How Do I Open A Domiciliary Account On Alat App

If you are a Nigerian resident or a citizen living abroad who intends to save money in a foreign currency or do international transactions within the country from the comfort of your home, opening a domiciliary account might just be the right move for you.

A domiciliary account is a form of bank account that allows you to hold foreign currency and perform transactions in that currency.

It is particularly useful for people who earn in foreign currency, such as freelancers, expatriates, and import/export businesses.

If you are interested in opening a domiciliary account on the Alat app,

here is a step-by-step guide to get you started.

Download and Install the Alat App

Once the app is installed, open it and sign up for a new account by providing your personal details, such as your name, email address, phone number, and BVN.

Verify your account using the OTP sent to your phone number, and create a secure password for your account.

Complete Your KYC (Know Your Customer)

Before you can open a domiciliary account on Alat app, you will need to complete your KYC verification.

This is a regulatory requirement that is designed to prevent money laundering and terrorism financing.

To complete your KYC verification, scan or take a picture of your valid means of identification, such as your international passport or driver’s license, and upload it on the app.

You will also need to take a selfie to confirm your identity.

Once your KYC verification is approved, you can proceed to the next step.

Apply for a Domiciliary Account

To apply for a domiciliary account on the Alat app, navigate to the “Banking” section and click on “Open an Account.” Select “Foreign Currency Account” and follow the on-screen instructions to provide the required information, such as your preferred currency, account type, and initial deposit amount.

You will also need to fill in your contact and address details. Ensure that you provide accurate and up to date information, as this will determine the success of your application.

Start Using Your Domiciliary Account

You can use your account to receive and send payments in foreign currency, monitor your account balance, view your transaction history, and perform other banking transactions.

You can also link your domiciliary account to your Alat virtual card for convenient online shopping and subscription payments.

It is important to note that you will be charged maintenance fees for your domiciliary account, which includes account activation, monthly maintenance, and processing fees.