Who else needs a dollar account? Opening a Dollar Account in Nigeria had most of us confused about foreign money transfers after the Central Bank of Nigeria (CBN) issued the new regulations.
From paying for an online master’s in Euros to paying for a British visa in Pounds, and getting paid for a Side Hustle in Dollars, only to discover Nigerian banks do not offer those services anymore with the native Naira Master Card.
What is a Dollar Account?
A Dollar Account in Nigeria is also known as a Domiciliary Account. This is a type of account that allows you to pay and receive money in foreign currency besides the naira. It can be in form of a savings account or a current account.
Why Do You Need a Dollar Account?
Because often, there is always a need to make transactions from in and outside of Nigeria. Most people don’t know that $20 is the highest amount you can trade with the Naira Master Card on foreign payment platforms.
Many marketers, freelancers, and Entrepreneurs without this info spend time figuring out how to pay and receive money from foreign countries using their mobile phones and computers.
While they are doing that, third parties vendors like Flutterwave, Paystack, and Opay use this advantage to attract more out of 70% of customers that are still out there looking for help.
What are the Benefits of Having a Dollar Account?
There are several benefits to having a dollar account in Nigeria depending on the bank you choose:
- Sending and receiving foreign currency
- Foreign cheques can be credited to the dollar account
- Low attractive rates
- Online banking
- Free to Open
How to Open a Dollar Account with GTB
To open a dollar account in Nigeria with Gtb you will need to fill out:
- Additional account opening form
- Two reference forms of separate Current account holders
- Identification document (driver’s license, international passport, or your national I.D card)
- Utility bill (power bill, waste bill, or cable)
- A Passport photograph
- Reference form must be filled out by current bank account holders
- Salary account holders are not suitable for reference
How to Open a Domiciliary Account with UBA
If you are a Nigerian resident, you can open a dollar account in Nigeria with UBA. you will need:
- Account Upgrade Request form.
- Representative signature card.
- Two passport photographs.
- Address verification documents
- Residence permit.
- Two reference forms from Nigerian current bank account holders
How to Open a Domiciliary Account with Zenith
for Zenith bank, Nigerians living in the diaspora will need:
- Account opening form
- One passport photograph
- Valid ID (Driver’s License, International Passport, National Identity Card, or Voter’s Identity Card)
- Public Utility Receipt within the last three months
- Visitation Report (Residence permit)
Note: Existing account holders with full documentation only require a written letter or completion of an account opening form without the provision of any other documentation).
Can you Transfer Naira to a Dollar Account?
Yes, if you already have an existing naira account with your bank you can transfer your desired amount into the dollar account. Although, the charges may differ depending on the bank you chose
Also, You can deposit a physical dollar at the counter in the bank. However, the only place to get a physical dollar is from the black market because in most cases the bank will not sell to you.
What are the Alternatives Besides Opening a Dollar Account?
Opening a domiciliary account might be stressful and time-consuming. Are they any alternatives? Yes, they are other ways of paying and receiving foreign currency without the need for a dollar account in Nigeria.
This is where a Debit Prepaid Card comes in. With the debit prepaid card, even if you do not currently have the requirements mentioned above you can still make transactions on foreign payment platforms. All you need to do is fill out a Signature Card Form. Still, this info is kept from the mass out there.
This article will be updated as time moves on. For other banks’ information or any questions, please comment below.
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