Most of the information you’ll find online on sending money to Nigeria will most likely focus on naira delivery. But that’s not what you need if the recipient has a domiciliary account and wants to receive USD without converting to naira.
A Nigerian domiciliary account holds foreign currency, typically US dollars, without forcing an immediate conversion. Sending USD to one keeps that option in the recipient’s hands. It’s a decent choice for freelancers holding dollar savings, importers managing USD expenses, or anyone who wants to preserve dollar value rather than convert at a potentially unfavourable rate.
The mechanics of getting USD from a US bank account into a Nigerian domiciliary account are specific. You need to understand the required details, the fees you’ll encounter, and the mistakes that cause transfers to fail or arrive short before you send. For a broader overview of receiving dollar income in Nigeria, see our guide on how to receive US dollars in Nigeria and the options available for opening a Nigerian dollar account.
What is a domiciliary account?
A domiciliary account, also commonly called a dom account, is a bank account held at a Nigerian commercial bank that stores foreign currency without converting it to naira. The Central Bank of Nigeria (CBN) permits individuals and businesses to hold certain foreign currencies in domiciliary accounts at licensed Nigerian banks.
The key distinction from a standard naira savings account is that funds credited to a domiciliary account remain in the foreign currency in which they were credited. The account holder decides when and whether to convert, and at what rate. This matters because the naira has historically depreciated against major currencies, and holding USD can protect against the value erosion of naira conversions.
Domiciliary accounts are the primary mechanism by which Nigerians receive international SWIFT wire transfers in USD. CBN’s foreign exchange regulations require that inbound USD transfers be credited to a domiciliary account or converted to naira at the official rate. If a sender directs a USD wire to a standard naira account, the bank will convert it on arrival. If the recipient wants the money to remain in USD, the wire must be sent to the domiciliary account number, not the naira account number.
Both the naira and domiciliary accounts exist at the same bank for the same person and may look similar. They are different accounts with different account numbers. Confirm the domiciliary account number explicitly with the recipient before initiating the wire.
How to send USD via SWIFT wire: step by step
A SWIFT wire from a US bank to a Nigerian domiciliary account requires specific information, and if you miss any, it can cause delays, returns, or the transfer landing in the wrong account.
Step one: Collect the recipient’s domiciliary account details.
You need all of the following:
- Recipient’s full legal name, exactly as registered with the Nigerian bank
- The domiciliary account number (not the naira account number)
- The bank name and branch address
- The bank’s SWIFT code
The SWIFT codes for some major Nigerian banks are as follows: Access Bank: ABNGNGLA, GTBank (Guaranty Trust Bank): GTBINGLA, Zenith Bank: ZEIBNGLA, First Bank of Nigeria: FBNINGLA, United Bank for Africa (UBA): UNAFNGLA, Stanbic IBTC Bank: SBICNGLX, Ecobank Nigeria: ECOCNGLA, Fidelity Bank: FBNKNGLA, FCMB (First City Monument Bank): FCMBNGLA.
Always verify the SWIFT code directly with the recipient’s bank before initiating a high-value transfer, as branch-specific codes sometimes differ from the head office code.
Step two: Initiate the wire transfer at your US bank.
Log in to your online banking or visit a branch. Navigate to international wire transfers. Enter the recipient’s details: full name, domiciliary account number, bank name, branch address, and SWIFT code. Specify USD as the transfer currency. Nigeria is a USD-only wire destination at Bank of America; Bank of America requires international wires to Nigeria to be sent in US dollars due to local regulations, and foreign currency transfers are not available to this destination.
Step three: Select your charge instruction.
Depending on your bank, you may be asked whether to use SHA (shared charges) or OUR (sender pays all). Under SHA, correspondent bank fees are deducted from the transfer amount in transit, meaning the recipient receives less than what you send. Under OUR, you pay all correspondent fees upfront, and the recipient receives the full amount. For transfers where the recipient needs a specific USD amount, OUR is the right choice. For transfers where the fee deductions are acceptable, SHA is the standard default.
Step four: The wire routes through the SWIFT network.
