How to Get Dollar Account in Nigeria

Conclusion: Open a Dollar Account in Nigeria Today

In 2025, opening a dollar account in Nigeria is easier, faster, and more accessible than ever before. Whether you choose a traditional domiciliary account through banks like GTBank, Zenith, or UBA, or go with a digital alternative like Grey, Chipper, or Payday, the process can now be done with minimal stress and documentation.

With the growing need for international transactions, freelancing payments, online shopping, and foreign currency savings, having a dollar account has become more than just a luxury—it’s now a smart financial necessity.

It helps you receive foreign payments, shop globally, pay for international subscriptions, and save in USD to protect your money from inflation.

Before choosing a provider, it’s important to compare features, fees, exchange rates, and flexibility. For example:

• A freelancer may prefer Grey or Payoneer for receiving client payments.

• A business owner might opt for Access Bank or Zenith Bank for structured FX services.

• A digital shopper or subscriber could go with Chipper or ALAT for virtual cards.

The right dollar account can significantly enhance your financial reach, giving you more options and better control over your international finances.

Start your application today and enjoy the benefits of global transactions. Whether it’s through your smartphone or a nearby bank branch, the global economy is just one dollar account away.

FAQs

Can I open a dollar account in Nigeria?

Yes, you can open a dollar account in Nigeria, and it is commonly referred to as a domiciliary account. This type of account allows individuals and businesses to receive, hold, and transact in foreign currencies such as the US dollar (USD), British pound (GBP), or euro (EUR). The dollar account is particularly useful for people who earn income from abroad, engage in international trade, or need to make payments in foreign currency.

Opening a dollar account in Nigeria is a straightforward process, but it requires you to meet specific requirements set by banks. Generally, Nigerian banks such as GTBank, Zenith Bank, Access Bank, UBA, and First Bank all provide domiciliary account services. The purpose of this account is to give you access to international transactions while protecting your funds from fluctuations in the naira exchange rate.

To open a dollar account, you’ll usually need a valid means of identification (like an international passport, driver’s license, or national ID), passport photographs, a utility bill that shows proof of address, and in many cases, referees who already operate current accounts with the bank. Some banks have also simplified the process by allowing savings domiciliary accounts, which require fewer documents.

One of the main benefits of opening a dollar account is the ability to receive money directly from abroad without the need for third-party services. For example, if you work with clients overseas or get paid by platforms such as Upwork, Fiverr, or foreign companies, your funds can be transferred straight into your domiciliary account. Additionally, you can withdraw these funds in dollars and either save them or convert them to naira at competitive exchange rates.

In summary, opening a dollar account in Nigeria is possible and highly beneficial for anyone engaged in international business or expecting foreign inflows. It helps you avoid excessive conversion fees, gives you control over foreign currency savings, and provides flexibility for international payments.

Which bank can receive dollars in Nigeria?

Almost all major commercial banks in Nigeria can receive dollars through domiciliary accounts. These banks are licensed to handle international transactions, making it easy for individuals and businesses to receive foreign inflows. S

ome of the most reliable banks for receiving dollars include GTBank, Zenith Bank, Access Bank, First Bank of Nigeria, United Bank for Africa (UBA), and Fidelity Bank.

The process of receiving dollars depends on whether you have a domiciliary account or just a naira account. If you own a domiciliary account, you can receive foreign currency directly, withdraw it in cash, or transfer it to another domiciliary account. However, if you only operate a naira account, international transfers will typically be converted to naira at the bank’s exchange rate before being deposited.

GTBank and Zenith Bank are particularly popular among freelancers and international traders because they provide seamless SWIFT code transactions and relatively fast processing times for dollar inflows.

UBA is also well recognized because of its wide international network, especially in Africa and other regions. Access Bank and First Bank are widely trusted as well, and they allow their customers to manage both business and personal dollar inflows.

In addition, banks like Stanbic IBTC and Fidelity Bank have earned strong reputations for handling domiciliary accounts efficiently, especially for people in the import and export sectors.

It’s important to note that to receive dollars successfully, you need to provide your sender with the right banking details, including your account number, SWIFT code, bank name, and branch address. Without a domiciliary account, the bank may automatically convert the funds to naira, which might not be favorable if you want to keep your money in foreign currency.

Therefore, if you are looking to consistently receive dollars in Nigeria, opening a domiciliary account with any of the top commercial banks is the most reliable option. It ensures transparency, allows you to withdraw in cash if needed, and protects your funds from the fluctuating value of the naira.

Can Naira be transferred to a dollar account?

Yes, naira can be transferred to a dollar account, but with certain restrictions and conditions depending on the bank. In Nigeria, a dollar account is designed to hold and transact in foreign currencies, but you can fund it using naira through the process of currency conversion at the bank or with the help of Bureau de Change services.

If you want to transfer naira into a domiciliary (dollar) account, the bank will not allow you to directly credit it with naira. Instead, you would need to deposit naira, and then the bank will convert it to dollars at the prevailing exchange rate before crediting your domiciliary account.

This is where the Central Bank of Nigeria (CBN) policies and bank exchange rates come into play. The bank’s rate is usually different from the parallel market (black market) rate, so you may get fewer dollars compared to what is obtainable outside the banking system.

Another common practice is for account holders to source dollars themselves from the black market (Bureau de Change) and then deposit the foreign currency directly into their domiciliary account. Many Nigerians prefer this option because it gives them better exchange rates than what commercial banks offer.

For digital transactions, some fintech platforms are gradually introducing services that allow you to exchange naira to dollars and then fund your domiciliary account. However, most of these services are still evolving due to regulatory frameworks.

It’s also worth noting that while naira cannot simply “sit” in a dollar account, you can always use naira to fund such an account through formal conversion. For example, if you earn in naira but need to make a payment abroad, you can walk into your bank, deposit naira, and request that it be converted into dollars and transferred to your domiciliary account.

In conclusion, while you cannot directly transfer naira into a dollar account, banks and currency exchange services make it possible to convert naira into dollars for funding your domiciliary account. The key factor is the exchange rate at which this conversion happens, and that determines how much value you get for your money.

How much does it cost to open a dollar account at GTBank?

Opening a dollar account, also called a domiciliary account, at Guaranty Trust Bank (GTBank) does not require a direct fee for the account creation itself.

GTBank, like most Nigerian banks, allows customers to open domiciliary accounts free of charge. However, there are certain conditions, requirements, and minimum deposits that come into play before the account becomes fully active.

At GTBank, the primary cost you may incur is the minimum opening balance. Generally, the bank requires at least $100 or its equivalent to activate the account.

This is not an opening fee paid to the bank but rather a deposit that sits in your account as your balance. Some customers prefer to deposit more, especially if they intend to use the account immediately for international transactions.

In addition to this, GTBank requires you to provide some documents when opening a domiciliary account. These include a valid means of identification (such as a national ID, driver’s license, or international passport), two passport photographs, and a utility bill for proof of address. For a current domiciliary account, GTBank may also request two referees who already operate current accounts with GTBank or other reputable banks in Nigeria.

Beyond the initial deposit, there may be maintenance costs or charges related to using the account. For example, international wire transfers into the account may attract fees ranging from $10 to $20, depending on the sender’s bank and the intermediary banks involved. Also, if you request a dollar debit card to withdraw or shop online, GTBank usually places annual fees on the card.

