To open a dollar account in Nigeria, you will need to take a few more steps than simply going into a bank and completing a form. You should learn how the system works, know all your possibilities, and decide what will help you achieve your financial goals. If you are a freelancer, a business owner, a remote worker, or simply need money from abroad, this guide will provide you with all the necessary information.
I will guide you through all the steps for opening a dollar account in Nigeria, the necessary documents, the banks to choose, and how to stay safe from scams. Additionally, you’ll discover information that most articles don’t cover, for example, how to use various bank accounts and follow the CBN’s updated currency policies.
Reasons Why Having a Dollar Account in Nigeria Is Useful
Before we discuss how to open a dollar account in Nigeria, it’s important to talk about why you might choose to do it.
If your work involves receiving dollars, you are aware that moving the money into nairas is challenging. You pay fees for conversions at an unfavorable rate, and sometimes you never get your hard-earned money. To avoid that, you should open a domiciliary account (often called a “dom account”).
With a dollar account:
– You are able to receive payments in USD.
– When you cash out, the amount is given in US dollars.
– You can store your wealth in dollars to avoid dollar losses due to naira devaluation.
– You can handle paying fees for international goods, education, or company transactions.
But here’s the catch: There are different types of dollar accounts available. Banks also differ in their methods for opening their various dollar accounts. Let’s break it down.
Read also: How To Open A Paypal Account In Nigeria (2025 Guide)
How to Open a Dollar Account in Nigeria
This part explains in detail how to create a dollar account in Nigeria. Dollar accounts come in two main types. Clients can open domestic accounts and virtual dollar accounts. Most of our attention will be on domiciliary accounts at Nigerian commercial banks, but we will also consider digital choices.
Step 1: Pick the Best Type of Dollar Account
Before you go to the bank, identify the dollar account you require.
1.1. Domiciliary Savings Account
– Lower requirements
– Allowed to receive and withdraw funds in dollars
– Customers might not get access to a checkbook.
– May have withdrawal limits
1.2. Domiciliary Current Account
– Created to handle large-scale business or financial transactions
– Offers checkbooks
– Higher minimum opening balance
– Sometimes requires references.
Many individual freelancers or remote workers find a domiciliary savings account sufficient. Businesses may get more use out of a current account instead of a savings account.
Step 2: Choose a Bank That Matches Your Requirements
Although most Nigerian banks have dollar accounts, they are not the same when it comes to requirements, charges, and experience for customers.
Below are some of the most popular choices:
1. GTBank
– Widely used
The GTWorld app allows users to send and receive dollars across the globe.
– You are required to submit two references when applying for a current account.
2. Zenith Bank
– Supports online form submission
They offer prompt responses for business account users.
3. Access Bank
– Enables monitoring of money coming from abroad over the Internet.
– The app provides an easy experience on mobile devices.
4. UBA
– Accepts digital freelancers.
– Enables prepaid cards in dollars to be connected to your account.
5. First Bank
– Long-standing reputation
An in-person visit may be necessary from time to time to report results.
Step 3: Gather the Required Documents
There are a few things that you will typically need to open a dollar account in Nigeria.
Any recognized identification card given by the government, like a NIN, international passport, driver’s license, or voter’s card.
– Two passport photographs
– A recent copy of your utility bill
– Bank Verification Number (BVN)
– Completed domiciliary account form
– At least two references are needed when a current account is involved.
Pro tip: Online submission of documents is now available for some banks, but you will still need to go to the bank branch to complete your current account application.
Step 4: Fund the Account
Opening a bank account usually requires that you deposit a minimum amount in dollars. This varies.
– GTBank: $100
– Zenith: $100-$200
– Access Bank: $50-$100
– UBA: $100
– First Bank: $100
There are banks that give you the option of adding money with cash or by receiving a wire transfer sent from abroad. Another option is to transfer money from your domiciliary account with another bank.
Step 5: Activate and Use Your Account
As soon as your account is verified and funded, you have access to
– Get USD from overseas via SWIFT.
– Convert your money to dollars at a bank counter.
– Ask for a dollar debit card.
– Pay for services abroad.
But here’s a truth that many people don’t mention: Some banks do not allow you to deposit funds from outside the country into your US dollar account until the source is verified. Such requirements are part of the policy set by the CBN against money laundering. Make sure to find out from your bank how to handle depositing foreign cash.
Helpful Tips for Controlling Your Dollar Account
– Track exchange rates: Try using Nairametrics or AbokiFX as resources.
– Withdraw only when necessary: Guard your money against the risk of naira devaluation.
– Use online banking: Monitor inflows and charges.
– Avoid unnecessary charges: Some banks charge for inactivity.
Frequently Asked Questions
1. Is it possible to open a dollar account online without needing to go to the bank?
You might be able to begin the application online, but you will have to go to a branch office to finish it.
2. Can I transfer money from my domiciliary account to someone who lives abroad?
It is required, but you should have an invoice or admission letter to provide as proof.
3. Is there a limit on the amount I can add to my dollar account?
You can send as many cryptocurrencies as you want, but big transactions may be checked for compliance.
4. Is it possible to connect my dollar account with PayPal?
You may link your account to PayPal for payments if your bank provides this feature. Not all Nigerian banks offer this, but some do.
5. Is it possible to change dollars in my account to naira without needing to visit the bank?
In most cases, you can use online banks or mobile banking apps.
6. What will happen if I let my dollar account stay idle for a long period?
Your account can become inactive, and you might have to go to the branch with your identification to unlock it.
7. Is it advisable to store large sums in a dollar account?
In general, yes, but spreading your money between a variety of banks or using offshore accounts is wise for greater protection.
Conclusion
Starting a dollar account in Nigeria is more than a simple financial step; it’s an important decision. It lets you oversee your income, guard against naira fluctuations, and reach out to the global market.
If you are new to holding foreign money or wish to increase your earnings abroad, the first thing to do is to get a reliable dollar account
