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Receiving US Dollars in Nigeria can sometimes be complex, especially when you don’t have a foreign account. While your family members or loved ones prefer to use mobile wallets like Paypal or Venmo, unfortunately, these options aren’t available to Nigerians.
If you are looking to receive money from your business partners outside the country, they’d often want a more official way to send it across. However, you might encounter unforeseen delays or restrictions with domiciliary accounts. This not only makes receiving Dollars and other foreign currencies hard but sending money to Nigeria too.
That’s why in this article, we’ll be reviewing three different ways you can 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
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 get 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 and receive the equivalent sum in your naira account. Note that this conversion is subject to bank exchange rates which can be significantly lower.
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 US Dollars in cash from any pickup location. Although, this means you’d have to find ways to convert the money into Naira. However, if you don’t choose to withdraw cash physically, transfer services like World Remit require that you create a domiciliary account so for direct bank deposits.
Grey is a global banking service that provides foreign accounts for Nigerians. So with a Grey USD account, you can receive foreign payments like USD and swap them at competitive rates to Naira. Afterward, 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.
We recommend creating a Grey foreign account for receiving US Dollars in Nigeria, and here’s why;
Ready to start receiving US Dollars with ease? Simply follow these steps below to create a Grey USD account;
While domiciliary accounts and money transfer services are viable options for receiving US 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.
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