How to Open FCMB Domiciliary Account Easily for Free

First you may wonder what a domiciliary account is and the difference between other accounts, I would start by saying a domiciliary account is a special type of account designed for foreign traders, this account deals on foreign currencies and it also allows account owners to save tons of foreign currencies. These type of accounts mainly deals on USD which is United States dollars.

FCMB Domiciliary Account

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FCMB Domiciliary Account

This particular type of account, unlike any other account, allows you to receive money from around the world using an account in your local residence. You v=can also use this account for wire transfers and online services. Now that you know what a domiciliary account is, there are also two types of domiciliary account which I will explain very soon but first, the types of account are current domiciliary account and savings domiciliary account.

The current domiciliary account is designed mainly for transactions just as a regular current account, while the savings account also allows you to save in foreign currency as I said earlier, it is also operated as a regular savings account. Below is a shortlist of the benefits of a domiciliary account.

Benefits of Owning a Domiciliary Account

  • Domiciliary, unlike any other account, gives you free and direct access to  own foreign currencies
  • If you are a blogger this account is perfect and stress-free for you to accept and withdraw your earnings
  • You can use this medium to save money if you live abroad
  • The account helps you save foreign currency reliably with losing the value of the currency

These are the general benefits of a domiciliary account, depending on the bank you open the account with, there may be additional benefits. Before you can open any domiciliary account, you need to meet some certain requirements, note that the requirement varies by the bank you want to use. So these are the requirements for FCMB bank.

The Requirements for Opening a Domiciliary Account with FCMB

  1. For an FCMB domiciliary savings account, you would need a minimum of 10 dollar deposit to open the account, and for the current account you need at least 100 dollars
  2. Fully complete the account opening form from the bank
  3. One recent passport of you
  4. All applicants must be more than 17 years of age
  5. You must get a driver’s license, or a residence permit, national identity card, or international passport.
  6. You would need a utility bill or recent bank statement or a NEPA bill that is not more than three months old to verify your address
  7. You need someone that will sign for you as a referee

Now these are the basic requirements to get you started, most banks require you to bring two referees. To open the account, go to any of the branches closer to you and head to the customer care. After that, request to open a domiciliary account. You would be given a form to fill and will be directed on what to do.

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