How to open a dollar account in Nigeria in 2023
Do you wish to have a dollar account or a domiciliary account as it is also called? Why not open one here in Nigeria so you can send and receive money from abroad?
Having a dollar account is of great importance, as you won’t be struggling to get cash from abroad. A dollar account will help you send and receive money outside Nigeria.
Most people who live abroad, find it hard to transfer money to their loved ones in Nigeria. This can be a lot easier if you have opened a domiciliary account, as it enables you to receive and send money to and from abroad.
Before December 2020, Nigerians who received international remittances from their buddies and households abroad often time-honoured those payments in the form of local foreign money — Nigerian Naira (NGN).
Ever considering the Central Bank of Nigeria’s choice to make all international payments enter the country solely in the structure of US dollars, citizens and residents have wanted a bank account to receive and store foreign currency. This is why you need a domiciliary account to receive funds abroad.
Having a domiciliary account is good, and all you need is information on, how to open a domiciliary account, how to use it, the requirements for opening and the best Nigerian bank to open a domiciliary. Also, you will know the minimum amount to deposit before getting a credit card.
How to open a dollar account in Nigeria 2023
What is a domiciliary account
A Domiciliary account is an account that accepts solely overseas currencies like pounds, euros, dollars, and many more. It on the other hand no longer accepts Naira, which is Nigeria’s currency.
So before you open a domiciliary account, you should be sure you have a legitimate means of receiving foreign cash.
Why do you need a dollar account
Just like I have said before, a domiciliary account is used to receive a Foreign account from a foreign country.
You can use this domiciliary account to retail money just like the savings account, it will be useful for you if you prefer to store money for an assignment or anything.
You can also retail money in a domiciliary account barring it depreciating regardless of how unsteady the forex may be.
You will also have the benefit of having your money value steady, as your money will not lose value, even if the naira value is reduced.
Also, some online workers, who receive their pay in dollneedeeds this domiciliary account to get their paychecks. Online internet workers like, bloggers, Youtubers, freelancers and affiliate marketers can’t do without this foreign account.
How to open and operate a domiciliary account
This post gives you tips on how to open a domiciliary account In Nigeria. Before you open a domiciliary account, you must, first of all, check the best Domiciliary account in Nigeria.
This is why this post will list the top ten banks in Nigeria offering domiciliary accounts, and the criteria you must meet before you can successfully open one.
How to open a dollar account in Nigeria 2023
Best banks to open your domiciliary account in Nigeria
This is the list of the best banks to open your dollar account in, opening a dollar account in this bank will be easy and fun to use.
Best Banks for Domiciliary Accounts in Nigeria
- First Bank Domiciliary Account
- Zenith Bank Domiciliary Account
- UBA Domiciliary Account
- GTBank Domiciliary Account
- Union Bank Domiciliary Account
- Fidelity Bank Domiciliary Account
- Access Bank Domiciliary Account
- First City Monument Bank (FCMB) Domiciliary Account
- Stanbic IBTC Bank Domiciliary Account
- Polaris Bank Domiciliary Account
The above is the list of the best banks to open your foreign account with.
Also, read How to increase my bank transfer limit
Requirements to Increase My Bank Transfer Limit Before you can open a dollar account, there must be some requirements you must fulfil to enable you to open your foreign accounts.
These requirements are listed below
- A completed and signed Domiciliary Account opening form;
- A copy of your ID (driver’s license, international passport, or national ID card);
- One passport photograph;
- Completed reference forms;
- Proof of address (such as a utility bill issued within the last 3 months).
Once yiu got all the above-mentioned items check are good to go. Head into any bank of yours to get your foreign accounts opened for you.
You are advised to always choose from the above-mentioned banks, to avoid stress.
Also, read: How to transfer money from Opay to your bank account
Let’s go over how to open your dollar accounts
The process to open a US dollar bank account in Nigeria also acknowledged as a “domiciliary account”, is pretty straightforward. They are often free of charge to open and are accessible to Nigerian residents.
Here is a listing of steps for how to open your dollar account in Nigeria:
1. Choose a Bank
Nigerians have close get admission to to a wide range of options when it comes to opening a US greenback domiciliary account.
The 5 biggest GreenbackNigeria — FBN Holdings, United Bank for Africa (UBA), Guaranty Trust Holding Company(GTCO), Access Bank, and Zenith Bank— all provide domiciliary accounts to men and women and businesses².
Other smaller banks, such as First City Monument Bank (FCMB) and Union Bank, also offer these accounts.
2. Complete and Hand in Your Domiciliary Bank Account Application
The archives you want to hand into the bank can also change relying on the in to you choose. In general, Ndepending banks will require the following for domiciliary accounts.
How to open a dollar account in Nigeria 2023
Add an Opening Balance to Your US Dollar Bank Account
Your bank may also set a minimum opening balance to your domiciliary account. FBN, for example, requires its customers to grant $500 while UBA has no minimum requirement to open an account. (Also be aware that most banks set a minimum working balance, which means that you will commence incurring prices if your account balance dips below that number.)
How to Fund Your US Bank Account From Nigeria Online
Traditional bank-to-bank wire transfers are now not the sole way to send US greenbacks internationally. See if your financial institution lets you set up direct deposits with a cash switch provider (which is commonly cheaper) so that your buddies and household can send US bucks without delay to your US dollar account.
How Easy Is Money Withdrawal From a US Dollar Account?
If you need money for your travels to the United States or to pay a merchant in Nigeria who accepts US dollars, then you can make cash withdrawals from your US dollar financial institution account. Withdrawing bucks from a US greenback account in Nigeria is a very easy process, although cash withdrawals over the counter and ATM withdrawals will often incur a fee.
Here is a listing of special methods to withdraw US greenbacks from your bank:
Fill out and supply a cheque or a withdrawal form to your financial institution teller.
How to open a dollar account in Nigeria 2023
Withdraw cash from an ATM. Zenith, for example, gives this for free from Zenith ATMs.
Conclusion
Opening a dollar account in Nigeria is a great idea, even if not today you may make use of it one day.
Follow the steps in this post to open and operate your foreign accounts.
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