Therefore, while the official cost to open the account is zero, you should prepare at least $100 to activate it, plus additional funds for charges that may arise from international transactions.

It’s also advisable to ask the bank representative about the latest policies, since requirements and charges may be adjusted based on Central Bank of Nigeria (CBN) guidelines.

In short, GTBank’s domiciliary account is relatively affordable to open, and once active, it allows you to conveniently receive dollars, make foreign payments, and safeguard your money against naira devaluation.

Which app can I use to create a dollar account in Nigeria?

In Nigeria, several fintech and banking apps now allow individuals to create and operate a dollar account (domiciliary account) digitally without visiting a bank branch. This digital shift has made it easier for freelancers, remote workers, and business owners to manage international transactions.

One of the most popular apps is ALAT by Wema Bank. ALAT allows users to create virtual and physical dollar accounts directly through the app. With this, you can receive foreign inflows, shop online in dollars, and even request a dollar card for international use.

Another app gaining popularity is Kuda Bank, which has introduced “Spend in Dollars” features. Although it is not a full domiciliary account, it allows you to fund a dollar wallet through the app, link it with a virtual card, and use it for international payments.

Barter by Flutterwave is also widely used. Through Barter, you can create virtual dollar cards that function like a dollar account for online payments, especially for services like Netflix, Facebook Ads, and Amazon. While it is more of a digital wallet than a traditional bank account, it serves similar purposes.

Traditional banks such as GTBank, Zenith Bank, and Access Bank also have mobile apps (GTWorld, AccessMore, Zenith Mobile) that support domiciliary account management, though you may still need to visit a branch to complete the first setup. After activation, however, the apps allow you to monitor balances, transfer funds, and manage your account conveniently.

For freelancers and remote workers, platforms like Grey (formerly Aboki Africa) and Payoneer are excellent choices. Grey offers virtual dollar accounts where you can receive payments from abroad and withdraw in naira, while Payoneer allows you to open a USD receiving account linked to your Nigerian bank account.

In summary, the best apps to create and operate a dollar account in Nigeria are ALAT, Kuda, Grey, Barter, Payoneer, and traditional banking apps. The choice depends on whether you prefer a fully regulated domiciliary account with a bank or a fintech dollar wallet that provides flexibility for online transactions.

Can Opay receive money from abroad?

Currently, Opay does not directly support international remittances in the same way traditional domiciliary accounts do. Opay is primarily a mobile money service in Nigeria that focuses on local transactions such as transfers, bill payments, airtime top-up, and merchant payments. Unlike banks with SWIFT codes, Opay is not designed to receive direct dollar inflows from abroad.

However, there are indirect ways to use Opay to access money from international sources. For instance, you can receive dollars in a bank domiciliary account or through remittance platforms like Western Union, MoneyGram, WorldRemit, or Payoneer, and then transfer the naira equivalent into your Opay wallet for convenience. This way, you can still benefit from Opay’s fast and low-cost transfers within Nigeria, even if the original funds came from abroad.

That said, some international fintech companies are gradually integrating with mobile money wallets across Africa. For example, WorldRemit and Sendwave have started partnerships with certain wallets in Ghana and Kenya.

While Opay has not fully rolled this out in Nigeria, the possibility of future collaborations remains open as the Central Bank of Nigeria (CBN) continues to improve remittance frameworks.

For now, if someone abroad wants to send you money, they cannot deposit directly into your Opay wallet in dollars. Instead, they can use platforms like Western Union or MoneyGram to send funds into your bank account in Nigeria. Once you receive it, you may transfer it into your Opay wallet to spend locally.

It’s also important to note that Opay wallets are denominated in naira only. This means that even if Nigeria eventually allows international inflows through Opay, the funds will still be received in naira after conversion at the applicable exchange rate.

In conclusion, while Opay is excellent for local transfers, it is not yet a substitute for domiciliary accounts or global remittance apps. For receiving money directly from abroad, you will need a bank domiciliary account or a fintech platform like Grey, Payoneer, or WorldRemit. Opay can then be used as a secondary wallet to move or spend the converted funds within Nigeria.

Which bank gives a dollar card in Nigeria?

Several Nigerian banks issue dollar debit cards or domiciliary account-linked cards that enable customers to make international transactions without relying on naira cards that are often restricted for foreign payments. A dollar card is usually tied to your domiciliary account, allowing you to spend directly in foreign currency.

One of the most popular providers is Guaranty Trust Bank (GTBank). GTBank issues a dollar-denominated debit card that can be used for online shopping, ATM withdrawals abroad, and payments on international platforms like Amazon, PayPal, and Netflix. This makes it a favorite among freelancers and travelers.

Zenith Bank also provides dollar cards linked to domiciliary accounts. With Zenith’s Visa or MasterCard in dollars, customers can transact internationally with fewer restrictions compared to naira debit cards. Similarly, Access Bank issues dollar debit cards, which are widely accepted on global platforms.

First Bank of Nigeria is another top provider. The bank offers prepaid dollar cards as well as domiciliary account-linked dollar debit cards. These cards are useful for Nigerians who want to protect their savings against naira devaluation while having convenient access to foreign currency spending.

United Bank for Africa (UBA) offers the UBA Dollar Prepaid Card, which does not even require a domiciliary account to operate. You can fund it with dollars and use it for online payments, ATM withdrawals, or international transactions. This makes it attractive to Nigerians who may not want to go through the paperwork of opening a domiciliary account but still need a dollar spending option.

Stanbic IBTC also provides dollar debit and prepaid cards, particularly targeting customers who travel frequently or transact heavily in foreign currency.

In summary, banks like GTBank, Zenith Bank, Access Bank, First Bank, UBA, and Stanbic IBTC issue dollar cards in Nigeria. These cards are indispensable for freelancers, online shoppers, and travelers who need to make seamless international transactions. If you want flexibility and fewer restrictions, a UBA dollar prepaid card or GTBank dollar debit card may be the most convenient options.

How much does it cost to open a dollar account with UBA?

Opening a dollar account with the United Bank for Africa (UBA) is relatively simple and affordable. UBA refers to this account as a domiciliary account, and it allows you to transact in major foreign currencies such as the US dollar (USD), British pound (GBP), and euro (EUR).

One of the advantages of UBA is that it does not charge customers a direct account-opening fee. Instead, the main requirement is the minimum operating balance, which serves as the cost of opening and maintaining the account.

For UBA’s domiciliary account, the minimum opening deposit is usually $100. This means that to activate your account, you must deposit at least this amount or its equivalent.

In addition to the initial deposit, UBA requires customers to provide some documents before opening the account. These include a valid means of identification (international passport, driver’s license, voter’s card, or national ID), two passport photographs, a recent utility bill for proof of address, and in some cases, two references for current domiciliary accounts.

UBA also provides options for both savings domiciliary accounts and current domiciliary accounts. The savings option usually has lower requirements and is easier to open, while the current account option requires referees but offers more flexibility in transactions.

Although the official cost to open the account is only your initial deposit, there are transaction-related charges you should be aware of. For example, international transfers into your UBA domiciliary account may attract processing fees depending on the sending bank. Similarly, when you request a dollar debit or prepaid card linked to your account, there may be card issuance and annual maintenance fees.

In short, opening a dollar account at UBA is affordable because you are not charged an application fee. You only need to provide the minimum deposit, which is typically around $100, plus required documentation. Once active, the account gives you access to receiving international transfers, making payments abroad, and safeguarding your money in foreign currency.

