Receiving USD in Nigeria can sometimes be complex, especially when you don’t have a foreign account. While your family members or loved ones abroad might prefer to use mobile wallets like Paypal or Venmo to send money, unfortunately, these options aren’t easily accessible to Nigerians. 

If you are looking to receive money from your international business partners, they may prefer a more formal method. However, using domiciliary accounts can lead to unexpected delays or restrictions. This can make it difficult to receive foreign currencies like dollars but also to send money to Nigeria. 

That’s why this article will review three different ways to receive US Dollars in Nigeria. 

How to receive US Dollars in Nigeria

Whether you want to receive money from a loved one or for a business transaction, here are secure ways you can do that in Nigeria

1. Domiciliary accounts

With a domiciliary account in any traditional bank, you can ask the sender to make an international wire transfer to your account. Most banks in Nigeria allow you to create a USD domiciliary account since it’s one of the most widely accepted currencies in the world. 

Once you have this account, simply share your account details, address, SWIFT code, and routing number from the bank. Once they send the funds, you should receive the transfer after 72 hours. Unfortunately, in some cases, it might take longer.

To withdraw from this account, simply visit your bank branch and fill out a withdrawal slip. You can choose to withdraw cash or convert it to naira and receive the equivalent sum in your naira account. Note that this conversion is subject to bank exchange rates, which can be significantly lower.

2. Money transfer services

Many online money transfer services allow you to make dollar cash pickups or send the money directly to your Naira accounts. Some popular money transfer services available in Nigeria include Western Union and World Remit. While they might have slightly exorbitant fees, they offer competitive rates. 

You can receive your USD in cash from any pickup location. However, this means you’d have to find ways to convert the money into Naira. If you don’t choose to withdraw cash physically, transfer services like World Remit require that you create a domiciliary account for direct bank deposits. 

3. Grey

Grey is a global banking service that provides foreign accounts for Nigerians. So with a Grey US bank account, you can receive foreign payments like USD and swap them at competitive rates to Naira. Afterwards, withdraw the Naira to your local bank account and receive it in less than five minutes. This eliminates the need for a domiciliary account, long wait times, and exorbitant fees. 

The best way to receive USD in Nigeria

We recommend creating a Grey foreign account for receiving US Dollars in Nigeria, and here’s why;

• With domiciliary accounts, you have to visit the branch to create an account and process a withdrawal. However, you only need a smartphone, a valid ID, and a stable internet connection to use Grey. 
• Enjoy low withdrawal costs, unlike the high fees you’d have to pay to use money transfer services.
• Great conversion rates from USD to NGN without the need for carrying cash around. Convert your Dollars to Naira in just a few clicks on the Grey app
• Instant withdrawals when you need your money—you don’t have to go to cash pick-up centers or banks. Immediately pick up your device and deposit the naira equivalent into your local bank account.
• You’d get an IBAN and Routing number which makes this account suitable for official transactions with your business partners.
• Opening a Grey Dollar account is free; no minimum balances are required.

Receive USD in Nigeria with Grey

Ready to start receiving dollars with ease? Simply follow the steps below to create a Grey USD account:

Open a Grey account by signing up here.

• Next, fill out the biodata form. Ensure you enter the details as they appear in your Government-issued ID

• Upload your government-issued ID and a utility bill for KYC verification

• Verification usually takes minutes to hours if your documents are clear and valid. It could delay a few business days if there are issues with your uploaded documents or personal pictures. Once you get approval, you will receive your US bank account details and can begin using your account immediately.

While domiciliary accounts and money transfer services are viable options for receiving dollars in Nigeria, Grey is more convenient. You can withdraw into your local bank account and convert it into multiple currencies without leaving your home. 

Sign up on Grey today to enjoy seamless international banking from Nigeria!