This article will show you how to open a First Bank domiciliary account in Nigeria.
First Bank is one of the oldest and most justifiably reliable banks to open a domiciliary account in Nigeria.
As more people make money online these days, most of them desire to repatriate such earnings to Nigeria.
First of all, let’s start with the basics.
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Types of First Bank Domiciliary Accounts
First Bank of Nigeria Ltd. offers two types of domiciliary accounts you can open at any First Bank branch. These are;
This is a primary domiciliary account in First Bank. With the Primary Dom account, you can save money in dollars, euros, pounds, and CFA. The minimum opening and operating balance is 100 dollars, 100 euros, 50 pounds, and CFA 10,000.
This type of account is targeted for long-term savings by potential customers. The minimum opening balance is 5,000 and above across all currencies, i.e., dollars, pounds, and euros. The advantage of having this type of account is that there are no charges for cash withdrawals. Additionally, transfer charges are as low as 0.25%.
Why You Should Open a Domiciliary Account in First Bank
The unique benefits of having a First Bank domiciliary account are:
When you open and operate a domiciliary account with First Bank, the charges are significantly reduced for transfers. Also, withdrawals are completely free of charge.
As the account opening and operating balance are on the high side, the FirstDom account offers compelling interest rates. This makes it easy for you, especially if you are saving for the future.
A specialized chequebook is available for any of these two types of domiciliary accounts you choose to operate.
There is currently no limit for the number of withdrawals in your domiciliary account. This will permit you to make transactions seamlessly.
It is nothing short of devastating to start hearing stories when it comes to the safety of your domiciliary account. Going to a bank that has been in existence for a long time is your best chance to avoid that.
Requirements to Open a First Bank Domiciliary Account
The following are the major requirements to open a First Bank domiciliary account:
This can include an international passport, a national ID card, or a driver’s license.
A recent utility bill, which can be a water or waste bill, is needed to verify your residential address.
For identification purposes, you will need to provide two passport-size photographs.
You will need to fill out an individual account opening form with your details. This will include a completed specimen signature. This is for easy identification whenever you walk into a First Bank branch to make a transaction.
You will also need to provide the details of two satisfactory references. These references will be verified by the bank before concluding the account opening process.
Step-By-Step Guide to Opening a Domiciliary Account With First Bank
Visit with the required documents listed above and meet the customer service or account officer. Discuss the account types and which one is best suited for you.
In this form, you will fill out your personal details, such as your name, address, and so on. Also fill out the spaces for ATM or internet banking requests so you don’t have to do that separately.
Ensure all the documents are complete and vetted by an account officer, and ask relevant questions as needed. You will also need to make a deposit for the minimum opening.
Charges can vary from one bank to another. So, you need to inquire about and understand the charges for the transactions you plan to make on the domiciliary account. This will help you navigate the account-opening process easily.
You will be notified via text message when your account is opened and fully functional.
To enjoy the full benefits of having a First Bank domiciliary account in Nigeria, you should endeavor to maintain the terms and conditions. This includes maintaining the minimum operating balance and updating your information when needed.
Finally, stay updated about the regulatory changes from CBN, especially if you make international transactions steadily. This includes the prevailing exchange rate, transaction limits, and account requirements.
I’ve given you a guide on how to open a First Bank domiciliary account in Nigeria. This includes all the requirements needed. Earning in foreign currency can be thrilling, but it can quickly become disheartening if you receive less than what you actually earned!
Opening a domiciliary account with First Bank in Nigeria may seem like a herculean task. This is especially true if you consider the requirements, but it is definitely worth it in the end. It is never too late to make well-informed financial decisions.
Frequently Asked Questions
How Much Can I Use to Open a Domiciliary Account With First Bank?
For a primary domiciliary account, the opening balance is $100, €100, £50, or CFA10,000. For the FirstDom account, the opening balance is $5,000, €5,000, or £3,000.
Who Can Open a Domiciliary Account in First Bank in Nigeria?
Any individual, freelancer, corporate organization, and so on can open a domiciliary account with First Bank in Nigeria.
Can I Deposit Naira Into My First Bank Domiciliary Account?
Yes, you can. All you need to do is visit your bank, fill out the currency transfer form, and provide the other details needed.
Can I Withdraw Cash From My Domiciliary Account?
Yes, you need to 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, you can either use your internet banking or the USSD code *894# for that.