First City Monument Bank | Domiciliary Current Account

The FCMB Domiciliary current account allows customers to maintain account in foreign currencies. It is designed to enable customers conveniently carry out foreign currency transactions irrespective of where they are.

The features and benefits of Domicilliary Current Account include:

A low open balance of 60 GBP, 100 USD and 70 Euros
There is no minimum operating balance
Personalized non clearing Cheque book for over 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

FAQ

S/N	QUESTIONS	ANSWERS
1.	What is Domiciliary Current Account?	Domiciliary Current is a foreign currency denominated account. It is designed to help develop savings culture 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.
2.	What Tier is the Domiciliary Current Account?	It is a tier 3 account
3.	What are the features and benefits of a Domiciliary Current Account?	Opening balance is $100 or €70 or ₤60 Account can be operated as either an individual or a joint account No minimum operating balance is required Allows for Foreign Currency Salary payments Attractive Interest rate of 0.05% payable monthly on account balance of $4,000.01 and above or its equivalent in EURO & GPB Debit interest of 12% is charged on accounts with a negative balance Flexibility to transfer funds abroad via alternate channels or in-branch (0.5% charge VAT exclusive) Telex copy charge of $25 (excluding VAT) Cheque book charge of $10 Over-the-counter withdrawal charge attracts 0.05% or $10 flat on the amount Offers foreign currency telegraphic Inbound and Outbound transfers Free E-mail transaction notifications Unlimited withdrawals allowed Free monthly electronic statements Hard copy monthly statements printed at customer’s request No losses from adverse movements in exchange rates No limit on the frequency of monthly withdrawals
4.	Can customer deposit cheque into the account?	No, Domiciliary current account does not allow cheque clearing
5.	What alternate channels are available to transact?	Access to instant debit card Online banking from any location at your convenience Mobile banking
6.	What type of debit card is issued?	USD Mastercard Cost $13.98 (inclusive of annual maintenance fee & VAT) Card can be used abroad
7.	Who are the target audience?	Middle income professionals High income professionals High Net worth Individuals (HNI) Affluent traders
8.	What do I require to open Domiciliary Current Account?	To open a domiciliary current account, customers must be a minimum of 18 years-old and provide the following: Two satisfactory reference letters A valid identification, such as: international passport, driver's licence, national ID card, voters card. A copy of a residence or work permit for foreign applicants Proof of address, such as a recent utility bill (e.g., electricity, waste), bank statement or local authority tax bill dated within the last three months. One passport photograph
9.	Why should you sell a Domiciliary Current Account?	Stable deposits. Float income on account balances on a huge customer base (number of customer count) An avenue for cross selling and product usage opportunities Fee income generation from customer’s usage of the channels (Mobile, RIB, Card income)

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DOMICILIARY CURRENT ACCOUNT

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