May 17, 2022

FCMB domiciliary account: How to open account and receive/transfer money

In Nigeria, most banks offer what’s known as a Domiciliary Account. This is a foreign currency account that accepts cash inflows and deposits in US Dollars, Pounds, and Euros and also make the widrawal of this funds possible.

FCMB domiciliary accounts allow you to perform international transactions from anywhere in the world. They provide debit cards, internet banking, and mobile banking options which allows Nigerians to conduct overseas business more easily. It also makes money transfers and international payments in foreign currencies a breeze.

In this article, we’ll look at how to open a FCMB domiciliary account, as well as some o the account’s features and perks and also the documents needed to open one.

  • Types of FCMB domiciliary account
  1. FCMB domiciliary savings account

For individuals who want to start saving in foreign currency and wages, this is a foreign currency account with lower operating limits. It assists account holders in developing foreign currency saving habits for clients who receive or need to make payments in British Pound Sterling (GBP), US Dollar (USD), or Euro (EUR) on a regular basis.

This account has no fees for cash withdrawals and also allows you to issue foreign currency denominated drafts. The account can be used as a sole account or as a joint account.

The FCMB dom savings account comes with a serialized non-clearing cheque-type withdrawal booklet that can only be used by the account holder. It also pays interest, but can be forfeited if more than three withdrawals are made in a month.

  1. FCMB domiciliary current account

Customers can keep a foreign currency account with the FCMB current domiciliary account. The account can be funded in USD, GBP, or EUR by foreign currency checks, cash deposits, and online transfers.

The open balance of the FCMB current domiciliary account is 60 GBP, 100 USD, and 70 EURO. It has no minimum operating balance and no monthly withdrawal frequency limit.

In comparison to a savings dom account, the account offers a 0.05 percent p.a. interest rate and has no account maintenance fees. Current account holders of First City Monument Bank have access to internet banking and can make deposits. Non-clearing personalized For over-the-counter withdrawals, use a cheque book.

  • Documents required to open a FCMB domiciliary account

Before going the banking hall to open the first city memorial bank Domiciliary Account, you must have the following information on hand.

  1. A completed account opening form, which you can obtain from the banking hall.
  2. Take one passport photo
  3. Must be at least 18 years old and provide the following information:
  4. International passport, driver’s license, national identification card, voter registration card, or resident permit (for immigrants)
  5. Address verification, such as a utility bill, a recent bank statement, or a tax bill from the local government, etc.
  • How to open a FCMB domiciliary account

Opening a Domiciliary Account with FCMB is quite easy. All you have to do is follow the steps below and you are good to go.

  1. To get started, visit any FCMB branch near you or go to the official FCMB website “www.fcmb.com”
  2. Before registering, double-check that all of the above-mentioned documents are in your possession.
  3. Complete the account opening form provided by the bank agent or downloaded from the bank’s website.
  4. Get your documents certified and return them to the bank agent once you’re finished.
  5. Make any other arrangements necessary with the bank agent to activate your account and begin making transactions with your domiciliary account.
  • How to receive foreign Transfers into your FCMB domiciliary account

To receive foreign transfers to their FCMB account, customers must have an active Dom account. Here are some of the details you’ll need to give the sender in order to complete this operation.

Currency: USD

Correspondent Bank: CITIBANK, New York, USA

399 Park Avenue, New York, NY10043. U.S.A.

Swift Code: CITIUS33XXX

Beneficiary Bank: First City Monument Bank Ltd

Swift Code: FCMBNGLAXXX

Account Number: 36887918

Beneficiary Name: Your Name

Account Number: Your account number with FCMB

Currency: GBP

Correspondent Bank: CITIBANK, London, UK

Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB

Swift Code: CITIGB2LXXX

Beneficiary Bank: First City Monument Bank Ltd,

Swift Code: FCMBNGLAXXX

Account Number: 11871706

IBAN: GB08CITI18500811871706

Beneficiary Name: Your Name

Account number: Your account number with FCMB

Currency: Euro

Correspondent Bank: CITIBANK, London, UK Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB

Swift Code: CITIGB2LXXX

Beneficiary Bank: First City Monument Bank Ltd,

Swift Code: FCMBNGLAXXX

Account Number: 11871684 IBAN: GB20CITI18500811871684

Beneficiary Name: Your Name

Account number: Your account number with FCMB

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