The Foreign Currency Accounts are an array of Foreign Currency denominated accounts with benefits such as currency flexibility, convenience and ease in account operations. The product array is comprised of a Foreign Currency Savings, Current and Fixed Deposit Account. The Foreign Currency Accounts totally protect you from exchange rate fluctuations and offer you very attractive interest rates on your funds.
Why choose the Foreign Currency Accounts?
- The Foreign Currency accounts are available in three convertible currencies: United States Dollar (USD), Great Britain Pounds Sterling (GBP) and European Euro (EUR).
- Relatively low account opening balance of
- Savings: USD10.00 or its equivalent in other currencies
- Current: USD100.00 or its equivalent in other currencies
- Fixed Deposit: USD5,000.00 or its equivalent in other currencies
- No minimum operating balance is required to operate the Foreign Currency Accounts.
- Offers attractive interest rate payments
- Flexibility to exchange foreign currencies and to transfer or move funds easily from your Foreign Currency account to your Naira accounts.
- Allows for Foreign Currency Salary payments and the lodgement of Foreign Currency clearing instruments and Traveler’s Cheques for clearing.
- No charges for cash withdrawals from the Foreign Currency Savings Account
- Offers foreign currency telegraphic Inbound and Outbound transfers, and the Issuance of foreign currency denominated drafts on the current account variant.
- Only outbound transfers are allowed on the Foreign Currency Savings Account.
- Attractive fixed deposit rates for 30, 60, 90, 180 and 360-day Foreign Currency Fixed deposits.
- On the Fixed Deposit Accounts, there are no penal charge for premature liquidation after 30 days, however, the applicable rate will be based on the duration of the foreign currency deposit.
- FCMB Pre-Funded MasterCard Credit Card which can be used on all ATMs, POS terminals and Web Merchants with the MasterCard logo. The FCMB pre-funded MasterCard offers you:
- International access to funds
- Ease and convenience in Foreign Currency payments
- Allows you carry your special moments with you
- Embedded with a passport Picture for enhanced security
- Helps you control your foreign currency spend
- Offers the option of a personalised Cheque-Book in either USD, GBP or Euro, for Over-The-Counter and third party foreign Currency transactions, at a minimal cost.
- Account can be operated either as an individual or a joint account.
Who can benefit from the Foreign Currency Accounts?
- Individuals who want to hedge against adverse fluctuations in exchange rates and minimize the exchange risk.
- Individuals with funds in foreign currency who desire to earn competitive interest payments and require the flexibility for withdrawals at will, without a penal charge.
- Individuals who require the ease and flexibility to cross currencies between the USD, GBP and Euro.
- Expatriates with residence or work permit that earn in Foreign Currency and require the flexibility and convenience to save, transfer or transact on their funds.