First Bank is one of Nigeria’s oldest and most reliable banks, making it a great choice for opening a domiciliary account. As more people earn money online, the need to repatriate earnings to Nigeria has increased. Here’s a step-by-step guide on how to open a domiciliary account with First Bank.
SEE ALSO: How to Open a Domiciliary Account With FCMB
Types of First Bank Domiciliary Accounts
First Bank offers two types of domiciliary accounts:
1. Primary Domiciliary Account
- Currencies: USD, EUR, GBP, CFA
- Minimum Balance: $100, €100, £50, CFA 10,000
- Features: Basic account for saving and transacting in foreign currencies.
2. FirstDom Account
- Currencies: USD, EUR, GBP
- Minimum Balance: $5,000
- Features: Targeted at long-term savings with no charges for cash withdrawals and low transfer fees (0.25%).
Why Open a Domiciliary Account with First Bank?
Charges
- Reduced Fees: Lower transfer fees and free withdrawals.
Competitive Interest Rates
- High Interest: Attractive interest rates for high balances in the FirstDom account.
Free Chequebook
- Specialized Chequebook: Available for both account types.
No Withdrawal Limit
- Unlimited Withdrawals: No limit on the number of withdrawals.
Safety and Security
- Reliable: A long-established bank ensures your funds’ safety.
Requirements to Open a First Bank Domiciliary Account
- Valid Means of Identification
- International passport, national ID card, or driver’s license.
- Proof of Address
- Recent utility bill (water or waste bill) for address verification.
- Two Passport Photographs
- For identification purposes.
- Completed Account Opening Form
- Fill out the form with personal details and specimen signature.
- Reference Forms
- Provide details of two satisfactory references.
Step-by-Step Guide to Opening a Domiciliary Account with First Bank
1. Visit a First Bank Branch
- Bring all required documents and speak with a customer service representative about the best account type for you.
2. Fill Out the Domiciliary Account Opening Form
- Complete the form with your personal details, including ATM or internet banking requests.
3. Submit the Required Documents
- Ensure all documents are complete and vetted by an account officer. Make the minimum opening deposit.
4. Understand the Bank Charges
- Inquire about and understand the charges for transactions on your domiciliary account.
5. Wait for the Account to be Opened
- You will be notified via text message when your account is opened and functional.
SEE ALSO: How to Open a Domiciliary Account with Polaris Bank
Conclusion
Opening a domiciliary account with First Bank allows you to manage your foreign currency earnings effectively. Despite the initial requirements, the benefits, such as reduced fees, competitive interest rates, and reliable banking services, make it worthwhile. To make the most of your account, ensure you maintain the minimum operating balance and stay updated on regulatory changes from the Central Bank of Nigeria (CBN).
