Nigerian Banks You can Open Free Domiciliary Account | Zero Balance, No Referees

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Have you been asking "which bank can I open free domiciliary account in Nigeria?" This is for you. We have provided you with answer.

With the increase in rate of Nigerians leveraging the technological ecosystem to make money online, there is increasingly need to repatriate such earnings to Nigeria. These moneys can only be received through transfers. There are quite number of international transfer methods, but unfortunately Nigeria is blacklisted on some of the platforms like PayPal, Skrill — Nigerians can’t receive fund through the platforms. The most acceptable for Nigerians is Wire transfer especially from Google AdSense. You need Dom account to receive Wire transfer, although, you can still receive wire transfer into your local bank account, but it will be better for you to receive your funds into your account in the currency they were sent. Dom account allows flexibility and control over your money. When you receive foreign currency into your local bank account, your bank converts it to naira at the official rate.

Most of the people who engage in online businesses are young people who may not be able to afford standard Dom account at the time. So you can choose from any of the three free domiciliary accounts provided by the UBA, Sterling Bank and Wema Bank. These domiciliary accounts don't require referees and documentations.


Alt: = "photo showing a lady smiling and how to open UBA Freedom Savings Domiciliary Account"

United Bank for Africa (UBA) has introduced a class of domiciliary account known as Freedom Savings Domiciliary Account (FSDOM), which one can open with only BVN. Freedom Domiciliary Account allows you receive foreign remittances, with no limits, directly into your account.

This account is majorly for bloggers/ affiliate marketers, students, others who receive small amount of funds from abroad, who may not be able to provide all the requirements to open other classes of Dom account at the moment.

Requirements to open UBA Freedom Savings Account

To open and operate Freedom Savings account, all you need to provide are:


1 passport size photograph

Merits of UBA Freedom Savings 

  • Free account opening: No money is required to open the account. To open other domiciliary accounts, you would require a minimum of $100, or its euro or pounds equivalent depending on the currency of the account.
  • No reference required: You don’t need to provide any referee holding domiciliary or naira current account as in other cases.
  • No documents required: You don’t need to provide documents like proof of residence, means of identification. The only means of identification and proof of residence required from you is your Bank Verification Number (BVN).
  • Receive foreign currency and telex inflows directly into your account
  • Zero balance: There is no minimum balance to operate UBA Freedom Savings Domiciliary account — you can withdraw all your fund.
  • Access to UBA's Mobile App and internet banking platforms to check balances. You get transactions alert on your mobile phone also.
  • No limit to amount you can receive or save in the account.

Demerits of UBA Freedom Savings Domiciliary Account

  • It does not support use of debit cards, and  does not support transfer from the account to another account. All withdrawals must  be made inside the banking hall.
  • Account holder needs to upgrade the account once up to $2,000 cummulative withdrawals have been made.
  • It is a zero interest paying account.

Despite the demerits, UBA Freedom Savings Dom account makes it easy for one to receive funds urgently or if one can’t provide all the documentations needed to open higher class of Dom account. You can take your time and provide other information for an upgrade of the account on or before you reach the maximum withdrawal of $2,000 to begin to enjoy other services Freedom Saving Dom account does not offer. Read more about FSDOM on UBA website

How to Open UBA Freedom Domiciliary Savings Account

There are two ways you can open UBA FSDOM

  1. Bank Branch: Walk into any UBA branch with your BVN and 1 passport photograph and open account in minutes.
  2. Online: You can open FSDOM online on UBA website

Sterling Bank
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Sterling Switch is a multi-currency savings account that provides customers with added value through an extended partnership network. Apart from having multiple currencies in same account, Switch gives you access to investments and insurance opportunities.

Switch is very useful for Nigerians in diaspora who want easy way to send money home and take advantages of investment opportunities in Nigeria. Nigerians who engage in online businesses like e-Commerce, blogging, affiliate marketing etc can use Switch to  seamlessly receive their earnings in dollars, pounds and euro into their accounts in Nigeria.

Switch is powered by Sterling Bank, all funds are held in Sterling and insured by NDIC, so your funds are in good hands.

Merits of Switch Multi-currency Account
  • Opening of account does not require documentations
  • No referee required
  • One account, multiple wallets of different currencies (Naira, Dollar, Pounds, Euro)
  • Send and receive to and from anybody, anywhere in the world.
  • Withdraw your money at the ATM as well as in banking hall
How to Open Switch Multi-currency Domiciliary Account
There are 3 simple ways to open Switch multi-currency account:
  1. Download the App at App Store for iPhone or Google Play for Android. Sign up with your BVN, take selfie of yourself, fund your account with minimum of N1,000. Once you sign up, you will have multiple wallet for different currencies (Naira, Dollar, Pounds, Euro). A Sterling Bank Know Your Customer (KYC) agent will visit at the address you provided to verify your address within 24 hours or more.
  2. You can visit Switch website and sign up
  3. If you would need assistance, visit any Sterling Bank branch near you.
Wema Bank
Alt: = "phots showing screenshot of Wema Bank's Wema Dom Lite webpage"

Wema Bank has a class of Domiciliary account called Wema Dom Lite.  Wema Dom Lite Account is a dollar denominated account with minimal account opening requirements. It is basically for people who receive foreign remittances frequently and those who need to make payments in US Dollars.
Some of outstanding features of Wema Dom Lite account is that it is a zero opening and operating balance dom account, does not require referees, it offers holder access to Wema Bank’s mobile and internet banking channels. These make it suitable for those who may not be able to meet requirements for standard Dom account opening at the moment, and can upgrade the account later on.

Requirement to Open Wema Dom Lite Account
There are no much requirements to open the account. To open and operate Wema Dom Lite account all you need to provide are:
  • BVN
  • Valid means of identification ( any of International Passport, Driver’s License, National ID Card, Voter’s Card)
  • Passport photograph
Merit of Wema Dom Lite Account
  • Zero opening and operating balance. You don’t need any money to open the account and you can withdraw all your money
  • No referee required
  • No much documentations. All you need is to fill account opening form either online using the ALAT by WEMA App or walk into any branch of Wema Bank, provide your BVN, Valid ID Card and passport photograph.
  • Convenient means for regular receipt of international remittances and payments.
  • No limit to amount you can receive or hold in the account
  • Access to Wema Mobile and internet channels for transactions
  • Secure and easy way to receive, store funds and save in foreign currency.
  • Can be upgraded to Wema Dom Plus, a standard Dom account.

Demerits of Wema Dom Lite Account
  • It is only a dollar account, does not have Euro and Pounds Sterling accounts.
  • No cash deposits allowed (which means you can only use the account to receive funds and make payments from the funds received).
  • Maximum withdrawal is $2,000, although one can upgraded to Wema Dom Plus by providing all the documents needed for full Know Your Customer (KYC), which include proof of residence, referees in addition to passport photograph, BVN and Valid ID Card earlier provided.
How to Open Wema Dom Lite Account
  • To open Wema Dom Lite Account, visit Wema Bank webpage for Wema Dom Lite Account. Click on Start Here to download Wema Bank App, ALAT By WEMA. You can head straight to Google Play or Apple Store to download the ALAT By WEMA App for android and iPhone devices respectively. Fill account opening form. Upload necessary documents — Valid ID Card and Passport photograph.
  • If you would need assistance or would want to perform it in the bank, visit any Wema Bank branch near you.


  1. Thanks for this information. You saved me a host of stress.. Thanks so much.

  2. Thank you for this information. Which one is best in terms of exchange rate.? Sterling bank seems to be more flexible for receiving and to buy items from Amazon as I can understand from your analysis.

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