Does FCMB have a dollar account?

Yes, First City Monument Bank (FCMB) offers dollar accounts, also known as domiciliary accounts, to its customers. This account is designed to allow individuals and businesses to carry out transactions in foreign currencies, primarily the US dollar.

FCMB’s domiciliary account can also support other foreign currencies like pounds and euros, making it a flexible option for people engaged in international trade, freelance work, or remittances.

To open a domiciliary account with FCMB, you will need to provide standard documentation. These include a valid form of identification (national ID, international passport, or driver’s license), two passport photographs, a recent utility bill, and in some cases, referees for current account-type domiciliary accounts.

The minimum opening deposit for an FCMB dollar account is usually around $100, though this may vary depending on whether you are opening a savings domiciliary account or a current domiciliary account.

The savings domiciliary account is easier to open because it has fewer requirements, while the current domiciliary account requires referees but allows more flexible and higher-volume transactions.

Once you open an FCMB dollar account, you can receive international payments directly from abroad via SWIFT transfers. These funds will be credited to your account in dollars, and you can withdraw them in cash, transfer them to other domiciliary accounts, or even request a dollar debit card to spend the funds internationally.

Another important benefit of FCMB’s domiciliary account is that it helps customers save in dollars as a hedge against naira depreciation. For business owners, especially importers and exporters, it provides a reliable means to pay international suppliers and partners without constantly converting from naira.

In conclusion, FCMB does indeed have dollar accounts, and they are useful for anyone in Nigeria who needs to receive, save, or transact in foreign currency. By meeting the minimum opening requirements and providing the necessary documents, you can easily set up this account and enjoy seamless access to international banking.

Where can I change my Naira to dollar?

In Nigeria, there are several options for changing naira to dollars, but each option comes with its advantages, disadvantages, and exchange rate considerations. Knowing where to exchange is very important because the rate you get determines how much value you receive for your money.

The first and most common option is through commercial banks. Banks such as GTBank, Zenith Bank, First Bank, Access Bank, and UBA allow you to exchange naira for dollars if you operate a domiciliary account or need to fund a foreign transaction.

However, the exchange rates at banks are usually regulated by the Central Bank of Nigeria (CBN), and they may not be as competitive as the parallel market. Still, banks remain the safest and most secure option.

Another popular option is the Bureau de Change (BDC) operators. These are licensed currency exchange dealers located across Nigerian cities, especially in commercial hubs like Lagos, Abuja, and Port Harcourt.

BDC operators often provide better rates than commercial banks, making them attractive to individuals who want more value for their naira. However, the challenge is ensuring that you are dealing with licensed operators to avoid the risks of counterfeit notes or fraudulent activities.

The parallel market (black market) is also widely used in Nigeria. Here, independent dealers sell dollars at rates higher than those of commercial banks. Many people prefer this option because it is faster and more flexible, especially when large sums are needed urgently. The downside is that the rates fluctuate daily, and it is not officially regulated, which makes it riskier.

Additionally, some fintech platforms are beginning to introduce services that allow users to convert naira to dollars digitally. Apps like Grey (formerly Aboki Africa) and Payoneer allow you to receive foreign currency and exchange it for naira, and some also support limited naira-to-dollar conversions.

In conclusion, you can change your naira to dollars through banks, Bureau de Change operators, the parallel market, or fintech platforms. The best choice depends on whether you prioritize security, speed, or getting the best exchange rate. For high safety, banks are the best. For speed and better rates, BDCs and fintech services may be more attractive.

Is PayPal a dollar account?

PayPal is not a traditional dollar account like a domiciliary account provided by banks. Instead, PayPal is a digital financial service platform that allows users to send, receive, and hold money online in multiple currencies, including the US dollar.

While it functions like an account where your funds are stored, it is better described as a digital wallet rather than a conventional bank account.

When you create a PayPal account, you can choose your primary currency, and many Nigerians who use PayPal set their accounts to US dollars. This makes it appear like a dollar account, but the difference is that it is managed entirely online, and the funds are stored within PayPal’s system rather than a bank in Nigeria.

For Nigerians, PayPal has some restrictions. You can open a PayPal account and use it for sending payments internationally, especially for online shopping and subscriptions. However, not all Nigerian PayPal accounts allow you to receive funds.

Only certain business accounts or accounts opened through supported countries permit receiving dollars directly. This limitation means that PayPal is not a full replacement for a domiciliary account.

The major similarity between PayPal and a dollar account is that you can hold and transact in dollars. For example, if a client abroad pays you in USD via PayPal, the money will reflect in your PayPal balance in dollars. You can then use it to pay for services online, shop on e-commerce platforms, or withdraw (depending on your account type and linked bank).

The key difference is that a dollar account at a bank is a physical account with stricter requirements and direct SWIFT transfer capabilities, while PayPal is a global online wallet mainly for digital transactions.

In conclusion, PayPal can serve as a dollar-based payment solution, but it is not the same as having a domiciliary account in Nigeria. It is better to see it as an online wallet that lets you store and spend dollars digitally, not a full banking product.

What are the requirements for a dollar account in Nigeria?

Opening a dollar account (domiciliary account) in Nigeria requires meeting certain banking requirements. These requirements are put in place by commercial banks in line with regulations from the Central Bank of Nigeria (CBN). Although details may vary slightly from one bank to another, the core requirements are similar.

1. Valid Means of Identification
   Banks require a government-issued ID to verify your identity. This can be an international passport, national ID card, driver’s license, or voter’s card.

2. Passport Photographs
   You will typically need to provide two recent passport-sized photographs.

3. Proof of Address
   A utility bill such as electricity, water, or waste bill dated within the last three months is usually required to confirm your residential address.

4. Referees (for current domiciliary accounts)
   If you want to open a current domiciliary account, most banks (like GTBank, Zenith, and Access Bank) will request two referees who already maintain current accounts with them or other reputable Nigerian banks. However, if you choose a domiciliary savings account, referees may not be needed, which makes the process easier.

5. Minimum Opening Deposit
   Most banks require a minimum opening deposit of around $100. Some banks may also accept equivalent deposits in pounds or euros if you’re opening an account in those currencies.

6. Completed Account Opening Form
   You will need to fill out the domiciliary account opening form provided by the bank and submit all required documents.

In addition to these, some banks may request a Tax Identification Number (TIN) for business accounts or corporate domiciliary accounts.

Once all the requirements are submitted and approved, your account is opened, and you can start receiving dollars through international transfers.

In summary, the key requirements for opening a dollar account in Nigeria include:

• Valid ID

• Passport photos

• Utility bill

• Referees (sometimes optional)

• Minimum deposit (usually $100)

With these in place, you can access the benefits of a domiciliary account, including receiving international payments, saving in foreign currency, and making global transactions.

Which app can I use to transfer Naira to dollar?

In Nigeria, there are several apps and digital platforms that allow you to transfer naira to dollars, either by converting directly within the app or by linking to a domiciliary account. These platforms make it easier for freelancers, business owners, and travelers to handle international transactions without depending solely on banks.

One of the most popular options is Grey (formerly Aboki Africa). Grey allows users to convert naira to dollars seamlessly and even create virtual foreign accounts. With Grey, you can fund your wallet in naira and then convert it to USD at competitive rates. You can also withdraw the funds into your domiciliary account or use them for international transfers.

