The Domiciliary account is designed to help develop savings habits in foreign currency for those customers who regularly receive or need to make payments in British Pound Sterling (GBP), the United States Dollar (USD) and European Euro.
You can receive, save, and transfer funds in foreign currencies using a domiciliary account, a form of foreign currency account. People who frequently travel overseas, conduct business internationally, or are paid in foreign currencies may find this useful.
First City Monument Bank (FCMB) provides its clients with the option to open a domiciliary account if they’re interested. Including the prerequisites and the stages involved in the procedure, we will provide comprehensive guidance on how to open an FCMB Domiciliary account in this post.
Requirements for FCMB Domiciliary Account
Before opening a FCMB domiciliary account, you will need to meet certain requirements.
- Completed account opening form
- 1 passport photograph
- Minimum of 18 years-old and provide the following:
- A valid government-issued ID (e.g. National ID, Driver’s License, or Passport) or Resident Permit (for immigrants)
- Address verification e.g. Utility bill, recent bank statement or local authority tax bill etc.
- Two referees (with their contact details)
Opening an account at a FCMB Branch
To open a FCMB Domiciliary account by visiting a FCMB branch, you will need to follow these steps:
- Gather the required documents: Collect all of the necessary documents, including your government-issued ID, proof of residence, two referees and minimum deposit.
- Visit a FCMB branch: Go to your nearest FCMB branch and speak to a customer service representative about opening a Domiciliary account.
- Complete the application form: The customer service representative will provide you with an application form to fill out. Make sure to fill it out accurately and completely, including the contact details of your referees.
- Submit the application form and required documents: Once you have completed the application form, submit it along with the required documents to the customer service representative. They will review your application and make sure that all of the necessary documents are included.
- Wait for account activation: After your application has been reviewed and accepted, you will need to wait for your account to be activated. This process can take up to 2-3 business days.
- Receive account details: Once your account has been activated, you will receive your account number and other account details through mail.
- Make an initial deposit: To activate your account you will be required to make an initial deposit of $50 or its equivalent in the desired foreign currency.
Benefits and features of a Domiciliary Savings Account at FCMB
Why choose the Domiciliary Saving Account at 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 used for withdrawal by account holder only.
- Allows for Foreign Currency Salary payments and cash lodgement.
- 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