Meaning of Domiciliary Account or Dollar Account
A dollar account officially known as a domiciliary account is a bank account you open in Nigeria (Africa) that enables you to receive and withdraw foreign currencies. With a dollar account in Nigeria banks today you can receive money from different currencies from abroad but is not operated in Nigeria (Africa) currency, with this account you can operate with the three global currencies and you can receive money from either United States dollars, or British Pounds, or Euros.
How many types of Domiciliary Accounts do we have?
There are mainly two types of domiciliary accounts that are presently operating worldwide which are;
- Domiciliary Savings account, and
- Domiciliary Current account.
About Domiciliary savings Account
This is a foreign currency account that gives customers the option to save in any of the three global currencies (US Dollars, Euros, and GB Pounds) while earning interest.
Features of Domiciliary savings Account in FCMB
- Opening balance of 10 GBP, 10 USD, 10 EUROS
- Interest-bearing account but forfeited once there are more than 3 withdrawals in a month.
- A serialized non-clearing cheque-type withdrawal booklet is used for withdrawal by the account holder only.
- Allows for Foreign Currency Salary payments and cash lodgement.
- The account can be operated either as an individual or a joint account
- NO charge on cash withdrawal.
- Offers Issuance of foreign currency denominated drafts
- Free E-mail transaction notifications
- Free monthly electronic statements
Requirement for Opening Domiciliary savings Account in FCMB
For a successful opening of a dollar account, you must meet the following;
- Completed account opening form
- 1 passport photograph
- Minimum of 18 years old and provide the following:
- International passport Driver’s License National ID card or Voters Card or Resident Permit (for immigrants)
- Address verification e.g. Utility bill, recent bank statement or local authority tax bill, etc.
About Domiciliary Current Account in FCMB
This is a foreign currency account that gives customers the option to a bank in any of the three global currencies (US Dollars, Euros, and GB Pounds).
The FCMB Domiciliary current account allows customers to maintain accounts in foreign currencies. It is designed to enable customers conveniently carry out foreign currency transactions irrespective of where they are.
Feature of Domiciliary Current Account in FCMB
- A low open balance of 60 GBP, 100 USD, and 70 EURO
- There is no minimum operating balance
- Personalized non-clearing Cheque book for the counters withdrawals
- Access to internet banking
- No limit on the frequency of monthly withdrawals
- No account maintenance charge
- Interest of 0.05% p.a for $4,000
- No losses from verse movements in exchange rates
General Requirements for opening Domiciliary Account in FCMB
- Government Approved means of identification; driver’s license, National Identity Card, voter’s card, or International Passport.
- 2 recent passport photographs/
- Bank Verification Number (BVN)
- CIU Form
- Current Utility Bill
- Visit the FCMB bank website
- Scroll down to ‘Account Opening Form’, and click on it.
- Three forms will be displayed, that is ‘Account Opening Form, Signature Form, and Reference Form’. Click on each of them, they will be downloaded automatically to your phone or PC.
- Ensure to fill out all the forms you have downloaded.
- Once you have filled them out, email the forms to customerservice@FCMBbankng.com.