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Have you been trying to open a United States Dollar (USD) bank account recently? Do you feel overwhelmed by what you need or the time you have to spend creating one?
Opening a USD bank account is much easier than you think. As there are a couple of options you can explore. Some don’t even require you to leave the house.
Unfortunately, because of the several limitations of using your local account for foreign payments, several hurdles will prevent you from carrying out international transactions with just any account.
If you’re reading this, you’ll be learning in detail just how important having a US Dollar account is. This post will also cover how to open one and how you can easily convert your Dollar payments to your local currency.
Opening a Dollar account is pretty straightforward. There are two major ways you can get a USD or any other foreign account in your country, and they include;
1. Physical Banks: The first way is by visiting your bank branch and applying for a domiciliary account. A domiciliary account is a type of account that allows you to transact in foreign currencies. Most times, you can request for an accompanying physical card to help facilitate transactions.
At the bank, you have the option of opening a USD, EUR, or GBP account. In this scenario, you’d apply for a US Dollar domiciliary account. Here you’d typically visit your nearest bank branch, fill out a physical form and allow them to process the paperwork.
2. Via Grey: Grey is a seamless way to open and manage a US Dollar account. With Grey, you can create and use a dollar account without physically visiting any bank branch.
Since you get a foreign bank account that allows you to receive, send and transact in US Dollars, it’s a great alternative to consider. You also have access to seamless withdrawals, instant currency conversion, and low fees on international payments.
If you’ve never heard about Grey, it’s natural to be skeptical about whether or not it’s the right option for you. While traditional banks provide an opportunity to get a Dollar account, they tend to come with a couple of inconveniences and high withdrawal rates.
So, here are a few reasons why you should consider opening a dollar account with Grey today;
You can open an instant Dollar account on Grey without leaving the comfort of your home. All you need is a valid ID card and a copy of your recent utility bill.
To get started, follow these steps;
If you opt for a domiciliary account, you’d have to visit the bank branch and fill out a withdrawal form when you want to withdraw your USD. The bank also subjects you to the standard biometric and BVN verification process which could mean endless queues.
And sometimes, when the bank is low on dollar bills, you may be asked to withdraw a lesser amount so it can go round. So you may not have access to your entire account balance when you need it the most.
However, if you choose to use a Grey account, you can instantly exchange your USD for your local currency and withdraw any amount to your local bank account when you need to.
Here’s a step-by-step process on how you can achieve this;
Opening a Dollar bank account might be stressful in the past but all that has changed. With this guide, we’re certain that you can now open, manage and withdraw from a Dollar account whenever you need to. Take a step further by downloading the Grey Mobile App.
With the app, you can carry out USD transactions and other internet banking anywhere you go. All you need is your smartphone. Grey is available to download on the App Store and Google Play.
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