDENT BANK: CITIBANK, NEW YORK SWIFT CODE: CITIUS33 ABA NO: 021000089 FOR CREDIT OF: GUARANTY TRUST BANK PLC, LAGOS NIGERIA SWIFT CODE: GTBINGLA ACCOUNT NUMBER: 36129295 FOR FINAL CREDIT OF :……………………………………( Beneficiary’s Name) BENEFICIARY’S A/C NO: ……………………………………………… (With GTB) ANY OTHER DETAIL: ………………………………………………………………… (E.g. Sender’s Name, Reference e.t.c) | THROUGH DEUTSCHE BANK:CORRESPONDENT BANK: DEUTSCHE BANK, NEW YORK SWIFT CODE: BKTRUS33 ABA NO: 021001033 FOR CREDIT OF: GUARANTY TRUST BANK PLC, LAGOS NIGERIA SWIFT CODE: GTBINGLA ACCOUNT NUMBER: 04434658 FOR FINAL CREDIT OF: …………………………………… (Beneficiary’s Name) BENEFICIARY’S A/C NO: …………………………………………… (With GTB) ANY OTHER DETAIL: ………………………………………………………………… (E.g. Sender’s Name, Reference e.t.c) |
THROUGH HSBC NEW YORK:CORRESPONDENT BANK: HSBC BANK, NEW YORK SWIFT CODE: MRMDUS33 ABA NO: 021001088 FOR CREDIT OF: GUARANTY TRUST BANK PLC, LAGOS NIGERIA SWIFT CODE: GTBINGLA ACCOUNT NUMBER: 000156442 FOR FINAL CREDIT OF :……………………………………( Beneficiary’s Name) BENEFICIARY’S A/C NO: ……………………………………………… (With GTB) ANY OTHER DETAIL: ………………………………………………………………… (E.g. Sender’s Name, Reference e.t.c) |
For more information on sending USD, EUROS AND POUND STRERLING from banks in London and Frankfurt. do please download this free PDF which contains all the major wire transfer channels for Guaranty Trust Bank, Nigeria.
Though I got the file from a customer care agent at the bank, I strongly advise you verify those details at your nearest branch before sending them to whosoever is going to initiate the electronic fund transfer.
Feel free to leave a comment or ask a question regarding this article by using the comment form below. Corrections are also welcome.
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How long does it take to clear a foreign check in GTB?
3 weeks
Pls why GTB bank account? I have Diamond bank account (domicilliary) can i use it as well for any transaction. I even prefer Diamond band because they update me every month on my account.
Please expanciate the reason why most people using GTB on the internet.
I need your reply as soon as possible.
GTB was the first bank in Nigeria to clear foreign checks without charhing ridiculous amounts thus the news spread far and wide and despite other banks charging the same now, GTB reigns supreme. How much does Diamond Bank charge you to clear your check and for transactions like withdrawals?
pls i don’t understand what u mean.How can i make money and how much is the $100 worth in Nigeria Note..
$100 = N16,000. Download the free report on making money online in the sidebar
pls kindly teach me how to earn money online because i need money.
And what is the Nigeria Note of $100,
pls tell me..
pls help me bcos i need money to further my education.