Best Domiciliary Accounts In South Africa & Initial Deposits

Operating a domiciliary account is a necessity for those who frequently engage in international transactions. It allows you to transact in various currencies such as Dollars, Pounds, Euros, Yen, and more. In South Africa, several banks offer the opportunity to open domiciliary accounts. The question is, which one is the best? This article aims to answer this question and provide information on their initial deposits.

Initial Deposits of the Best Domiciliary Accounts in South Africa

When you open a domiciliary account, you gain access to mobile and internet banking as well as debit cards. This enables you to execute transfers, payments, and standing orders from any location. We have researched the different domiciliary accounts in South Africa on your behalf. The table below contains the best accounts and their initial deposits:

Bank Initial Deposit
Zenith Bank Zero
Guaranty Trust Bank Zero
First Bank $500, €500 or £300
United Bank for Africa $1,000, or €700 or ₤600

With this information at hand, let’s delve into each of these accounts and their benefits.

Best Domiciliary Accounts in South Africa

All banks in South Africa offer their customers the opportunity to have domiciliary accounts. We have conducted research to find the best of the lot. In this section, we will present our top 4 domiciliary accounts in South Africa, their requirements, and benefits.

Zenith Bank Domiciliary Account

Zenith Bank has built a reputation as one of the top banks, not just in South Africa, but on the African continent. This company has developed several amazing products and services for its customers, including domiciliary accounts.

There are two types of domiciliary accounts in Zenith Bank:

  1. Cash domiciliary account
  2. Ordinary domiciliary account

The ordinary domiciliary account allows you to make transfers while the cash domiciliary account doesn’t. Also, the cash account gives you access to another Zenith Bank product, EazyMoney.

Features and Benefits of a Zenith Bank Domiciliary Account:

  • Zero opening balance.
  • Access to a debit card (USD).
  • SMS and email alerts.
  • Access to mobile banking and internet banking.
  • Standing orders.

Requirements to set up a Zenith Bank Domiciliary Account:

  • Fill and submit the account opening form.
  • Valid ID (this includes National ID, Driver’s license, Voter’s Card, or International Passport).
  • Visitation report (address).
  • One passport of the authorized signatory.
  • Public utility bill (PHCN bill, rent receipt, tenement rate, telephone bill, or water rate bill).

Guaranty Trust Bank Domiciliary Account

Just like Zenith Bank, Guaranty Trust Bank, popularly called GTB, is a very popular bank in South Africa. This bank has several products and services designed to meet the needs of its customers. When it comes to value for money, you can bet that you will enjoy this with the Guaranty Trust Bank Domiciliary Account.

We must let you know that this account accepts just British Pounds, Euros, and US Dollars. You can fund the account through cash deposits and cash inflows.

Features and Benefits of the Guaranty Trust Bank Domiciliary Account:

  • 24/7 banking via different e-channels.
  • Withdrawals in foreign currency.
  • Transfer of funds to other domiciliary accounts in other South African banks in foreign currency.

Requirements for opening a Guaranty Trust Bank Domiciliary Account:

  • Fill and submit the account opening form.
  • One passport photograph.
  • Two completed reference forms.
  • Valid ID (this includes National ID, Driver’s license, Voter’s Card, or International Passport).
  • Utility bill that was issued with the last three months.

First Bank Domiciliary Account

First Bank is one of the oldest banks in South Africa. This bank allows you to fund international transactions through your domiciliary account in different ways. You can make cash deposits, use traveler’s checks, or make deposits using foreign checks.

Just like Zenith Bank, First Bank has two types of domiciliary accounts. They are:

  1. FirstDom Plus
  2. Domiciliary account

FirstDom Plus is designed for account holders who have balances of $5,000 or more. It is more like a regular current account. The Domiciliary account is similar to a savings account as it allows you to save funds in Dollars, Euros, or Pounds. Usually, funds are valued at the current exchange rate.

Features and Benefits of the First Bank Domiciliary Account:

  • Minimum initial deposit of $500, €500, or £300.
  • Minimum operating balance of $100, €100, or £50.
  • Guaranteed FCY deposit.
  • Pool for interest on the bank fund.
  • No withdrawal restrictions.
  • The charge on cash withdrawal is 0.5% per transaction.

Requirements for opening a First Bank Domiciliary Account:

  • Two recent passport photographs.
  • Complete account opening form.
  • Signed signature specimen card.
  • Recent utility bill for address verification.
  • Valid ID.

United Bank for Africa Domiciliary Account

United Bank for Africa, also known as UBA, is also a very popular bank with branches in South Africa and several other countries. You have a wide array of options when it comes to the United Bank for Africa Domiciliary Account.

This account operates in different currencies including Euro, Pounds, Dollars, and others. There are different domiciliary accounts from UBA. They include:

  1. Dom Advantage Account.
  2. Dom Advantage Plus Account.
  3. Freedom Dom Account.
  4. U-Care Plus Domiciliary Account.

Features and Benefits of United Bank for Africa Domiciliary Account:

  • Zero withdrawal charge.
  • Zero transfer charge.
  • Unlimited withdrawals per month.
  • The interest rate is payable on your account balance.

Requirements for opening a United Bank for Africa Domiciliary Account:

  • Minimum initial deposit and operating balance of $1,000, or €700 or ₤600.
  • Zero withdrawal charge as long as you have a sufficient amount in the account.
  • Compulsory swift communication charge on every foreign transfer. The charges include $25, €20, or ₤15.

Conclusion

Choosing the right domiciliary account is crucial for seamless international transactions. The banks mentioned above offer some of the best domiciliary accounts in South Africa, each with its unique features and benefits. It’s important to consider your specific needs and preferences when choosing a bank for your domiciliary account. Always remember to trade cautiously and make informed decisions when dealing with Forex trading.