Domicilary Bank Account Vs Ordinary Bank Account

Discussion in Bank Accounts started by Heatman • Oct 8, 2017.

  1. Heatman

    HeatmanActive Member

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    Domicilary Bank Account is the kind of special account that allows you to save money and receive money in other currencies apart from your country legal tender while an Ordinary Bank Account allows you to save in your country's currency.

    You can set up Dollar, Euro, Pound and domicilary account depending on the country you found yourself, and it all allow you to carry out your banking transactions in any currency.

    Do you have a domicilary account or only ordinary bank account? Which one do you think is more important?
     
  2. mildredtabitha

    mildredtabithaActive Member

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    I have an ordinary bank account and I believe it is more important. If the domiciliary account allows you two receive money in other currencies and withdraw in your local currency, then you can have it. :D I would still want to know example of domiciliary accounts because this word is new to me. :)
     
  3. Heatman

    HeatmanActive Member

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    Now let me be more specific, an Ordinary Bank Account allows you to save and receive money in your country's legal tender. It only carries transactions of your state legal tender.

    But a domicilary account is that type of bank account that helps you handle financial transactions base on others countries current. Take for instance, in your country, the legal tender is dollars but you're opportune to carry out foreign online jobs that pays you in Euro or pounds. Opening an Euro or Pounds account in your country's bank is called a domicilary account, and it would allow your payment to be forwarded to that account in that pound or Euro currency.