Last Updated on July 1, 2024 by admin
Are you into online marketing business and you are expecting payment in foreign currencies, US Dollars, Pounds Sterling, Euro Or expecting foreign inflow from your business partner, friends and family. Then you will need a Domiciliary Account to enable you receive your payment is hard currency.
In this post, I will show you how to open domiciliary account with first banks within 48-72hours and how to get credited to your dom account.
You can also read: FirstBank *894#: How to buy Airtime and check account Balance
What domiciliary account?
A domiciliary account is a type of bank account that allows individuals to hold and transact in foreign currencies. These accounts are popular among people who frequently travel or do business abroad as they provide access to foreign exchange and enable easy transfer of funds between different countries.
Domiciliary accounts are also useful for individuals who receive income in a foreign currency, such as expatriates or freelancers who work with international clients.
A domiciliary accounts provide a convenient and secure way to manage foreign currencies and conduct cross-border transactions. They offer flexibility, accessibility, and convenience for individuals who need to deal with multiple currencies in their financial activities.
Whether for personal or business use, a domiciliary account can be a valuable tool for anyone looking to simplify their financial management and navigate the complex world of international banking.
How to Open domiciliary Account with First bank in Nigeria
FirstBank offers three main types of domiciliary accounts:
Type of first bank Domiciliary account
1. FirstDom plus account
The firstDom plus is foreign currency deposit account that is targeted at existing and potential domiciliary customers with balances of $5,000 and above. It offers attractive interest rates and highly reduced transfer charges. The Transfer charges on account as low as 0.25% flat both Individuals and corporate can open this kind of account.
Read: First Bank transfer code : How to transfer money and check account balance
The following details is required to open FirstDom Plus Account with first bank
1. Individual Account Opening Form: interested customer must fill and sign the account opening form
2. Completed Specimen Signature card
3. Two recent passport photographs
4. Valid means of identification e.g. International Passport , Driver’s License or National I.D. Card (Original to be sighted)
5. Utility Bill, e.g. NEPA, NITEL Bill, etc
2. First bank Domiciliary Account
This is an account that allows you save in US Dollars, Pounds Sterling or Euro; with your money valued at the prevailing exchange rate. It facilitates your international business transactions.The account has Minimum opening balance of $500, €500 or £300 and Minimum operating balance of $100, €100, or £50.
The Cash withdrawal is at 0.5% flat per transaction,Ithas no restrictions on number of withdrawals and come with Attractive pool for interest on bank fund.
You may also read: FirstBank USSD Code: How to check statement of account, Account balance and Create Pin as well transfer money
Required documents to First bank Domiciliary Account
To open a FirstBank Domiciliary Account, you will need to provide the following documents:
- Completed Account Opening Form: You can obtain this form at any FirstBank branch or download it from their website.
- Completed and Signed Foreign Currency Declaration Form: This form is also available at the branch or for download.
- Two Reference Forms: These must be filled out by current FirstBank account holders or other bank with current account that is not salary account who can vouch for you.
- Valid Identification: This can be any of the following:
- International Passport
- Driver’s License
- National ID Card
- Voter’s Card
- Proof of Address: A recent utility bill (not older than 3 months) or any other document that can verify your residential address.
- Passport Photographs: Two recent passport-sized photographs.
Additional requirements may apply depending on your customer category (individual or business) and the type of domiciliary account you want to open
How to open first bank Domiciliary Account
To open a domiciliary account with First Bank in Nigeria, you have two main options:
1. In-Branch Account Opening:
This is the traditional method of opening a domiciliary account.
- Locate a FirstBank branch near you and visit during working hours.
- Ask a customer service representative for a domiciliary account opening form.
- Complete the form with accurate personal and financial information.
- Provide Required Documents:
- Duly completed Account Opening Form.
- Duly completedand signed Foreign Currency Declaration Form.
- Two (2) reference forms by current account holders.
- Valid means of identification (International Passport, Driver’s License, National ID card, or Voters Card).
- Recent utility bill (not older than 3 months).
