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 Domiciliary Current Account include:
  • A low open balance of 60 GBP, 100 USD, 70 EURO
  • 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
FAQs
SN Question Answer
1 What is a Domiciliary Current Account? Our Domiciliary Current account makes it easy to manage and save money in foreign currencies like US Dollars, British Pounds or Euros. If you often receive or need to send money abroad, this account is built to help you do just that.
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?
  • You can open your account with as little as $100, €70 or ₤60.
  • Choose to run your account on your own or together with someone else.
  • There’s no minimum balance to worry about.
  • You can receive your salary in foreign currency, straight into your account.
  • Earn monthly interest when your balance is above $4,000.01 or the equivalent in euros or pounds.
  • If your account goes into a negative balance, a 12% interest rate applies.
  • Flexibility to transfer funds abroad via alternate channels or in-branch (0.5% charge VAT exclusive)
  • Requesting a telex copy costs $25 (excluding VAT).
  • A cheque book is available for $10.
  • If you make a withdrawal at the counter, there’s a charge of 0.05% or a flat $10 fee.
  • You can send and receive money internationally in foreign currency.
  • Free email transaction notifications
  • Withdraw as often as you need—there’s no limit.
  • Receive your monthly statements by email at no extra cost.
  • If you prefer, we can print your monthly statements for you.
  • Your balance is protected from changes in exchange rates.
  • Make as many withdrawals as you like each month.
4 Can a customer deposit cheque into the account? You won’t be able to clear cheques with a Domiciliary current account. If you need this feature, let us know and we’ll help you find the right option.
5 What alternate channels are available to transact?
  • Get your debit card right away, so you can start using your account as soon as you need it.
  • Bank online whenever and wherever it suits you.
  • Manage your money easily with our mobile app.
6 What type of debit card is issued?
  • USD Mastercard
  • The card costs $13.98, with everything included.
  • You can use your card when you travel.
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? If you’re looking to open a domiciliary current account and you’re 18 or older, here’s what you’ll need:
  • Two reference letters
  • A valid ID (like your international passport, driver’s licence, national ID card or voter’s card)
  • If you’re a foreign applicant, a copy of your residence or work permit
  • Proof of address (like a recent utility bill, bank statement or local tax bill from the last three months)
  • One passport photograph
9 Why should you sell a Domiciliary Current Account?
  • Your money stays safe and steady with us.
  • With more people banking with us, we can do more to support your goals.
  • We make it easy to find the right products and services as your needs grow.
  • Every time you use our channels, you help us keep improving what we offer.