This is an account operated with foreign currency e.g. Dollars, GBP, and Euro etc by both individuals and corporates. However approval may be obtained for reputable and long-standing savings account holders with references in their records that wish to open the account and also new clients who wish to open both current and domiciliary accounts together.
Follow steps under current account for opening requirements. For an existing customer, previous records must be reviewed to ensure completeness of documentation.
Key features
- Minimum opening balance is $100 for personal and $500 for business, its equivalent in other currencies
- Inflows can be received from abroad and also funds transferred abroad. This is however subject to prevailing CBN rules and regulations on such transactions.
- 1% flat per transaction.
Opening requirements
- Two reference forms
- A valid ID, utility bill
- Two mandate cards
- Two passport photographs
- A duly completed Know Your Customer (KYC) form
- Search report, partnership deed agreement (If any)
- Valid resident permit for foreigners.
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