How to Open Domiciliary Account With FCMB

It is no longer a hidden secret that many Nigerians receive and make payments with foreign currencies. Hence, domiciliary accounts, or “dom accounts,” as they are called, have become popular in the banking system.

A domiciliary account is an account that enables you to save, receive, and transfer money in foreign currencies as a freelancer, business owner, or salary earner. 

The most common foreign currency accounts include the dollar, pound, and euro. First City Monument Bank (FCMB), among other banks, offers this service.

This article will shed light on the types of domiciliary accounts in FCMB, the requirements to open a domiciliary account with FCMB, and more.

Types of FCMB Domiciliary Account

First City Monument Bank (FCMB) mainly offers three types of domiciliary accounts to its customers.

1. Savings Domiciliary Account
2. Current Domiciliary Account
3. Fixed Deposit 

FCMB Savings Domiciliary Account

The savings domiciliary account in FCMB allows you to save in any of the three global currencies, namely, USD, GBP, and Euro. You also earn interest on your savings.

Features of FCMB Savings Domiciliary Account

Here are the amazing features of the FCMB Savings Domiciliary Account.

• Allows for foreign currency salary and cash payments.
• Account bears interest, but you will lose the interest when you make more than 3 withdrawals in a month.
• Relatively low opening balances: $10, £10, €10.
• The account holder uses a serialized, non-clearing cheque-type withdrawal booklet to make withdrawals.
• There are no charges for cash withdrawals.
• Savings accounts can be operated as an individual or as a joint account.
• FCMB offers the issuance of foreign currency-denominated drafts.
• Free monthly electronic statements are available.
• Free E-mail notifications on transactions are also available.

Requirements to Open a Savings Domiciliary Account in FCMB

Here are the requirements to open a savings domiciliary account with FCMB:

• A completely filled and signed account opening form
• Age requirement: 18 years and above
• Valid means of identification: driver’s license, National ID card, Voter’s Card, or Resident’s Permit (for immigrants)
• 1 passport photograph
• Address verification: current utility bill, account statements (within 3 months), or a local authority tax bill.
• Bank Verification Number (BVN).

FCMB Current Domiciliary Account 

With the current account, you can also operate in the major global currencies, US dollars, British Pounds, and Euros. You can make transactions from anywhere in the world with this account.

Features of FCMB Current Domiciliary Account

These are the features of the FCMB current domiciliary account;

• Opening balance of $100, €70, and £60.
• Access to internet banking.
• Account gains interest of 0.05% per annum for $4,000.
• No minimum operating balance.
• No limit to monthly withdrawals.
• No maintenance charges deductions.
• A personalized, non-clearing chequebook for over-the-counter withdrawals.
• Funds are kept safe against the fluctuations of foreign currencies.

Requirements to Open a Current Domiciliary Account in FCMB

Requirements to open a current domiciliary account with FCMB include;

• You must be 18 years and above
• 2 passport photographs
• A valid means of identification – NIN, Voter’s card, International Passport, or Driver’s License
• Bank Verification Number (BVN)
• Address verification document – recent utility bill or current account statement
• References.

FCMB Fixed Deposit Domiciliary Account

FCMB also offers a fixed deposit dom account for those who desire to lock up funds that they don’t need for a particular time. You can save in pounds, dollars, and euros also.

Features of FCMB Fixed Deposit Domiciliary Account

• Low fixed deposit opening balance of $5000 
• Allows foreign currency savings for 30, 60, 90, 180, and 360 days.
• Mouth-watering fixed deposit interest rates depend on the duration of the fixed deposit.
• No penalty for premature withdrawal after 30 days.

Requirements to Open a Fixed Deposit Domiciliary Account in FCMB

Here are the requirements to open a savings domiciliary account with FCMB:

• A completely filled and signed account opening form
• Age requirement – 18 years and above
• Valid means of identification: driver’s license, National ID card, Voter’s Card, or Resident’s Permit (for immigrants)
• 1 passport photograph
• Address verification: current utility bill, account statements (within 3 months), or a local authority tax bill.
• Bank Verification Number (BVN).

How to Open a Domiciliary Account With FCMB Physically

• Walk into any FCMB branch in Nigeria with all your documents (outlined above).
• Speak with the customer service agent about opening a domiciliary account.
• Fill out the application form accurately and completely, and include the names and email addresses of your referees.
• Submit your completed application form along with all additional documents. Your application will be reviewed by the bank.
• It will take 2-3 business working days for your account to be activated.
• Once your account has been activated, you will receive your account details through the mail on your application form.
• Finally, make an initial deposit of $10, £10, or €10 for a savings account or £60, €70, or $100 for a current account.

How to Open a Domiciliary Account With FCMB Online

• Go to the FCMB website
• Scroll to the “Account Opening Form” and click on it
• Three downloadable forms will pop up, which are the Account Opening Form, Signature Form, and Reference Form
• Download the forms to your computer or phone
•  Fill out all the downloaded forms
• Send the completely filled forms via mail to customerservice@FCMBbankng.com 
• Await your bank details within 2-3 working days.
• Then, fund your account with an initial deposit, depending on the type of account you opened.

Benefits of Opening a Domiciliary Account With FCMB

FCMB operates one of the best domiciliary accounts in Nigeria due to the immense benefits you gain from opening a domiciliary account with them. Some of these are,

• A Pre-Funded MasterCard Credit Card that can be used on all ATMs and POS Terminals.
• No charges on withdrawals from the savings domiciliary account.
• Savings domiciliary accounts can be operated as an individual or a joint account.
• Attractive interest rates.
• FCMB deals with the most popular convertible currencies: dollars, pounds, and euros.
• Accounts do not require a minimum operating balance.

How to Fund FCMB Domiciliary Account

You can fund your FCMB domiciliary account through;

• Wire/SWIFT Transfer
• Cash Lodgments.

Final Thoughts

I believe I have been able to give you all the necessary information you need about opening a domiciliary account with FCMB. Domiciliary accounts are beneficial to people who transact in foreign currencies and those who want to save in foreign currencies to be free from fluctuations of foreign exchange. 

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. 

For further knowledge, you can read our article on how to open a dollar account in Nigeria for freelancers.

Frequently Asked Questions (FAQs)

What Is the Minimum Balance for the FCMB Domiciliary Account?

There is no minimum operating balance for the FCMB domiciliary account. But an opening balance of $10, £10, and €10 is required to activate your domiciliary savings account.

What Documents Do I Need to Open a Domiciliary Account With FCMB?

Documents you need to open a domiciliary account with FCMB include:

• Duly completed and signed account opening form
• Means of identification – Voter’s card, national ID card, driver’s license, or international passport.
• Proof of address – utility bill or bank statement within the last 3 months.
• 2 passport photographs.

How Much Does It Cost to Open a Dollar Account in FCMB?

Opening a dollar account in FCMB is absolutely free. However, you must have an opening balance depending on the type of account (savings, current, or fixed deposit).