Every eke market day, a new payment platform joins the market, promising Nigerians an efficient way to manage USD. While the healthy competition has helped the Nigerian payment sector grow sporadically over the last couple of years, it has also left Nigerians with many questions when choosing a payment platform. Doing ‘eeny, meeny, miny, moe’ with how you manage your money is never a good idea. It is imperative that you options, the perks and the drawbacks before choosing another.
This article breaks down the best dollar account apps in Nigeria right now, what each does well, where each falls short, and which type of user each is best suited for.
Before getting into the individual platforms, it helps to know what actually matters when comparing dollar account apps.
With those criteria in mind, here is how the main options compare.
Having considered these factors, here are some of the best dollar account apps.
Grey is one of the most popular apps for Nigerians who regularly receive international payments. It provides multi-currency accounts in USD, GBP, and EUR, allowing users to receive payments from foreign clients, freelance platforms, and companies.
Grey is designed specifically for remote workers and digital professionals who need to manage foreign income without relying on traditional banks. It takes only a few minutes to create an account, requiring a valid ID and proof of residence. Here are some benefits:
Grey fees include a 0.8% fee for receiving payments through ACH, SEPA, and FPS, with a minimum of $2/€2/£2 and capped at $10/€10/£10. The platform charges 1% for currency conversion, and ₦35 for NGN withdrawals. It offers free account maintenance, with specific, transparent fees for wire transfers, and virtual card creation ($4).
Also read: Ways Nigerians receive money from international marketplaces
Cleva is getting more popular among Nigerian freelancers for its speed and reliability. The platform supports USD transactions via ACH and wire transfers by providing real US account details. Withdrawals to Nigerian bank accounts are typically fast, and the platform has an active user base, which speaks well of the overall experience.
Cleva currently supports only USD, which is a significant limitation if any of your clients are based in the UK or Europe. It also offers a virtual USD card with a small creation fee, and there is a limit on withdrawal fees, which makes it cost-effective for higher-value transactions. ACH transfers have a minimum fee of $1.50 and a maximum of $20. There is a one-time creation fee of $3, which includes a $1 initial deposit. Funding the card incurs a 1% fee.
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Geegpay (now rebranded as Raenest) is a financial platform designed for freelancers, remote workers, and digital nomads in Africa to manage international payments. It provides users with multi-currency accounts and virtual cards to receive and spend global earnings seamlessly. Users can instantly generate legitimate bank accounts in USD, GBP, and EUR. These accounts can receive payments from platforms like Upwork, Fiverr, and Deel. The onboarding process is straightforward, and the app has a responsive interface and support. It is a solid all-rounder and one of the more competitive options on rates.
Geegpay generally charges 0.8% for USD deposits, capped at $15. It costs $3 to create a virtual card, $0.50 per card transaction, and a 2% international transaction fee for non-USD transactions. There are no monthly maintenance fees.
If you have been around for some time, you might be familiar with Payoneer. Payoneer is a household name in freelancing, thanks to its seamless integration with various platforms for payout. If you receive payments through Upwork, Fiverr, Amazon, or similar platforms, Payoneer is often the default payout option and requires the least additional setup.
Unfortunately, the exchange rates have some hidden margins that make them unfavourable. You pay up to 1% for receiving USD, up to 3% for credit card payments, and $3.15 for ATM withdrawals. There is an annual fee of $29.95 if users receive less than 6,000 USD in 12 months. Other fees include 0.5%–2% for currency conversion and up to 2%–2.75% for certain bank withdrawals. There are also annual account fees for users who don’t meet a minimum activity threshold, and withdrawal fees apply on top. With these charges, it is only a matter of time before they add up and significantly erode your earnings.
Also read: Best Payoneer and PayPal alternatives for freelancers in Africa
Payday offers virtual accounts in multiple currencies and is linked to a global Mastercard, making it a reasonable option for people who both receive international payments and frequently spend internationally. The platform allows users to manage USD, EUR, and GBP, and onboarding is fully digital.
Payday USD transaction fees primarily include a 3.5% + $0.50 charge for non-USD currency card transactions. For currency conversions, a 0.5% fee (capped at $5) applies. While receiving money is free, sending USD out of the wallet incurs a flat fee of 8 Pounds/Euro and 0.5% (capped at $25).
Perhaps best known for its virtual dollar card, Chipper Cash is a peer-to-peer money transfer app across Africa, also supporting cross-border payments between several African countries. Nigerians who already use Chipper for local transfers can easily switch to using the dollar account feature without opening a separate app. It costs $5 to get a USD card, and a $1 monthly maintenance fee will be charged to each card. Users pay a $0.90 flat fee on USD card transactions and 1% fee for original credit transactions where you receive money from external sources.
Also read: How Nigerian freelancers get international clients.
Dollar app accounts have ow made it easier for Nigerians to better manage USD transactions without unnecessary delays, red tapes, and high charges. Grey offers Nigerians USD, GBP, and EUR accounts, a built-in invoicing tool, a virtual card, and competitive conversion rates all on one platform. It takes only a few minutes to create an account and get your USD banking details for free.
Sign up on Grey and download the app to get started.
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