FCMB domiciliary account is a type of bank account that allows individuals to hold and transact in foreign currencies. These accounts are usually used for international transactions, such as receiving payments in foreign currency. Banks often offer domiciliary accounts in countries with a significant amount of international trade or by banks that cater to expatriates and frequent travelers.
FCMB Domiciliary Account
The FCMB Domiciliary account is designed to help customers who regularly receive or make payments in the United States dollar, British sterling (GBP), and European Euro. It is a foreign currency account with lower operating units specifically aimed at those who wish to start saving in foreign currencies.
Key points About the FCMB Domiciliary Account
Below are the key points about FCMB domiciliary accounts:
- Currency options: Choose from various foreign currencies.
- Transaction flexibility: Conduct international transactions easily.
- International trade: Ideal for businesses in international trade.
- Hedging against currency fluctuations: Protect against currency changes.
- Online banking: Manage accounts and transactions online.
- Documentation needed: Identity and address proof are required.
- Minimum balance: Maintain the required balance to avoid fees.
- Interest rates: Earn interest on deposited funds.
- Regulatory compliance: Follow CBN guidelines.
- Customer support: Assistance is available for all inquiries.
Features
The following are the amazing features of the FCMB Domiciliary account:
- They have an opening minimum balance of 60 GBP, 100 USD, and 70 Euros which is very accommodating compared to other banks with higher opening balances.
- The account is an interest-bearing account that is usually forfeited once there are more than 3 withdrawals in a month.
- An FCMB domiciliary account holder will make a withdrawal with a serialized non-clearing cheque-type withdrawal booklet
- The FCMB domiciliary savings account allows for cash lodgment and currency salary payment.
- The account can be operated either as a joint account or individual account
- Cash withdrawals from the domiciliary savings account have no charge
- The domiciliary account also offers foreign issuance of currency-denominated drafts
- The FCMB domiciliary account offers free monthly electronic statements
- Customers are given access to debit cards to operate their account
The requirement to Open an FCMB Domiciliary Account
Before proceeding to open a domiciliary account with FCMB, you must be aware of the requirements you need and they are listed below:
- A completed account opening form
- 1 passport photograph
- Must be at least 18 years old
- Must have a valid government-issued ID
- Must have at least two referees with their contact details
- Must have a document that verifies the address
How to Open an FCMB Domiciliary Account
Opening an FCMB domiciliary account can be done by visiting the FCMB branch close to you, by following the steps below:
- Put together the documents required of you
- Visit the FCMB branch closest to you
- Complete the application form provided for you by filling it with your details
- Submit the form and required document
- Wait for 2 to 3 business days for account activation
- Once your account has been activated, you will receive your account number via mail
- Make an initial deposit of at least $50 or its equivalent in the desired foreign currency.
FAQs
Are There Any Charges Linked with FCMB Domiciliary Accounts?
Yes, FCMB domiciliary accounts may entail various fees, such as maintenance fees, charges for foreign currency transactions and wire transfers, currency conversion fees, and fees for not meeting the minimum balance requirement if applicable. It is recommended that customers carefully examine the bank’s fee schedule and terms and conditions to comprehend the relevant charges before opening an account.
What Currencies Are Supported by FCMB Domiciliary Accounts?
FCMB domiciliary accounts allow you to hold different foreign currencies like US dollars, euros, pounds, Canadian dollars, Swiss francs, and Japanese yen. You can pick the currency that works best for you.
Do Domiciliary Accounts Come with Any Fees?
FCMB domiciliary accounts may have fees like maintenance fees, charges for foreign currency transactions and wire transfers, currency conversion fees, and penalties for not maintaining the minimum balance if required. It’s recommended that customers check the bank’s fee schedule and terms and conditions to know the charges before opening an account.
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