Definitions from the Web
Domiciary Account
Description:
A domiciary account refers to a type of bank account that allows individuals to hold and manage foreign currencies. It is primarily used for conducting international transactions, such as making payments or receiving funds in a different currency.
Senses and Usages:
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Sense 1: International Banking
In this sense, a domiciary account acts as a bridge between local and foreign currencies, enabling individuals or businesses to easily manage transactions relating to international trade and investments.
Example sentence: John opened a domiciary account to facilitate his import-export business.
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Sense 2: Foreign Remittances
Another usage of a domiciary account is to receive foreign remittances, allowing individuals to easily receive money from abroad in the currency of their choice.
Example sentence: The expatriate worker used his domiciary account to receive his salary from overseas.
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Sense 3: Local Conversion
Some domiciary accounts also allow individuals to convert foreign currencies into the local currency, providing an added convenience for frequent travelers or individuals who often deal with foreign currency exchanges.
Example sentence: Lisa withdrew cash in the local currency from her domiciary account to pay for her travel expenses.
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