5 Reasons You Need a Domiciliary Account

I never really understand the importance of having a domiciliary account until i carefully make some findings on the benefit of using this account. A domiciliary account is a tool especially to Online workers, Earner and the Work from Home as a means of Transferring money or receiving money in foreign currency.

What is a Domiciliary Account

It is an account that receives only foreign currency e.g. USD or Pounds Sterling. It is through this account that you transfer money to your broker abroad, also you can make withdrawals. Domiciliary account is a special type of account in foreign currency such as UK pounds opened in a home bank that allows you to make international bulk 

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Condition for Having a Domiciliary Account

You must have:
1. A current account with the bank;
2. operated the account for 6 months
3.at least $50 or more as minimum deposit please confirm from your Bank because different bank has different requirement to get Domiciliary Account.

Reasons For a Domiciliary Account

1.You need a Domiciliary Account for foreign based transaction since the account is based in foreign currency

2. You need this foreign currency account to run a success Forex trading since you trade in foreign currency.

3. You need a Domiciliary Account to receive Google Adsense check if Google pays your country Adsense Earnings by check.

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4. This account is needed to receive other online rewards in terms of checks from companies in other countries. This account can be used to receive a foreign check right there in your country.

5. A domiciliary Account is required for Bank Wire to any where in the world, which is easily accepted by various international banks in the world.

You can now see one of the reasons you need a Domiciliary Account for various bank wire and international transactions. Don't Panic, Just go to your bank and ask them about the requirement of owning a Domiciliary account for your transactions. Thanks for reading.