Last Updated on January 23, 2022 by admin
If you are a Nigerian living abroad and you have been searching for how you can open a domiciliary account, then all you have to do is follow me through this article as I show you how to do so with first bank
- What is a Domiciliary Account?
A domiciliary account is just an ordinary bank deposit/savings/current savings or payroll accounts which is opened by non-resident Nigerians for the purpose of accessing their funds in Nigeria. The resident Nigerian banks are mandated by law to accept deposits from non-resident Nigerian citizens and businesses.
- Types of first bank domiciliary account
First bank has two major types of domiciliary accounts. Which are the primary domiciliary account and the FirsrDom account.
The primary domiciliary account is an account that can be opened with a minimum of $500, £500 or €300 and also has a minimum operating balance of the same amount. Many people use their primary domiciliary for day-to-day banking purposes, as it requires little amount of money to open.
The FirstDom account is an account that can be opened with a minimum of $5000, £5000 or €3000 and also has a minimum operating balance of the same amount. This account is mostly used by people who have businesses, as it is best to separate your personal and business money into different accounts that work for you, your business needs, and also provide better risk management.
- Documents required to open a first bank domiciliary account
- Original passport
- Nigerian full-time Permanent Residence permit for a residence rate account
- Nationality and place of birth − Address in Nigeria − Date and place of entry into Nigeria − Number and date of issue of passport/travel documents used to enter Nigeria − Nature and duration of stay in Nigeria − Purpose for which account is required.
- Two visa photographs
- Recent coloured passport-size photo
- Bank statement for the last three months (or six months if the applicant is dependant).
- Company registration letter or official letter from foreign company.
- Proof of residence in Nigeria for applicants not staying in a hotel/guest house.
- Letter from a reputed company in Nigeria stating the reason for opening the account.
Note: The documents above must be original and certified by a notary public or anti-corruption commission team.
- How to open a domiciliary account with first bank
Opening a first bank domiciliary account is quite easy and it takes only one week. All you have to do is visit any First bank branch near you or go to the first bank official website “www.firstbanknigeria.com” to get started.
To open a first bank domiciliary account, you have to contact a staff of any branch of the bank in Nigeria. You have to fill a form and have the required documents before going.
Steps on how to open a first bank domiciliary account
- Collect the required documents as stated above and visit any of the branches of first bank
- Fill the domiciliary application form given by the bank agent.
- Fill the explanatory form and you will be asked to fill a statutory declaration, if you are a non-resident of Nigeria.
4. Get your documents certified and take them back to the branch along with:
5. Your passport or official residence permit and two visa photographs (size: 45mm x 35mm). These must be original and not photocopies.The Foreign Currency Deposit Transaction Form, which is part of all local currency accounts opened at First Bank Plc, should also be signed at this point so as to activate your account.
6. Give the original copy of statutory declaration with official stamp on it to the bank agent, who will prepare an account opening letter for your signature which you will have to give back to him or her at this point so as to activate your account with First Bank. The activation is also referred as “first-funds”
7. Make any further arrangements with the agent and start making domiciliary transactions by paying bills to your neighbors and friends etc.