Another useful app is Payoneer. Although not strictly a naira-to-dollar converter, Payoneer provides virtual USD receiving accounts. Nigerians can fund their Payoneer account indirectly by converting naira through local bank deposits or fintech platforms, and then use the funds as dollars for international transactions.

Barter by Flutterwave is another widely used app. It allows you to fund your wallet in naira and create a virtual dollar card for online purchases and payments. This card functions like a dollar account for services such as Netflix, PayPal, or Facebook Ads.

Kuda Bank also provides dollar spending solutions through its app. Although it is primarily a digital naira bank, Kuda has introduced features where you can fund a dollar card with naira and use it for international online payments.

In addition to fintech apps, some traditional banks have mobile apps (such as GTWorld by GTBank and AccessMore by Access Bank) that allow you to convert naira to dollars, provided you have both a naira account and a domiciliary account with them. You simply deposit naira, request conversion at the bank’s exchange rate, and the dollars are credited to your domiciliary account.

In conclusion, apps like Grey, Barter, Kuda, Payoneer, and bank mobile apps are reliable for transferring naira to dollars. The best option depends on whether you want a digital wallet for online payments or a full domiciliary account for broader international banking.

Can I receive dollars in my GTBank Naira account?

Technically, you cannot receive dollars directly into a GTBank naira account. This is because a naira account is designed to hold and transact only in Nigeria’s local currency.

However, if someone sends you dollars from abroad into your GTBank naira account, the funds will not be rejected. Instead, GTBank will automatically convert the incoming dollars to naira at the bank’s official exchange rate before crediting your account.

This process is convenient for people who only want to access the money in naira. However, it has a major drawback: you will be forced to accept the bank’s exchange rate, which is usually lower than the parallel market (black market) rate. As a result, you may lose value when receiving international payments this way.

For example, if a client abroad sends you $1,000 and the official bank exchange rate is ₦1,200/$, your account will be credited with ₦1,200,000. However, if the parallel market rate is ₦1,500/$, you could have received ₦1,500,000 if the payment went into a domiciliary account instead.

This is why many people prefer to open a GTBank domiciliary account. A domiciliary account allows you to receive dollars directly without conversion. You can then decide whether to keep the money in dollars or exchange it at a rate that favors you. GTBank even issues dollar debit cards tied to domiciliary accounts, giving you access to international spending.

In conclusion, while you can receive dollar payments into your GTBank naira account, the funds will always be converted to naira by the bank. To avoid losing money due to unfavorable exchange rates, it is advisable to open a GTBank domiciliary account, which gives you full control over your foreign currency earnings.

How to open a dollar account in GTBank?

Opening a dollar account (domiciliary account) in GTBank is a straightforward process that can be completed by meeting the required documentation and initial deposit conditions. The domiciliary account allows you to receive and transact in US dollars, euros, or British pounds.

Here’s a step-by-step guide:

1. Visit a GTBank Branch
   You’ll need to go to the nearest GTBank branch to request a domiciliary account opening form.

2. Provide Required Documents

   • A valid form of identification (international passport, national ID, voter’s card, or driver’s license).

   • Two recent passport photographs.

   • A recent utility bill (not older than 3 months) to serve as proof of address.

   • For a current domiciliary account, two referees with GTBank or other reputable bank current accounts may be required.

3. Minimum Deposit
   GTBank requires an initial deposit, usually around $100, to activate the account. This amount is not a fee but your opening balance.

4. Complete and Submit Forms
   Fill out the domiciliary account form and attach all supporting documents.

5. Account Activation
   Once approved, GTBank will create your dollar account. You will receive account details including your account number and the SWIFT code required for international transfers.

6. Optional Dollar Card
   If you want easy access to your funds for online payments or international withdrawals, you can request a GTBank dollar debit card linked to your domiciliary account.

The benefits of opening a GTBank domiciliary account include the ability to receive international payments in dollars, safeguard your earnings from naira depreciation, and carry out international transactions conveniently.

In summary, to open a dollar account in GTBank, you need valid identification, passport photos, proof of address, minimum deposit, and in some cases, referees. With these in place, GTBank will provide you with a domiciliary account that makes foreign transactions seamless.

Can I open a dollar account in Nigeria?

Yes, you can open a dollar account in Nigeria, but it is usually referred to as a domiciliary account. A domiciliary account is a type of bank account that allows you to hold, receive, and send foreign currencies such as the US dollar (USD), British pound (GBP), or Euro (EUR). In Nigeria, all major commercial banks such as GTBank, Zenith Bank, Access Bank, UBA, and First Bank offer this service.

Opening a dollar account in Nigeria has become increasingly popular, especially among freelancers, business owners, international students, and people who receive money from abroad.

The reason is that foreign inflows into a Naira account are often converted automatically at the official exchange rate, which is usually lower than the parallel market rate.

With a dollar account, you get to receive the funds in USD directly, and then you can decide whether to keep the money in dollars or convert it at your preferred exchange rate.

To open a dollar account in Nigeria, you generally need the following:

1. A valid form of identification such as a National ID card, International Passport, Driver’s License, or Voter’s Card.

2. Two recent passport photographs.

3. Utility bill issued within the last three months (for proof of address).

4. An existing Naira account with the bank (some banks require this as a condition).

Some banks also request references for domiciliary accounts, though in recent years many have relaxed this rule, especially for savings domiciliary accounts. Once opened, you can fund the account through cash deposits in dollars, foreign transfers, or inflows from international platforms.

Overall, yes—you can open a dollar account in Nigeria, and it is advisable for anyone who deals with foreign payments. It gives you more financial flexibility, protects your funds from Naira depreciation, and allows you to transact internationally with ease.

Which bank can receive dollars in Nigeria?

Almost every major commercial bank in Nigeria can receive dollars. This is because they operate domiciliary accounts that are designed to hold foreign currencies.

The most popular banks where you can receive dollar inflows include Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), Access Bank, First Bank of Nigeria, Zenith Bank, Fidelity Bank, and FCMB.

When someone sends you dollars from abroad, the funds usually go through international money transfer systems such as SWIFT, Western Union, MoneyGram, or Ria, and then they land in your bank’s system.

If you have a dollar (domiciliary) account, the money will be credited directly in USD. If you only have a Naira account, most banks automatically convert the money to Naira before crediting your account—usually at the bank’s official exchange rate.

For example:

• GTBank allows you to receive international wire transfers directly into your domiciliary account.

• UBA is well-known for international remittance services and supports Western Union, MoneyGram, and Ria.

• Access Bank and First Bank both have strong global partnerships and are widely used by Nigerians in diaspora for sending money back home.

It’s important to note that not every bank app or mobile wallet in Nigeria can currently receive dollar inflows directly. For instance, fintech apps like OPay or PalmPay mainly deal in Naira, though they are gradually expanding into international remittances. If your primary aim is to receive dollars, your best bet is to set up a domiciliary account with one of the established commercial banks.

In short, most Nigerian banks—especially GTBank, Zenith Bank, UBA, First Bank, and Access Bank—can receive dollars, provided you have the right type of account to hold them.

Can Naira be transferred to a dollar account?

Yes, Naira can be transferred to a dollar account in Nigeria, but it is not always straightforward. A dollar account, or domiciliary account, is designed to hold and transact in foreign currencies. That means if you send Naira directly to it, the bank will not automatically convert it into dollars unless you request for a conversion service.

