Have you been trying to open a US bank account recently? Do you feel overwhelmed by what you need or the time you have to spend creating one? 

Opening a US bank account is much easier than you think. There are a couple of options you can explore, and 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. 

How to open a US bank account

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 US, EU, or UK bank 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 bank 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 USD, it’s a great alternative to consider. You also have access to seamless withdrawals, instant currency conversion, and low fees on international payments. 

Benefits of opening a US bank account on Grey 

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;

• It’s free: You don’t have to pay to open a USD account. While most traditional banks have a minimum opening balance, opening an account with Grey is completely free!
• It’s instant: Once you've successfully opened your US bank account, you can start receiving payments immediately.
• Flexibility for international transactions: This flexibility is especially crucial for digital nomads and travellers who regularly book flights, accommodations, or subscriptions, allowing them to manage their finances efficiently without local banking restrictions.
• Lower transfer fees: With a foreign bank account, freelancers and digital nomads can receive payments directly in dollars or pounds, bypassing costly conversion rates and having better control over their finances.

How to open a US bank account on Grey

You can open a US bank account on Grey without leaving the comfort of your home. All you need is a valid ID card and proof of address (utility bill or bank statement).

To get started, follow these steps;

• Create a Grey account or Log in if you already have one
• On the dashboard, tap on ‘Accounts’ located on the left side of your screen
• Scroll to USD accounts and click on ‘Request USD Accounts’

• Enter the details of your valid identity card
• Fill in your address and add an image of your recent utility bill

• Once you get the virtual account, you can start sending and receiving USD payments online

How to convert USD to your local currency

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. 

Sometimes, when the bank is low on dollar bills, you may be asked to withdraw a lesser amount so it can go around. Thus, 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;

• Log in to your Grey account and tap on ‘Balances’ located on the navigation bar by the left side of your screen.
• Add a local wallet by tapping on ‘Add Balance.’

• Next, select the USD option from your balance and click on ‘Swap Funds’
• Proceed to your local currency’s balance and click on ‘Withdraw NGN’ to send this money to your local bank account

Opening a US bank account might have been stressful in the past, but that has changed. With this guide, we’re certain that you can now open, manage, and mange your currencies hassle-free. Get started today by creating a free Grey account!