If you are not new to opening Dom accounts you would notice that the price range is from $13 to $300. Some banks like GTbank charge only $13 for Dom account opening while some charge from $100 and above.
And also, opening a domiciliary account could be stressful sometimes, especially if you are in Africa. Most people are longing to get a Dom account because of its conversion rate, and also the request for a Dom account is on the rise.
You will be gaining a lot in this article because In this article I will be showing you how I got my UBA Freedom Dom account in 5 minutes with a $0.00 balance.
What is the UBA freedom Dom account?
The UBA Freedom Dom account is a domiciliary saving account that was introduced by the United Bank Of Africa (UBA). This account can receive foreign currencies from around the world directly into your account.
Also, the UBA Freedom account has no withdrawal charges hence withdrawals can be carried out by going to any UBA bank near you. Also, the UBA Freedom Dom account is free, you don’t need to pay any dollars to get one.
UBA Freedom Dom account requirements
You will need the below to open a UBA Freedom Dom savings account:
- Passport photograph
- Bank Verification Number (BVN)
Once you exceed the standard debit limit of the UBA Freedom Dom savings account, you will need to upgrade your account. Also, more documents will be needed, we will talk about that before the end of this article.
How to open A UBA Freedom savings account
Getting the UBA Freedom savings account is as easy as A, B, and C. There are two ways to open the Freedom Dom savings account, they include:
- Going to any UBA bank
- Register online
Going to any UBA bank
To open Freedom Dom savings account using this method, you need to follow the information below:
1. Go to any UBA bank near you.
2. Tell them you want to open a freedom account.
3. You will be asked for documents (If you don’t plan to withdraw $2000 upwards in a couple of days or months, then you can provide just your passport photograph and Bank Verification Number BVN). But (If you plan to withdraw more than $2000 in a couple of days or months, you will need to provide BVN, passport photograph, utility bill, government-approved ID card, and two referees using a DOM account).
4. Wait for the registration to complete.
5. Once registration is complete, you will receive a message with your login detail to your Freedom DOM account. The login details can be used to monitor the account.
This process allows you to get things ready, you will still need to move to the bank to complete registration. To do this, follow the steps below:
1. Go to the UBA website.
2. Once you are on the UBA banking website, scroll down to the “Freedom Dom account” section and click on “open account”.
3. Select the region of account opening.
4. Over there you will see two options under “Account type”. Under the first option, you are to either click on “Open without BVN” or “Open with BVN“. I wouldn’t advise you to go for the first option “Open without BVN” because your account will be limited.
5. After selection of account type, you will need to fill out a form, upload a signature, accept terms and conditions (T%C), and then submit.
Note: You might be asked to come to the bank to finish up the registration process.
The benefit of using the UBA Freedom Dom account
- $0.00 account opening.
- Zero withdrawal charges.
- Receive foreign currency and transaction information directly into your account.
- Free account checks using UBA mobile app and internet banking.
- Easy documentation.
$0.00 account opening
Like I said above you don’t need to pay anyone to get the UBA Freedom Dom account. The account is free and available to all.
Zero withdrawal charges
Another good part about the UBA Freedom Dom account is that you won’t be charged for any withdrawal just like the Africard. Unlike other Dom accounts, the UBA Freedom account wouldn’t charge you any penny for withdrawing.
Receive foreign currency and transaction information directly into your account
The UBA Freedom account receives money like a local bank account, it doesn’t rely on an application or any other source apart from the UBA banking system to receive foreign currencies. Also, account cash flow statements are indicated on the dashboard of every account, to monitor account activity.
Free account checks using UBA mobile app and internet banking
We’ve already said this before. The Freedom Dom account can be monitored using the UBA mobile app or UBA internet banking system. I make use of the UBA mobile banking system and this is what the internet banking system looks like.
To open the UBA Freedom Dom account you don’t need many documents to do so. I opened my UBA freedom Dom savings with just a passport photograph and my Bank Verification Number (BVN). However, you will need to get more documents if you exceed the $2000 debit limit.
UBA Freedom savings account limitations
Hmm, we all know that anything free comes with limitations the UBA Freedom Dom account is not left out on this one.
- No cash transfer
- ATM cards are not supported (This includes debit and credit cards)
- Upgrade will be needed after the user exceed the debit limit of ($2000)
No cash transfer
Unfortunately, the UBA Freedom account doesn’t support cash transfers, this means you can’t request or do a transfer from the Freedom Dom account to other accounts. You will need to manually withdraw the foreign currency from the UBA bank and go to the bank you want to deposit the money to do a deposit,
ATM cards are not supported
The UBA Freedom savings account does not support the use of ATM cards. You can’t also request an ATM card (Prepaid or debit). The Freedom account is only made to receive the fund and withdraw from the counter.
Upgrade will be needed after the user exceed the debit limit of ($2000)
If you want to open a zero account like the one I am using you will need to upgrade the account after exceeding the standard debit limit of $2000 on your freedom account.
What is needed after exceeding the $2000 debit limit on the UBA Freedom account?
The Freedom Dom account has a $2000 debit limit. This limit is imposed on those who opened the account with few documents. You can request an upgrade if you want to exceed the $2000 debit limit.
Below are things you need to get ready before going to UBA bank:
- Passport photograph.
- Two referees using a Dom account.
- Government-approved ID cards (voters card, drivers card, national ID card), etc.
- Utility bills of not more than three months old (Statement of bank account, Electricity bill, water bill), etc.
The UBA Freedom Dom account was created to receive foreign money and it is available to all. The Freedom Dom account can be opened with $0.00, you don’t need any money to get started. However, the Freedom Dom account will need to be upgraded if the user exceeds the $2000 debit limit.
As of now, transfers or withdrawal of money through ATMs is prohibited. Because the Freedom Dom account does not support the use of ATM cards and also it does not support transfer. Any user who needs to make use of ATM cards or transfers will be advised to upgrade the Freedom Dom account.
Also, the UBA Freedom Dom account can receive money from Adsense and other ads company that accept bank transfers. I had no issues linking to my Adsense account.
Over to you, what’s your take on this? Is it a welcome idea and would you take a shot on this?