What is the process of transferring money through the First Bank of Nigeria?

We have talked about how to get the best exchange rate for Nigerian naira to USD. There are mainly several ways of transferring money through First Bank of Nigeria (FBN):

 

Ⅰ Methods of transferring money through First Bank of Nigeria

1.USSD Code Transfer

• First Bank's USSD transfer code is *894# and the steps to use it are as follows:
• Dial *894*Transfer Amount*Recipient Account Number#. For example, to transfer N7000 to account number 2345678901, dial *894*7000*2345678901#.
• Enter the 5-digit PIN number of the transfer and click “Proceed” after confirming that the recipient's account information is correct and the funds will be credited instantly.
• If this is your first time to use the service, you need to activate it first, and you need to prepare the information of your First Bank account, the cell phone number associated with the account, and your bank card.

2.Mobile Banking APP Transfer

• Download and install the First Bank Mobile APP (available on platforms such as Google Play Store or iOS App Store). Log in with your username and password, or through biometric authentication. Click “Transfer” and enter the payee's bank name and account number.
• Enter the amount of the transfer and confirm the transfer information is correct by entering the transaction PIN. Click “Confirm” to complete the transfer and you will receive a notification that the transaction is successful.

3.Online Banking

Log in to the Bank One Online Banking Portal. Enter your user name and password. Click “Transfers” and enter the payee account number and transfer amount. Verify all information is correct and submit. New customers are required to complete the registration process and enter their card number, card PIN, and set up a user ID.

4.Transferring money via WhatsApp

• Add First Bank's WhatsApp customer service number 0812444400 to your contacts and send “Hi”.
• Read and accept the terms and conditions.
• Enter your account number and verify it with your bank card.
• Set your WhatsApp PIN.

5.Third party payment platforms

Platforms such as Ria Money Transfer and XTransfer can provide convenient and fast international money transfer services. Choosing a reputable platform is crucial for international payments.

6.Over-the-counter transfers

Go to any Bank One branch, explain to the teller the need to transfer money, provide the payee's account number, the amount of money to be transferred and other information, fill out the relevant documents, and the teller will complete the transfer operation.

Fees vary by transfer method. For example, there is a 10 Naira fee for transferring money to other banks using the USSD code, while transferring money to First Bank's internal account is free.

7.Western Union

• First Bank of Nigeria has partnered with Western Union for over 25 years, and you can send or receive funds through any of their branches in Nigeria, or have them transferred directly to your account.
• With Western Union, there are no fees for recipients.
• According to the Central Bank of Nigeria, there is a maximum sending limit of $3,000 Naira equivalent per customer per quarter.

Ⅱ What kind of account options does the First Bank of Nigeria provide?

First Bank of Nigeria offers a wide range of personal bank account options to meet the needs of different customers. Below are the major account types:

1.Savings Account (SAVINGS ACCOUNT)

For individual customers who wish to earn interest on their deposits. This account allows customers to carry out daily transactions and earn interest income in the future.

Personal Savings Account: Suitable for personal daily savings and fund management, providing basic banking services such as deposits, withdrawals and transfers.

Corporate Savings Account: Provides fund storage and management services for corporations and supports access to large sums of money.

Business Savings Account (BSA): provides flexible fund management services for SMEs to support daily operations.

2.Current Account

Mainly used for daily transactions and payments, suitable for customers who need to make frequent transactions. This account usually does not offer interest, but provides greater transaction flexibility.

• Personal Checking Account: Suitable for individual customers who conduct frequent fund transactions, providing more flexible fund management.
• Business Checking Account: Suitable for business transactions in daily operations, providing convenient support for the flow of funds.
• Business Checking Account: Supports frequent fund transactions and meets the fund flow needs of business customers.

3.Fixed Deposit Account (FDA)

Customers deposit funds into the bank for a fixed period of time to obtain higher interest earnings. Funds may not be withdrawn during the deposit period.

• Personal Fixed Deposit Account: Customers can deposit funds for a fixed period of time and receive interest earnings upon maturity.
• Corporate Time Deposit Account: Corporations can deposit idle funds into a time deposit account to obtain stable interest earnings.

4.Foreign Currency Account (Domiciliary Account)

It Allows customers to trade in foreign currencies (e.g. USD, EUR, GBP, etc.) and is suitable for customers with international trading needs.

5.Small and Medium Enterprise Account (SME Account)

Designed for small and medium enterprises (SMEs) to provide customized banking services to support their business development.

6.Other Specialized Accounts

• Pension Custodian Account: provides pension management services for businesses and employees.
• Trust Accounts: Provides trust services to clients to ensure the safety and proper distribution of assets.

Please note that specific account types and services may be adjusted according to bank policies and market needs. You are advised to contact FirstBank directly or visit its official website for the most updated and accurate information.