Here’s how it works:

1. If you have a Naira account and a dollar account within the same bank, you can move funds from your Naira account to your dollar account, but the bank will convert the Naira into dollars at the prevailing official exchange rate before crediting your domiciliary account. For example, if you want to transfer ₦1,000,000 to your dollar account, the bank calculates how much that is in USD using its exchange rate and deposits the equivalent in dollars.

2. If you are trying to transfer Naira from another person’s account into your dollar account, the bank will also perform the conversion at its own rate before crediting the USD equivalent.

3. Some banks may not allow a direct electronic transfer from Naira to dollar accounts using mobile apps or internet banking. Instead, you may need to visit a physical branch to request a conversion.

This process often leads to lower value for the customer because Nigerian banks usually use the official exchange rate, which is lower than the parallel market rate. For instance, while the parallel market rate may be ₦1,400 to $1, banks may use an official rate of ₦900 to $1, meaning you get fewer dollars for the same amount of Naira.

In summary, yes, you can transfer Naira to a dollar account, but the transaction always involves conversion, and the exchange rate used will be that of the bank. Many Nigerians prefer to fund their dollar accounts with actual dollar cash deposits or foreign transfers to avoid the unfavorable exchange rates applied by banks.

Can Naira be transferred to a dollar account?

Yes, Naira can be transferred into a dollar account, but it does not automatically change the Naira into dollars. In Nigeria, a dollar account is commonly referred to as a domiciliary account. This type of account is designed to hold and operate with foreign currencies like the US Dollar, British Pound, or Euro. If you transfer Naira directly into a dollar account, the bank usually processes it as a deposit in Naira but will not automatically convert it into USD unless you request a currency conversion.

To make the process work smoothly, many banks require you to buy foreign currency first, either from the official market or the black market, and then deposit it into your domiciliary account.

For example, if you have Naira in your savings account and want to move it to your dollar account, you’ll typically need to request a conversion at the bank’s exchange rate. Once converted, the equivalent dollar amount will reflect in your domiciliary account.

This is important because foreign transactions, such as paying for goods and services abroad or receiving payments from international clients, require the account to hold actual dollars, not Naira. The conversion step ensures you have spendable USD in your account.

However, not all banks allow a straight electronic transfer of Naira into a dollar account for immediate conversion. Some insist that you purchase the dollars yourself and deposit them.

This protects the bank from exchange rate risks. On the other hand, fintech apps are gradually making this process easier by allowing users to convert Naira to USD balances directly within the app.

In summary, while you can move Naira to a dollar account, it will not automatically turn into dollars. You must take an extra step to convert the Naira into USD before you can use it for international purposes.

How much does it cost to open a dollar account at GTBank?

Opening a dollar (domiciliary) account with GTBank in Nigeria is relatively affordable compared to international standards. The process is straightforward, but you need to meet certain financial requirements.

Generally, GTBank requires a minimum opening balance of $100 or its equivalent in another foreign currency. This means you need to deposit at least $100 to activate the account.

Apart from the initial deposit, GTBank may also require a minimum operating balance of $50, meaning you should not allow the balance in your account to drop below this threshold if you want to keep it active.

Some customers have reported that the bank charges account maintenance fees and international transfer charges depending on the type of transactions you carry out.

In addition, GTBank often requires you to provide two referees who already operate current accounts with any Nigerian bank (domiciliary or Naira). This is part of their Know Your Customer (KYC) process. You will also need a valid ID (like an international passport, national ID, or driver’s license), a utility bill, and a passport photograph.

While the official “cost” is simply the initial deposit of $100, you should also budget for potential additional costs such as buying dollars in the black market if you cannot source them from the bank. Since Nigeria often experiences limited foreign exchange availability, customers sometimes need to purchase dollars at higher parallel market rates.

To summarize, opening a GTBank domiciliary account costs about $100 as the starting deposit, along with supporting documentation and referees. However, you should also consider the hidden costs of sourcing foreign currency in Nigeria’s tight FX environment.

Which app can I use to create a dollar account in Nigeria?

Several fintech apps in Nigeria now allow you to create and operate a dollar account from your phone without the stress of visiting a bank branch. These apps make it easier to save, receive, and spend in dollars, solving the problem of FX scarcity and bank restrictions.

Some of the most popular apps include:

1. Grey (formerly Aboki Africa) – This app allows Nigerians to open virtual USD, GBP, and EUR accounts. With Grey, you can receive money from abroad like a normal foreign bank account and withdraw to your Naira account.

2. Chipper Cash – Chipper Cash offers users the ability to create a USD wallet, send, receive, and hold funds in dollars. It’s widely used for remittances and international transfers.

3. Payoneer – While not strictly a Nigerian fintech, Payoneer provides Nigerians with USD accounts that can receive international payments from platforms like Fiverr, Upwork, and Amazon.

4. ALAT by Wema – This is a digital bank that sometimes allows users to request foreign currency accounts.

5. Kuda Bank (Kuda App) – Though still primarily Naira-based, Kuda has partnered with fintech firms to allow customers to fund their accounts with foreign currencies.

These apps are designed to simplify dollar account creation, especially for freelancers, online entrepreneurs, and individuals receiving funds from the USA, UK, or Europe. They eliminate the stress of paperwork, referees, and physical branch visits required by traditional banks.

In conclusion, if you want a quick, convenient way to open a dollar account in Nigeria, Grey and Chipper Cash are among the most recommended apps.

However, traditional banks like GTBank, Zenith, and UBA still remain the more secure option if you prefer a domiciliary account that comes with a physical debit card for international use.

How much does it cost to open a dollar account at Zenith Bank?

Opening a dollar (domiciliary) account with Zenith Bank is relatively straightforward, but just like other Nigerian banks, there are certain requirements and costs involved. Typically, Zenith Bank requires an initial deposit of $100 to open the account. This means you must deposit at least that amount in cash or its equivalent to activate your account.

Apart from the initial deposit, Zenith Bank also requires that you maintain a minimum operating balance of $50 to keep the account active. This means your account balance should not fall below this threshold, otherwise you might face restrictions or charges.

The documents required include:

• A valid government-issued ID (International Passport, National ID Card, or Driver’s License)

• Two passport photographs

• A recent utility bill (as proof of address)

• Two referees who operate current accounts with any Nigerian bank

Zenith Bank also provides you with a domiciliary debit card (Dollar MasterCard or Visa card) once your account is fully set up, allowing you to make international online payments and ATM withdrawals abroad.

In terms of “hidden costs,” the main challenge is sourcing dollars in Nigeria. Since banks often have limited supply, most customers end up buying dollars from Bureau de Change operators (black market) at higher rates before depositing into their domiciliary accounts.

So, the official cost is about $100 for opening and $50 as the minimum balance, but the real cost may be higher depending on how you source your dollars.

Can I receive dollars in my savings account in Nigeria?

The short answer is No — you cannot receive foreign currency (like USD, GBP, or EUR) directly into a regular Naira savings account in Nigeria. Nigerian banks are strictly regulated by the Central Bank of Nigeria (CBN), and any dollar remittance sent to a Naira savings account will be automatically converted into Naira at the bank’s official exchange rate.

This means if someone sends you $500 from abroad into your savings account, you won’t get the $500. Instead, your bank will convert it into Naira using the CBN official rate, which is usually much lower than the parallel market rate. As a result, you’ll receive far less value in Naira than if you had received it in a dollar account.

