So, I walked into FCMB – First City Monument Bank branch recently(3rd march, 2017) to find out about how to open a domiciliary account with the bank.
Incase you don’t know, domiciliary account is a foreign denominated bank account(dollars, euros, pounds) you can open in nigeria and you can receive money with it from any part of the world in the currency you use to open it. You can withdraw your money in hard currency, pay into the account in hard currency and perform transaction with it online in the currency.
It is better to have a domiciliary account if you will be receiving payment from abroad eg. google adsense payment than allowing nigeria banks to exchange it to naira at their chosen exchange rate.
General Requirements to open an account in Nigeria Banks
– recent Utility Bills(not more than 3 months bill) eg. PHCN bills, Water Bill, light bills etc
– Means of Identification eg. National ID card, Voters card, Drivers license, International Passport
– Money to open the account like N1000, N2000 naira, etc or $100 dollars, euros etc
Only few nigeria bank like Zenith Bank does not require that you must bring $100 or other currency when you want to open the Dom account. Many other banks require that you bring the 100$ bill in cash to open domiciliary account. Personally, FCMB, union, stanbic ibtc, first bank, Skye bank will ask you to come along with opening balance of 100$, or euros or pounds when you are opening the domiciliary account.
– recent Passport photographs like 2 to 4.
FCMB have two options to open a domiciliary(dom) account with them.
1. Dom Savings Account:
– Does not require a referee form to be filled to open this account. Referee form gives alot of problem because you may see and bank may reply it is not acceptable to them. You have to look for another one. It is very stressful and time wasting.
– You can only receive money via this account but you cannot send money to others, pay for items via this account
– You have to bring $100 dollars or euros, or pounds to open this account.
2. Dom Current Account:
– Require a filled and acceptable by the bank two (2) referee form. It could be from the bank itself or any other Nigerian bank.
– You can receive money via this account and also pay for goods, services, send money to others via this account in the currency you open it be it Dollars, Euros or pounds.
– You have to bring $100 dollars or euros or pounds to open this account.
If you have any other questions, clarifications, additions etc, drop your comments in the comment section below.