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.
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What domiciliary account?
Domiciliary accounts allow individuals and businesses receive and make payments in foreign currency. This account is funded through bank deposits, traveller’s cheques, cash inflows and lodgement of foreign currency cheques.
The account is built to receive foreign remittances, with no limits, directly into your account and customers to be paid in any foreign currency. with your money valued at the prevailing exchange rate. It facilitates your international business transactions.
If you have first bank dom account you are entitle to A maximum of $4,000 for PTA and $5,000 for BTA and Cheaper source of funding through the autonomous market window of CBN.
How to Open domiciliary Account with First bank in Nigeria
First bank Nigeria has two try of domiciliary Account: FirstDom Plus and 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.
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.
Required documents to First bank Domiciliary Account
1. Duly completed Account Opening Form
2. Duly completed specimen signature card
3. Two (2) recent passport photographs
4. Address verification document: Utility Bill
5. Valid means of identification e.g. International passport, Driver’s license or National ID card.
6. Two (2) independent and satisfactory references with current account and must not be salary account.But if you already has current account you will not need references
Steps to get your first bank Domiciliary Account open
1. Visit any first bank that is close to your location and request for Domiciliary Account opening form
2. Fill your details and sign the specimen signature card
3. If you don’t have current account with first bank request for Two (2) references and meet your friends or business partners that have business current account to references for you.
4. Once you submit your form, Within 48-72hours, you will receive an SMS indicating that your domiciliary account has been open with your account number.
Please remember to ask your bank for their swift code, routing number and other details to enable you receive foreign inflow to your first bank Domiciliary Account