To avoid this, Nigerians who expect international payments are advised to open a domiciliary account (dollar account). With this, you can receive the money directly in USD, hold it in your account, and decide whether to spend it abroad, withdraw it as cash, or sell it at the black market rate for more profit.

Some fintech apps like Grey, Chipper Cash, and Payoneer also allow Nigerians to receive foreign payments directly in USD wallets, bypassing the forced conversion of traditional savings accounts.

In conclusion, while you can technically receive money from abroad into a savings account, it will always be converted to Naira automatically. If you want to receive and keep your money in dollars, you need a domiciliary account.

How much do Nigerian banks charge for international transfers?

International transfers from Nigerian banks usually attract both transfer charges and intermediary bank fees, making them relatively expensive compared to fintech alternatives. The exact amount depends on the bank, the currency, and the destination country.

On average, Nigerian banks charge:

• 0.5% to 1% of the transfer amount as a processing fee

• With a minimum fee of around $10 to $30 per transaction

• Some banks also add SWIFT charges (around $25 to $50), which go to intermediary banks involved in the transfer.

For example, if you’re transferring $1,000 abroad, your bank may charge you around $20–$40 in fees. However, if you’re transferring a small amount, say $100, the bank may still charge the minimum flat fee, which can take up a large percentage of your money.

It’s also important to note that international transfers from Nigerian banks can take 2–5 working days to be processed, depending on the receiving bank’s location.

Because of these high costs, many Nigerians now use fintech platforms like Wise (formerly TransferWise), Grey, Chipper Cash, and Payoneer, which usually charge lower fees and provide faster transfers.

In summary, Nigerian banks typically charge between $10–$50 per transaction for international transfers, plus intermediary charges. This makes them more expensive than fintech apps but still useful for larger or more formal transactions.

Can I receive money through Western Union without a bank account in Nigeria?

Yes, you can receive money through Western Union in Nigeria even if you don’t have a bank account. Western Union operates a cash payout service in partnership with many Nigerian banks, including First Bank, Access Bank, UBA, and Zenith Bank. This allows recipients to walk into designated bank branches, present the necessary documents, and collect their funds in cash.

To receive money without a bank account, you need:

1. Money Transfer Control Number (MTCN): The sender provides you with this unique 10-digit number.

2. Valid ID Card: Such as International Passport, Driver’s License, National ID, or Voter’s Card.

3. Sender’s details: The sender’s name, country, and the exact transfer amount.

Once these are provided, the bank teller verifies the information and pays you the money in Naira (not dollars). By Central Bank of Nigeria (CBN) regulations, Western Union payouts in Nigeria are settled in Naira at the bank’s prevailing exchange rate.

However, the downside is that the rate used is usually the official CBN rate, which is much lower than the parallel market rate. This means you may get less value compared to receiving in a domiciliary account.

That said, for people without a bank account, Western Union remains a convenient option since you can walk into a branch and collect cash directly without needing to open an account.

How much does it cost to open a domiciliary account in GTBank?

Opening a domiciliary account at Guaranty Trust Bank (GTBank) is relatively simple, but it comes with specific requirements and costs.

To open the account, GTBank requires:

• A minimum opening deposit of $100 (or its equivalent in GBP/EUR if you’re opening a Pounds or Euro account).

• A minimum operating balance of $50 must always remain in the account.

Required documents include:

• Two passport photographs

• A valid government-issued ID (Passport, Driver’s License, or National ID)

• A recent utility bill as proof of address

• Two current account holders as referees

GTBank’s domiciliary account comes with benefits such as a Dollar debit card that can be used for online international payments, ATM withdrawals abroad, and easy access to forex transactions.

While the official requirement is $100 for account opening, the real cost for most Nigerians is higher because sourcing dollars can be difficult. Due to foreign exchange restrictions, many people end up buying dollars from Bureau de Change operators at black market rates before funding their domiciliary accounts.

In summary, the official cost is $100 minimum deposit plus $50 minimum balance, but the practical cost depends on how you source the dollars.

Can I withdraw dollars from my domiciliary account in Nigeria?

Yes, you can withdraw dollars in cash from your domiciliary account in Nigeria, but only under certain conditions. When you deposit or receive foreign currency (USD, GBP, EUR) into your domiciliary account, the bank allows you to withdraw it in the same currency.

For example, if you receive $500 into your GTBank domiciliary account, you can walk into the bank and request to withdraw it in dollars. However, there are some key points to note:

1. Cash availability: Banks in Nigeria sometimes have limited foreign currency supply, so they may place restrictions on how much you can withdraw at once.

2. Withdrawal charges: Some banks charge a small handling fee for foreign currency withdrawals.

3. Purpose of withdrawal: Banks may ask for documentation if you’re withdrawing large sums (e.g., for tuition payments or international transactions).

4. Alternative option: Instead of withdrawing in cash, you can use your domiciliary debit card to spend the money directly online or abroad.

So, the answer is Yes, you can withdraw dollars from your domiciliary account, but you must be prepared for possible restrictions depending on your bank’s forex liquidity.

Which Nigerian bank is best for a domiciliary account?

When it comes to choosing the best Nigerian bank for a domiciliary account, the decision often depends on customer service, international transaction ease, and dollar availability. Several banks stand out in Nigeria for providing reliable domiciliary account services:

1. Guaranty Trust Bank (GTBank): GTBank is one of the most popular choices because it offers a smooth process for opening and operating domiciliary accounts. Customers enjoy access to Dollar MasterCards that work for international online payments and withdrawals abroad. The bank also supports cash deposits in foreign currency and quick transfers.

2. First Bank of Nigeria: First Bank has one of the widest networks in Nigeria, making it a reliable option for domiciliary account holders. It also has strong international banking relationships, which makes it easier for people to receive foreign remittances and process international wire transfers.

3. Zenith Bank: Known for corporate and business-friendly banking, Zenith Bank offers a domiciliary account that is highly favored by entrepreneurs and importers who need to pay international suppliers. Their foreign currency liquidity is often better than some other banks.

4. UBA (United Bank for Africa): UBA is another solid choice, especially for Nigerians who do a lot of transactions with African countries since UBA has branches across the continent. Their domiciliary account allows for foreign transfers and withdrawals without much hassle.

5. Access Bank: Access Bank also provides domiciliary accounts that support a wide range of international transactions, with flexible deposit and withdrawal options.

The best bank for you depends on your priority. If you want an easy-to-use online platform and smooth card transactions, GTBank is excellent. If you prefer strong international connections, First Bank and Zenith Bank are more reliable. For business transactions across Africa, UBA is the best choice.

In summary, all the banks mentioned are good, but many Nigerians rank GTBank and First Bank as the top choices because of their strong presence, reliable platforms, and accessibility of foreign currency withdrawals.

Can I receive money directly into my domiciliary account?

Yes, you can receive money directly into your domiciliary account from anywhere in the world. This is one of the main advantages of opening a domiciliary account in Nigeria.

When someone abroad wants to send you money, they simply instruct their bank or payment service to wire the funds directly to your domiciliary account using your account details and SWIFT code.

Here’s how it works:

• Sender initiates transfer: The person sending you money provides your bank name, domiciliary account number, your full name, and the bank’s SWIFT/BIC code.

• Funds processed internationally: The money passes through correspondent banks and eventually lands in your Nigerian bank in the same currency (USD, GBP, or EUR).

• Direct credit into your account: The funds are then credited to your domiciliary account without conversion into Naira.

