Are you curious about how to effortlessly secure a Kuda domiciliary account? Look no further! In this article, we’ll guide you through the step-by-step process of opening a Kuda domiciliary account and lay out all the requirements you need to fulfill.
Whether you’re a frequent traveler, an international investor, or someone looking for a secure and versatile way to manage foreign currencies, our guide covers you.
Kuda domiciliary account overview
A Kuda domiciliary account is a financial product offered by Kuda Bank, a digital-only bank in Nigeria. This domiciliary account is designed to provide customers with a convenient way to hold and manage foreign currencies, conduct international transactions, and diversify their financial portfolios. Here’s an overview of Kuda domiciliary accounts:
- Digital-First Approach: Kuda Bank is known for its digital-first approach, allowing customers to open and manage domiciliary accounts entirely through their mobile app or website. This streamlined process eliminates the need for physical visits to bank branches.
- Multi-Currency Support: Kuda domiciliary accounts support various foreign currencies, including but not limited to US dollars (USD), euros (EUR), British pounds (GBP), and more. This enables customers to hold and transact in multiple currencies within a single account.
- International Transactions: Customers can easily send and receive money internationally with a Kuda domiciliary account. This feature is precious for individuals and businesses engaged in cross-border trade, investments, and remittances.
- No Hidden Fees: Kuda Bank prides itself on transparent and competitive fee structures. Customers can access information about fees related to their domiciliary accounts, ensuring clarity in financial transactions.
- Online Banking: The Kuda mobile app provides customers with convenient access to their domiciliary accounts, allowing for balance inquiries, fund transfers, and currency conversions on the go.
- Security Measures: Kuda Bank employs security measures to safeguard customers’ funds and information, ensuring peace of mind when managing foreign currency holdings.
- Customer Support: Kuda offers customer support to assist account holders with any inquiries or issues related to their domiciliary accounts.
Requirements to open a domiciliary account in Kuda
To open a domiciliary account in Kuda, you need to meet the following requirements:
- Be a resident of Nigeria
- Be at least 18 years old
- Have a valid Nigerian phone number
- Have a valid email address
- Have a valid BVN (Bank Verification Number)
- Provide a valid government-issued ID (like your driver’s license, national ID card, or international passport)
How much does it cost to open a domiciliary account in Kuda
Opening a domiciliary account in Kuda is completely free. There is no account opening fee or monthly maintenance fee. You only need to deposit the minimum opening balance, which is USD 50, GBP 50, or EUR 50.
Minimum balance for kuda domiciliary account
The minimum balance for a Kuda domiciliary account is USD 50, GBP 50, or EUR 50, depending on the currency of the account. You must always maintain this minimum balance in your account to avoid any fees.
How to open a Kuda domiciliary account
To open a Kuda domiciliary account, follow these steps:
- Download the Kuda app from the Google Play Store or Apple App Store.
- Register an account by inputting your phone number and Bank Verification Number (BVN).
- Verify your identity by taking a selfie and uploading a photo of your government-issued ID.
- Select the type of domiciliary account you want to open (USD, GBP, or EUR).
- Deposit the minimum opening balance (USD 50, GBP 50, or EUR 50).
After completing these steps, your domiciliary account will be activated, enabling you to commence its usage.
Types of Kuda domiciliary account
Kuda offers the following types of domiciliary accounts:
- USD domiciliary account: This account holds and transacts in US dollars.
- GBP domiciliary account: This account is used to hold and transact in British pounds.
- EUR domiciliary account: This account is used to hold and transact in Euros.
Kuda domiciliary account charges
Kuda domiciliary accounts have the following charges:
- Conversion fee: There is a conversion fee when you convert money from one currency to another. This fee is typically around 0.5%.
- ATM withdrawal fee: Withdrawing money from a domiciliary ATM incurs a fee, typically amounting to approximately 5% of the withdrawn sum.
- International transfer fee: There is a fee for sending money internationally from your domiciliary account. This fee is typically around 2% of the amount transferred.
Kuda domiciliary account benefits
Here are the benefits of opening a domiciliary account with Kuda:
- No account opening fees: Kuda does not charge any account opening fees for domiciliary accounts.
- No monthly maintenance fees: Kuda does not charge any monthly maintenance fees for domiciliary accounts.
- Competitive exchange rates: Kuda offers competitive exchange rates for converting currencies.
- Global access: You can use your Kuda debit card to withdraw money from domiciliary ATMs worldwide.
- Convenience: You can open and manage your domiciliary account entirely through the Kuda app.
Can I receive dollar in my Kuda account?
Yes, you can receive dollars in your Kuda domiciliary account. To do this, you will need to provide the sender with your Kuda domiciliary account number and the SWIFT code for Kuda Bank. Once the sender has this information, they can send you dollars using any bank or money transfer service.
How much does the Kuda dollar card cost?
The Kuda dollar card is free. There is no charge for requesting, receiving, or using the card. You will only need a minimum balance of 1000 naira in your Kuda account to request the card. Once you have requested the card, it will be delivered to you for free within 1-3 business days. You can also pick up the card from a Kuda branch.
The Kuda dollar card is a prepaid card, meaning you need to load it with funds before using it. You can fund the card using funds from your Kuda domiciliary account or any other bank account in Nigeria.
How long does it take to create a Kuda domiciliary account?
Establishing a Kuda domiciliary account typically takes around 5 minutes. The process is simple; you can do it entirely through the Kuda app.
Conclusion
The world of international banking and financial management has never been more accessible, thanks to the simplicity and convenience of Kuda Bank’s domiciliary accounts. Having discovered how to open a Kuda domiciliary account and understand the essential requirements, it’s clear that Kuda Bank has streamlined the process, making it remarkably user-friendly. Combining a digital-first approach and a commitment to transparency in fees and services positions Kuda as a top choice for those seeking to harness the benefits of a domiciliary account.
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