Are you eager to manage and transact in foreign currencies with ease? Opening a domiciliary account with First Bank is your gateway to saving and conducting transactions in US Dollars, Pounds Sterling, Euros, or CFA currencies.
In this article, we will walk you through the types of First Bank domiciliary accounts, the benefits they offer, and the step-by-step process to open one.
Types of First Bank Domiciliary Accounts
First Bank provides two types of domiciliary accounts:
1. Primary Domiciliary Account
It allows savings in dollars, euros, pounds, and CFA. The Minimum opening/operating balance are $100, €100, £50, or CFA10,000.00 depending on your preferred currency choice.
2. FirstDom
This is a long-term savings. The minimum opening balance is $5,000 and above (across all currencies). No charges for cash withdrawals, and transfer charges as low as 0.25%.
Benefits of Opening a Domiciliary Account with First Bank
- It reduces charges for transfers, and free withdrawals.
- Attractive interest rates for the FirstDom account, aiding in long-term savings.
- Specialized chequebook available for both primary and FirstDom accounts for free.
- No restrictions on the number of withdrawals, providing seamless transactions.
- First Bank’s longstanding reputation ensures the safety and security of your funds.
Requirements to Open a First Bank Domiciliary Account
To open a domiciliary account with First Bank, you’ll need:
- Valid means of identification (International Passport, National ID, or Driver’s License).
- Proof of address (Recent utility bill within the last 3 months).
- Two passport photographs.
- Duly completed account opening form with specimen signature.
- Reference forms from two satisfactory referees.
How to Open a Domiciliary Account With First Bank
Here are steps to follow:
1. Visit a First Bank Branch to meet with the customer service.
2. Discuss account types and choose the one that suits you.
3. Fill Out the Account Opening Form.
4. Ensure all documents are complete and vetted by the account officer.
5. Make a deposit as per the minimum opening balance for your chosen account.
6. Inquire about and understand the charges for your intended transactions.
7. Wait for Account Activation.
You’ll be notified when your account is opened and fully functional.
Conclusion
Opening a domiciliary account with First Bank is a good financial decision which gives you a lot of benefits and ease of international transactions. Ensure you don’t miss out on the competitive advantages and security that come with a First Bank domiciliary account.
Frequently Asked Questions (FAQs)
How Much Can I Use to Open a Domiciliary Account With First Bank?
Opening balances vary; for a primary account, it’s $100, €100, £50, or CFA10,000. For FirstDom, it’s $5,000, €5,000, or £3,000.
Who Can Open a Domiciliary Account in First Bank in Nigeria?
Individuals, freelancers, corporate organizations, and more are eligible.
Can I Deposit Naira Into My First Bank Domiciliary Account?
Yes, you can deposit Naira; follow the currency transfer process at your bank.
Can I Withdraw Cash From My Domiciliary Account?
Yes, visit a First Bank branch and fill out a teller form for withdrawal.
Can I Check the Balance on My First Bank Domiciliary Account?
Yes, use internet banking or the USSD code *894# for balance checks.