The beauty of this process is that you can receive money without it being automatically changed to Naira, unlike Western Union or MoneyGram, where funds are usually paid out in local currency.

This makes domiciliary accounts ideal for:

• Freelancers and remote workers getting paid from clients abroad

• Business owners importing goods and paying foreign suppliers

• Students receiving tuition support from relatives abroad

The only thing to note is that transfer charges apply, and sometimes it takes 2–5 business days for the funds to reflect, depending on the country and bank involved.

In summary, your domiciliary account is like an international wallet. Yes, you can receive money directly into it, and the funds will remain in the same foreign currency until you decide to withdraw or use them.

Which bank gives dollar card in Nigeria?

Many Nigerian banks issue Dollar debit cards to domiciliary account holders. These cards are essential because they allow you to spend your foreign currency balance directly without converting it into Naira.

Some of the top banks that give Dollar cards include:

1. GTBank: Offers a Dollar MasterCard linked to your domiciliary account. It works for online payments (PayPal, Amazon, subscriptions) and ATM withdrawals abroad.

2. First Bank: Issues Visa and MasterCard Dollar debit cards to domiciliary account holders. It is widely accepted globally.

3. Zenith Bank: Provides Dollar debit cards that are especially useful for international business payments.

4. UBA: Known for its Africard Dollar prepaid card, UBA also issues debit cards linked to domiciliary accounts.

5. Access Bank: Issues Dollar debit cards that can be used for international online transactions and withdrawals.

To get a Dollar card, you must first open and fund a domiciliary account with the required minimum balance. The bank then issues the card, which can be used both in Nigeria (for online international transactions) and abroad.

The main benefit is that these cards bypass the limits on Naira cards, which usually restrict monthly international spending. With a Dollar card, you can spend freely as long as you have enough balance in your domiciliary account.

In summary, almost all major Nigerian banks (GTBank, First Bank, Zenith, UBA, Access Bank) issue Dollar cards, but GTBank and First Bank are often considered the most reliable and widely accepted.

How much is the minimum balance for a domiciliary account in Nigeria?

The minimum balance required for opening and operating a domiciliary account in Nigeria varies from bank to bank. Generally, Nigerian banks request between $50 and $100 (or equivalent in pounds or euros) as the minimum opening balance for individuals. For corporate domiciliary accounts, the requirement may be higher, sometimes around $500 or more, depending on the bank’s policy.

Here’s a breakdown by popular banks:

• GTBank: Usually requires about $100 minimum opening balance.

• First Bank: Often requests around $50 to $100.

• Zenith Bank: Around $100 minimum deposit.

• UBA: Flexible, usually $50 or more.

• Access Bank: Requires between $50 and $100, depending on the account type.

It is important to note that some banks do not require you to maintain a constant balance after opening the account. For example, once you deposit the opening amount, you can use it. However, certain banks insist that you keep at least $20–$50 in the account to avoid it becoming dormant.

Apart from the opening balance, banks also require basic documents such as:

• A valid means of identification (NIN, international passport, driver’s license, or voter’s card)

• Two passport photographs

• Utility bill (not older than 3 months)

• Completed account opening form

• Sometimes a referee (for certain banks like First Bank)

In summary, the minimum balance for a domiciliary account in Nigeria is between $50 and $100 for individuals, and higher for corporate accounts. It’s always advisable to check with your specific bank because policies can change.

Can I withdraw money from my domiciliary account in Nigeria?

Yes, you can withdraw money from your domiciliary account in Nigeria, but only in the currency in which the account is funded (USD, GBP, or EUR). Nigerian banks do not allow you to directly withdraw the foreign funds in Naira unless you request a conversion.

Here are the withdrawal options available:

1. Cash Withdrawal: You can walk into your bank branch and withdraw physical dollars, pounds, or euros, provided the bank has sufficient cash availability. However, sometimes banks place restrictions on the amount you can withdraw per day.

2. ATM Withdrawals Abroad: If you have a Dollar debit card linked to your domiciliary account, you can use it to withdraw cash from ATMs outside Nigeria. This is especially convenient for Nigerians traveling abroad.

3. Transfers: You can transfer money from your domiciliary account to another person’s domiciliary account within Nigeria or abroad via wire transfer.

4. Conversion to Naira: If you want to spend the funds locally, you can request that the bank convert your foreign currency into Naira. The conversion is usually done at the bank’s official rate, which may be lower than the parallel (black market) rate.

Things to note:

• Some banks require prior notice for large foreign currency withdrawals.

• International transfers may attract fees between $10 and $30 per transaction.

• Dollar liquidity in Nigerian banks can sometimes be limited, meaning cash withdrawals are not always guaranteed.

In summary, yes, you can withdraw money from your domiciliary account in Nigeria either as foreign currency cash, international ATM withdrawals, or bank transfers.

What is the benefit of a domiciliary account in Nigeria?

A domiciliary account offers several benefits, especially in today’s Nigerian economy where foreign exchange transactions are critical. Some of the key benefits include:

1. Receive Foreign Payments Directly: Freelancers, students, and business owners can receive money directly from clients or relatives abroad without conversion to Naira.

2. International Spending: With a domiciliary account linked to a Dollar debit card, you can pay for online services like Netflix, Amazon, Facebook ads, or tuition fees without restrictions that affect Naira cards.

3. Foreign Currency Savings: You can save money in foreign currencies (USD, GBP, EUR), which protects your funds against Naira devaluation. This is one of the biggest advantages given the fluctuations in Nigeria’s exchange rates.

4. Business Transactions: Importers and exporters can pay or receive money directly in foreign currencies, making trade easier.

5. Hedging Against Inflation: Holding funds in dollars or euros is a way to protect wealth, as inflation and currency depreciation have less effect compared to saving in Naira.

6. Access to International Investments: Having foreign currency savings makes it easier to invest abroad, pay for foreign services, or fund education outside Nigeria.

In summary, the main benefits of a domiciliary account in Nigeria are direct access to foreign funds, protection against Naira devaluation, easy international transactions, and business convenience.

Can I receive PayPal money in my domiciliary account in Nigeria?

Yes, you can receive PayPal money in your domiciliary account in Nigeria, but it depends on how your PayPal account is set up. PayPal has certain restrictions in Nigeria, especially when it comes to receiving payments.

As of 2025, Nigerians can open a PayPal account and use it for sending payments, shopping online, and linking to their debit cards, but receiving funds directly into PayPal from clients abroad is still limited.

However, there are workarounds:

1. Linking PayPal with a Domiciliary Account via Debit Card:
   You can link your domiciliary account’s Dollar debit card (such as GTBank Dollar card, UBA Africard, or Access Bank Visa Dollar card) to PayPal. This way, if you have a PayPal account that allows receiving money (often through business or cross-border accounts), you can withdraw your PayPal balance to your domiciliary account.

2. Using Third-Party PayPal Services:
   Some Nigerians open PayPal accounts in countries like the U.S., UK, or UAE (using family/friends or registered businesses abroad). These accounts can receive payments, and the funds can then be withdrawn to a Nigerian domiciliary account through linked Dollar cards.

3. Indirect Method:
   If your Nigerian PayPal cannot directly receive funds, clients abroad can send money to a trusted PayPal account (in supported countries). From there, the funds can be sent to your domiciliary account using international wire transfer or money transfer services.

