FirstBank is one of the numerous Nigerian banks that allows individuals and businesses to operate a domiciliary account and in this article, you will learn how to open a FirstBank domiciliary account, all the requirements you need, and who can open a FirstBank domiciliary account.
What is a domiciliary account?
A domiciliary account is an account that allows you to make and receive payments in foreign currency. It is usually funded through bank deposits, cash inflows, and traveler’s cheques.
This account is built to facilitate your international business transactions by allowing you to receive foreign currency or pay customers in foreign currency with no limit. So if you have been looking for ways to carry out international transactions, a domiciliary account is right for you.
As stated earlier, FirstBank of Nigeria is one of the banks that operates a domiciliary account.
FirstBank of Nigeria offers two types of domiciliary account;
Domiciliary and FirstDom account
Domiciliary account
The primary domiciliary account allows you to save your money in US dollars, Euros, and Pounds. Your money will be valued at the prevailing exchange rate.
Requirements for opening a domiciliary account
- Duly completed individual account opening form
- Completed specimen signature
- Two recent passport photographs
- Valid means of identification e.g driver’s license, National ID card
- Utility bill e.g NEPA bill.
Features of the domiciliary account
The primary domiciliary account has the following features:
- The minimum opening balance for this account is ＄500, €500, or £300
- There is a minimum operating balance of ＄100, €100, or £50
- There is no limit to the number of withdrawals you can make in a month
- Cash withdrawal is at 0.5% flat per transaction
- Guaranteed FCY deposit
- There is no restriction on the number of withdrawals
- Inter sol withdrawal is allowed
Who can apply for a primary domiciliary account?
You can apply for this account if you are one of the following
- An individual
- SME
- Corporate organization
How to apply
You can either get the opening form on the FirstBank website or just walk into any FirstBank branch close to you and ask for the domiciliary account form.
Complete the form and submit it alongside the documents stated above.
FirstDom
The firstdom account is targeted at existing and potential domiciliary account customers with balances of $5,000 and above. This account offers attractive interest rates and highly reduced transfer charges.
Features of the FirstDom account
The FirstDom account has the following features:
- This account is only operated with a specialized non-clearing chequebook
- Foreign draft insurance is allowed on this account
- There are no charges on over-the-counter cash withdrawals
- The transfer charge on the account is as low as 0.25% flat per transaction
Requirements for opening FirstDom account
- Duly completed individual account opening form
- Completed specimen signature
- Two recent passport photographs
- Valid means of identification e.g driver’s license, National ID card
- Utility bill e.g NEPA bill.
Who can apply for a primary domiciliary account?
You can apply for this account if you are one of the following
- An individual
- Corporate organization
How to apply
You can get the opening form on the FirstBank website or walk into any FirstBank branch close to you. Complete the form and submit it alongside the documents stated above
Comparing features of both domiciliary accounts
● Minimum Opening Balance
Both accounts have minimum opening balances.
The FirstDom account operates with an opening balance of ＄5000, €5000, or £3000 and the Domiciliary account needs an opening balance of ＄500, €500, or £300.
● Minimum Operating Balance
To operate these accounts, you need to have a certain amount.
For the FirstDom account, you need an operating balance of ＄5000, €5000, or £3000 and the Primary Domiciliary account needs a balance of ＄500, €500, or £300 to operate.
● Online Banking/ATM
Whether you decide to open the FirstDom account or the Domiciliary account, you have the feature of using online banking. You can also use the ATM regardless of the type of domiciliary account you open.
● Free Cheque Book
Both the FirstDom and Domiciliary accounts allows users to use a free chequebook. A specialized non-clearing checkbook is available to any type of domiciliary account you choose to open.
● Withdrawal limits
There are no limits to the number of withdrawals you can make in a month for both domiciliary accounts.
Conclusion
It is really easy to open a FirstBank domiciliary account. All you need to open either of the two domiciliary accounts is the opening form which you can either download on the official FirstBank website or get it from any FirstBank branch.
Complete the form and submit it alongside the following;
- Completed specimen signature
- 2 recent passport photographs
- Valid means of identification e.g driver’s license, National ID card
- Utility bill e.g NEPA bill.
That’s all you have to do.
Note that the only available foreign currencies for the FirstDom and Primary Domiciliary account are US dollars, Euros, and Pounds.