- Recent passport photographs (two copies).
- Initial Deposit: Make an initial deposit in the foreign currency of your choice.
2. Online Application (For Existing Customers Only):
- Visit the FirstBank website and log into your FirstOnline internet banking account.
- Navigate to the “Open Account” section and select “Domiciliary Account.”
- Fill in the required information and follow the instructions to complete the application.
- FirstBank will review your application and may contact you for additional verification.
3. Domiciliary Current Account:
FirstBank’s Domiciliary Current Account is a foreign currency account designed specifically for businesses involved in international trade and transactions. It enables businesses to receive and make payments in foreign currencies, facilitating smooth cross-border operations.
Key Features and Benefits:
- Multiple Currencies: The account can be opened and maintained in various major currencies, such as US Dollars (USD), British Pounds (GBP), and Euros (EUR).
- International Transactions: Facilitates easy and efficient international payments, including transfers, drafts, and letters of credit.
- Cash Deposits: Allows for cash deposits in foreign currencies.
- Traveler’s Cheques:** You can encash your traveler’s cheques in the corresponding foreign currency.
- Online Banking Access: Manage your account and transactions conveniently through FirstBank’s online banking platform.
- Dedicated Relationship Manager: Businesses with significant transaction volumes can benefit from personalized services and support.
Eligibility:
To open a FirstBank Domiciliary Current Account, you must be a registered business in Nigeria and provide the necessary documentation, including:
- Certificate of Incorporation/Business Registration.
- Valid means of identification for authorized signatories (e.g., international passport, driver’s license).
- Proof of business address.
- Other relevant documents as required by the bank.
Minimum Opening Balance:
The minimum opening balance for a Domiciliary Current Account varies depending on the chosen currency. It’s advisable to inquire directly with FirstBank for the most up-to-date information.
How to Apply:
You can apply for a FirstBank Domiciliary Current Account by visiting any FirstBank branch and speaking to a customer service representative. They will guide you through the application process and provide the necessary forms and information.
FAQS
Q: What is a domiciliary account?
A: A domiciliary account is a bank account maintained in a foreign currency in Nigeria. It allows you to save and transact in major currencies like USD, GBP, and EURO.
Q: Who can open a domiciliary account with FirstBank?
A: Both individuals and businesses can open domiciliary accounts with FirstBank.
Q: What types of domiciliary accounts does FirstBank offer?
A: FirstBank offers three main types: * Domiciliary Account (basic) * FirstDom Account (premium) * Domiciliary Current Account (for businesses)
Q: What are the minimum opening and operating balances for domiciliary accounts?
A: The minimum opening and operating balance depends on the account type and currency. For the basic Domiciliary Account, it’s $100, €100, or £50.
Q: Can I make transactions on my account from any FirstBank branch??
A: Yes, you can make transactions on your FirstBank account from any FirstBank branch in Nigeria. This includes:
- Cash Deposits and Withdrawals: You can deposit or withdraw cash from your account at any branch.
- Fund Transfers: You can transfer funds between your own accounts or to other FirstBank accounts at any branch.
Q: Can I use my domiciliary account debit card for online transactions?
A: Yes, depending on the card type, you can use it for online transactions on international platforms.
Q: Are there any transaction limits on domiciliary accounts?
A: Yes, there are limits for both cash withdrawals and online/POS transactions. You can inquire about the specific limits at your branch or through customer care.
Q: How can I fund my domiciliary account?
A: You can fund your account through cash deposits, wire transfers, or by converting funds from your naira account.
Q: How can I check my domiciliary account balance?
A: You can check your balance through: * FirstMobile app * FirstOnline internet banking * Visiting a branch * ATM (for some card types)
Q: Can I earn interest on my domiciliary account?
A: Yes, FirstBank offers interest on domiciliary accounts, with varying rates depending on the account type and currency.
Q: Are there any fees associated with domiciliary accounts?
A: Yes, certain fees may apply, such as account maintenance fees, transaction fees, and currency conversion fees. Inquire at your branch or through customer care for the latest fee structure.