Important Note: PayPal charges withdrawal fees (around $5 per transaction) and conversion rates if you are withdrawing to a Naira account. To avoid losing value, linking a domiciliary account in USD, GBP, or EUR is the best option.

In summary, yes, you can receive PayPal money in your domiciliary account in Nigeria, but the process works best if you have a PayPal account that supports receiving funds internationally or use a workaround with a foreign PayPal account.

How long does it take to receive money in a domiciliary account in Nigeria?

The time it takes to receive money in your domiciliary account in Nigeria depends on the method of transfer and the bank involved. On average, it can take a few minutes to 5 working days.

Here are the common scenarios:

1. International Wire Transfers (SWIFT):
   This is the most common way people receive money in their domiciliary account. Transfers from the U.S., Europe, or Asia usually take 2 to 5 working days. Some banks process them faster, but weekends and public holidays can cause delays.

2. Transfers Between Nigerian Banks’ Domiciliary Accounts:
   If someone transfers money from their domiciliary account in GTBank to your domiciliary account in First Bank (for example), the transfer is usually completed within 24 hours, sometimes instantly.

3. PayPal or Online Payment Gateways:
   If your PayPal or Payoneer account is linked to your domiciliary account, withdrawals usually take 1 to 3 working days to reflect, depending on the service provider.

4. Cash Deposits:
   If someone deposits physical dollars, pounds, or euros into your domiciliary account, the money reflects immediately.

Factors That Affect Speed:

• Time zones of the sending country.

• Compliance checks and anti-money laundering regulations.

• Bank processing speed and network connectivity.

In conclusion, receiving money in a domiciliary account in Nigeria typically takes between a few hours and 5 business days, depending on the transfer method.

Can I deposit Naira into my domiciliary account?

No, you cannot deposit Naira into a domiciliary account in Nigeria. Domiciliary accounts are designed strictly for foreign currencies such as U.S. dollars (USD), British pounds (GBP), or euros (EUR). Nigerian banks do not accept Naira deposits into these accounts because domiciliary accounts are not meant for local currency transactions.

Here’s how funding works:

1. Foreign Currency Cash Deposit:
   You can walk into your bank branch and deposit dollars, pounds, or euros into your domiciliary account.

2. International Transfers:
   Funds sent from abroad through SWIFT transfers can be deposited directly into your domiciliary account.

3. Intra-Bank Transfers:
   Someone who already has a domiciliary account can transfer funds directly to your domiciliary account.

What Happens if You Try Depositing Naira?
The bank will reject the deposit because the account only recognizes foreign currency. If you want to use Naira, you must deposit it into your regular Naira savings or current account.

Alternative:
If you have Naira but want to fund your domiciliary account, you need to first exchange the Naira for foreign currency (either at the bank or via Bureau de Change/black market). After that, you can deposit the foreign currency into your domiciliary account.

In summary, domiciliary accounts are for foreign currency only, and you cannot directly deposit Naira into them.

Which bank is best for domiciliary account in Nigeria?

Choosing the best bank for a domiciliary account in Nigeria depends on your needs—whether it’s for easy international transfers, low charges, customer service, or accessibility. Some banks stand out more than others because of their track record with foreign currency transactions.

1. Guaranty Trust Bank (GTBank):
   GTBank is one of the most popular options for domiciliary accounts in Nigeria. It is widely accepted by international payment platforms such as Payoneer, Skrill, and PayPal. GTBank offers quick processing of SWIFT transfers, seamless internet banking, and a functional mobile app for managing your funds. One advantage is their GTWorld app, which makes it easier to monitor international transactions.

2. First Bank of Nigeria:
   First Bank is another excellent option because of its long-standing relationship with international banking institutions. It is reliable for receiving large foreign transfers, such as business payments or school fees. Their customer service for forex-related transactions is generally strong, and they allow multiple foreign currencies (USD, GBP, EUR).

3. Zenith Bank:
   Zenith Bank is recommended for business owners who handle frequent international transactions. Their domiciliary account services are designed with corporate clients in mind, offering fast wire transfers, foreign currency loans, and multiple transfer options. Zenith is also well-known for its stable forex services.

4. UBA (United Bank for Africa):
   UBA offers the Africard, which is a prepaid card linked to domiciliary accounts. It is particularly useful for Nigerians who want to shop online or withdraw abroad without complications. UBA is also reliable for freelancers and individuals who depend on foreign clients.

5. Access Bank:
   Access Bank provides multiple currency options and is known for offering competitive exchange rates. It is especially useful for Nigerians who want to convert their domiciliary funds into Naira at reasonable rates.

Verdict:
If you are a freelancer or individual receiving payments from platforms like PayPal/Payoneer, GTBank or UBA may be the best. If you’re a business owner dealing with large transfers, Zenith or First Bank may serve you better. For those prioritizing exchange rates, Access Bank can be a smart choice.

How do I transfer money from my domiciliary account to another bank?

Transferring money from your domiciliary account to another bank is simple, and there are two main options: domestic transfers (within Nigeria) and international transfers.

1. Domestic Transfers (Within Nigeria):

   • If you want to transfer from your domiciliary account in GTBank to another domiciliary account in Access Bank (for example), you can use internet banking, mobile banking apps, or walk into the branch.

   • You’ll need the recipient’s account number, the bank name, and the currency type (USD, GBP, or EUR).

   • Transfers within Nigeria are usually processed within 24 hours.

2. International Transfers (Outside Nigeria):

   • This is done using the SWIFT code system. You will need the recipient’s bank details, SWIFT code, account number (or IBAN for European countries), bank address, and currency type.

   • International transfers can take between 2 to 5 working days to reflect, depending on the recipient’s bank and country.

   • Charges apply, usually between $20 and $50 depending on the amount and bank.

Steps to Transfer:

• Log into your internet banking platform or visit the bank branch.

• Select “Transfer from Domiciliary Account”.

• Fill in the recipient’s account details and the amount in foreign currency.

• Confirm the transaction with your token or OTP.

• Keep the transaction receipt for records.

Note: Always double-check details before sending, because international transactions are harder to reverse.

Can I withdraw dollars from my domiciliary account in Nigeria?

Yes, you can withdraw dollars (or any foreign currency linked to your domiciliary account, such as pounds or euros) directly from your domiciliary account in Nigeria. Unlike a regular Naira account, your domiciliary account holds foreign currencies in cash form.

Methods of Withdrawal:

1. Cash Withdrawal at the Bank:

   • You can walk into your bank branch with a withdrawal slip, fill in the amount, and collect your funds in physical dollars, pounds, or euros.

   • This is the most common method for people who need foreign currency for travel, tuition, or business.

2. Withdrawal with Dollar Debit Cards:

   • Many Nigerian banks issue debit cards linked to domiciliary accounts (e.g., GTBank Dollar Card, UBA Africard, Access Bank Dollar Visa).

   • These cards can be used to withdraw cash abroad from ATMs or to make purchases online in foreign currency.

3. Third-Party Withdrawals:

   • You can also authorize someone to withdraw on your behalf with proper identification and instructions at the bank.

Important Notes:

• Banks often impose limits on how much foreign currency you can withdraw per day.

• If the bank does not have enough foreign cash available, they might ask you to return on another date.

• Charges may apply for withdrawals, especially when using ATM cards abroad.

In summary, domiciliary accounts allow you to withdraw dollars or other currencies conveniently in Nigeria, either over the counter or with a debit card.