First Bank is one of the many Nigerian Banks that operates a domiciliary account for customers. In this article First Bank Domiciliary Account Requirements And Benefits, we will show you how to open a First Bank Domiciliary account. It is obvious that many do not know what a domiciliary account means. Don’t worry, let us start with that.
A domiciliary account is an account that allows you save in US Dollars, Pounds Sterling or Euro; with your money valued at the prevailing exchange rate. It facilitates your international business transactions. So, with domiciliary account, you can easily save in dollars, Pounds and any other foreign currency. This will enable you to carry out your international transactions without fuss.
Features Of First Bank Domiciliary Account
The features of the First Bank Domiciliary account are listed below. They include: First Bank offers a
- Minimum opening balance of $500, €500 or £300
- Minimum operating balance of $100, €100, or £50
- No limit to number of withdrawals in a month
- Cash withdrawal is at 0.5% flat per transaction
- Inter sol transactions (account owner only) are allowed.
First Bank Domiciliary Account Requirements And Benefits
There are benefits you get with having a First Bank Domiciliary account. The benefits are:
- Guaranteed FCY deposit
- Attractive pool for interest on bank fund
- No restrictions on number of withdrawals
- Inter sol withdrawal (account holder only) allowed
- Cash withdrawals from a cash inflow or funds transfers (credits) attracts a 1% commission
- Duly completed Account Opening Form
- Duly completed specimen signature card
- Two (2) recent passport photographs
- Address verification document: Utility Bill
- Valid means of identification e.g. International passport, Driver’s license or National ID card
- Resident permit
The requirements are not too difficult to obtain. Even right now, you can open a First Bank Domiciliary account right away. All you need are just the above listed requirements. Then, you step into any First Bank of your choice. We shall attend to any question you encounter in the process of opening this account.