This post will walk you through the process of opening a dollar account in Nigeria. You will understand how to open a dollar account in Nigeria after reading this article. We’ll also try to answer some of the most often asked questions about how to open a dollar account in Nigeria.
What is a Dollar Account?
A dollar account is a form of domiciliary account that allows you to receive and send money in US dollars from anywhere in the world. A domiciliary account is a bank account that uses a foreign currency other than the naira as its primary currency. You have a Dollar account.
Who Can Open a Dollar Account Nigeria?
If you import items from foreign nations, you might consider opening a domiciliary account. Nigerians going to study abroad can also open a dollar account. If you run an internet business such as blogging or freelancing, you’ll need to register a dollar account to accept payments and send money in dollars.
The necessity for Nigerians to have a dollar account is growing, especially as the dollar-to-naira rate in Nigeria continues to rise.
Dollar Account Requirements
In Nigeria, the process of opening a new dollar bank account is nearly identical to that of opening a new naira bank account.
- A photocopy of an identity card issued by the government. For example, an international passport, a driver’s licence, a voter’s card, a national identification card, or any other valid form of identification accepted by the bank.
- A photograph for a passport
- Two reference forms must be signed by the owners of your bank’s current accounts.
- A utility bill that includes your home address (not older than 3 months).
What steps do I need to take to open a USD account in Nigeria?
As previously said, you must meet those prerequisites in order to open a Dollar account in Nigeria. Your domiciliary bank account will be opened once you have satisfied the requirements specified above.
Which Bank is Best for a Dollar Account in Nigeria?
The majority of Nigeria’s major banks are ideal places to start a dollar account today. If you want to open a domiciliary account in Nigeria, you should check into one of these 5 Best Banks to Open a Domiciliary Account in Nigeria
Simply take your documents to any of the above-mentioned banks, or any other Nigerian bank that establishes a domiciliary account, and fill out an account opening form. Fill out the form completely, making sure to select ‘Domiciliary’ as the account type and ‘Dollars’ as the account currency.
Submit your documents and passport, as well as any bank deposits that may be required. You must link your BVN to the account, and once you have completed these steps, your dollar account will be created for you.
Is it Possible to Open a Naira Domiciliary Account?
The answer to this query is contingent on the bank with whom you open the dollar account as well as your account officer. Normally, opening a dollar account using Naira is not recommended. To start a domiciliary account, you must purchase dollars from a bank or the black market.
Your bank, on the other hand, may elect to use funds from your savings or current account to purchase dollars and start your dollar account without you having to do so.
Even if your bank does not offer this service, your account officer may ask you to bring the Naira equivalent of the requisite quantity of dollars, and he or she will purchase dollars for you using his or her connections.
What is the Cost of Opening a Domiciliary Account?
Several banks will start a dollar account for you without charging you anything; in fact, they will do so for free. Other banks, on the other hand, will need a minimum deposit of $50 to $200.
Make sure you understand how much your preferred bank requires as a minimum balance for domiciliary accounts.
Is it Possible for me to Save Money in my Domiciliary Account?
Saving money in your domiciliary account is a great idea, especially with Nigeria’s dollar rates continuing to rise. Consider this: if you had $1,000 in your domiciliary account when the dollar was around N290, it would have been worth N290, 000 at the time, but it would today be worth over N450, 000 depending on how you sold it (official or black market).
Parents can use their domiciliary account to save money for their children’s abroad education.