Many Nigerians now make and receive payments in foreign currencies, making domiciliary accounts, or “dom accounts,” increasingly popular. A domiciliary account allows you to save, receive, and transfer money in foreign currencies, which is beneficial for freelancers, business owners, and salary earners. First City Monument Bank (FCMB) offers this service, providing accounts in major currencies like dollars, pounds, and euros.
This guide will cover the types of domiciliary accounts available at FCMB, the requirements for opening one, and the process to get started.
SEE ALSO: How to Open a Domiciliary Account with Access Bank
Types of FCMB Domiciliary Accounts
FCMB offers three types of domiciliary accounts:
- Savings Domiciliary Account
- Current Domiciliary Account
- Fixed Deposit Domiciliary Account
FCMB Savings Domiciliary Account
The FCMB Savings Domiciliary Account allows you to save in USD, GBP, or EUR and earn interest on your savings.
Features:
- Allows for foreign currency salary and cash payments
- Interest-bearing account (interest is forfeited if more than 3 withdrawals are made in a month)
- Low opening balances: $10, £10, €10
- Serialized, non-clearing cheque-type withdrawal booklet
- No charges for cash withdrawals
- It can be operated individually or as a joint account
- Issuance of foreign currency-denominated drafts
- Free monthly electronic statements
- Free email notifications on transactions
Requirements:
- Completed and signed account opening form
- Must be 18 years or older
- Valid ID (driver’s license, National ID card, Voter’s Card, or Resident’s Permit)
- One passport photograph
- Address verification (current utility bill, account statements, or local authority tax bill)
- Bank Verification Number (BVN)
FCMB Current Domiciliary Account
The FCMB Current Domiciliary Account allows for transactions in major global currencies and can be accessed from anywhere in the world.
Features:
- Opening balance of $100, €70, or £60
- Access to internet banking
- Interest rate of 0.05% per annum for balances of $4,000 or more
- No minimum operating balance
- No limit on monthly withdrawals
- No maintenance charges
- Personalized, non-clearing chequebook
- Protection against currency fluctuations
Requirements:
- Must be 18 years or older
- 2 passport photographs
- Valid ID (NIN, Voter’s card, International Passport, or Driver’s License)
- Bank Verification Number (BVN)
- Address verification (recent utility bill or current account statement)
- References
FCMB Fixed Deposit Domiciliary Account
This account is for those who want to lock up funds for a set period and earn interest.
Features:
- Low opening balance of $5,000
- Savings periods of 30, 60, 90, 180, and 360 days
- Competitive interest rates depending on the deposit duration
- There is no penalty for premature withdrawal after 30 days
Requirements:
- Completed and signed account opening form
- Must be 18 years or older
- Valid ID (driver’s license, National ID card, Voter’s Card, or Resident’s Permit)
- 1 passport photograph
- Address verification (current utility bill, account statements, or local authority tax bill)
- Bank Verification Number (BVN)
How to Open a Domiciliary Account With FCMB
Opening an Account In-Person
- Visit any FCMB branch with the required documents.
- Speak with a customer service agent about opening a domiciliary account.
- Fill out the application form accurately, including the names and email addresses of your referees.
- Submit the completed form and all additional documents. The bank will review your application.
- Your account will be activated within 2-3 business days.
- Once activated, you will receive your account details by mail.
- Make an initial deposit of $10, £10, or €10 for a savings account, or £60, €70, or $100 for a current account.
Opening an Account Online
- Go to the FCMB website.
- Scroll to the “Account Opening Form” and click on it.
- Download the Account Opening Form, Signature Form, and Reference Form.
- Fill out all the forms.
- Send the completed forms via email to [email protected].
- Wait 2-3 business days to receive your account details.
- Fund your account with an initial deposit based on the type of account you opened.
Benefits of Opening a Domiciliary Account With FCMB
FCMB offers some of the best domiciliary accounts in Nigeria due to the numerous benefits:
- Pre-Funded MasterCard Credit Card usable on all ATMs and POS Terminals
- No withdrawal charges for savings domiciliary accounts
- Accounts can be operated individually or jointly
- Attractive interest rates
- Supports popular currencies: dollars, pounds, and euros
- No minimum operating balance required
How to Fund FCMB Domiciliary Account
You can fund your FCMB domiciliary account through:
- Wire/SWIFT Transfer
- Cash Lodgments
SEE ALSO: How to Get a Tax Identification Number in Nigeria Online
Final Thoughts
Opening a domiciliary account with FCMB is straightforward. Domiciliary accounts are beneficial for those who transact in foreign currencies or want to save in foreign currencies to hedge against exchange rate fluctuations. Freelancers and business owners who send and receive payments in foreign currencies should consider opening a domiciliary account with FCMB. I recommend the savings domiciliary account for freelancers and the current domiciliary account for business owners.