Not all US banks have direct correspondent relationships with Nigerian banks. A US-to-Nigeria wire might involve two or three correspondent bank hops due to limited direct banking relationships. Each correspondent bank in the chain processes and forwards the payment, and under SHA, each one can deduct a fee from the transfer amount before forwarding the remainder.
Step five: The money arrives in the domiciliary account.
SWIFT transfers to Nigeria typically take one to three business days. Large transfers may be held for CBN compliance review, which can extend the timeline. Once that is cleared, the USD is credited to the domiciliary account and remains in dollars until the account holder decides to convert or withdraw.
What a SWIFT wire really costs
The posted fee at your US bank is not the full cost of a SWIFT wire to Nigeria. Three fee layers stack on every transfer.
Layer one: Your US bank’s outgoing wire fee
A 2026 NerdWallet survey reported a median outgoing international wire transfer fee of $45, with major US banks charging $35 to $50 per send. Chase charges $40 online for USD wires. Bank of America charges $35 for online transfers. Wells Fargo charges $25 to $45, depending on account type.
Layer two: Correspondent bank deductions in transit
Correspondent banks that relay the payment along the SWIFT chain can each deduct $10 to $30 in fees from the transferred amount before it reaches its destination. On a US-to-Nigeria wire routed through two correspondent banks, that’s $20 to $60 deducted from the transfer amount. Neither you nor the recipient is notified of these deductions in advance.
Layer three: The Nigerian receiving bank’s incoming wire fee
Nigerian banks charge an inbound wire fee on SWIFT receipts. This is typically deducted from the funds upon arrival before they are credited to the domiciliary account.
Here’s what this looks like on real transfers:
Also read: Sending USD from Nigeria to the USA: Step-by-step guide
Cheaper alternatives to a SWIFT wire transfer
For smaller or regular payments, the SWIFT route is difficult to justify. Here are the practical alternatives and when each one makes sense.
Multi-currency accounts (the recommended alternative for most senders)
Platforms like Grey provide USD accounts with US routing numbers and account numbers that senders can use to pay as a standard domestic US transfer, with no SWIFT correspondent chain involved.
The sender pays via ACH from their US bank account to a US account number. The money arrives in the recipient’s Grey USD balance without correspondent bank deductions. The recipient then controls when to convert or hold the USD. Multi-currency fintech accounts route payments through their own infrastructure rather than the SWIFT correspondent chain.
Grey’s deposit fee via ACH is 0.8%, capped at $10. On a $500 transfer, the fee is $4. On a $5,000 transfer, the fee is $10. Currency conversion is charged at 1% capped at $6 when the recipient converts to naira.
Stablecoin route
Some senders use USDC to move dollar value to Nigeria. The sender buys USDC on a US-licensed exchange, transfers to the recipient’s wallet address, and the recipient converts to USD or naira via a licensed Nigerian platform. This route avoids SWIFT entirely and can be faster, but requires both parties to be comfortable with crypto infrastructure and introduces volatility risk if either party converts at an unfavourable moment.
When SWIFT is still the right choice
If the recipient holds a domiciliary account and wants to receive funds in dollars without naira conversion, a bank wire is one of the most practical routes. SWIFT confirmations from US banks carry institutional credibility that other receipts may not in certain legal contexts. Nigerian property lawyers, courts, and some financial institutions require a bank-generated wire confirmation to authenticate a large transfer.
For transfers above $5,000 where the fixed fees are a small percentage, for institutional or legal documentation requirements, and for recipients who specifically need a SWIFT credit advice from a Nigerian bank, the traditional wire remains appropriate.
Sending USD to Nigeria with Grey
Grey provides a USD account with real US banking details, including a routing number and an account number issued by Grey's partner bank. Senders in the US use these details to pay as if they were paying any domestic US account. The payment goes out as a standard ACH transfer, bypasses the SWIFT correspondent chain entirely, and arrives in the recipient’s Grey USD balance within one to two business days.
For the recipient, the USD sits in their Grey account and can be held, converted to naira at a rate shown before confirmation, or used directly for USD-denominated expenses via the Grey virtual card.
The practical comparison on a $500 transfer: SWIFT costs $80 to $105 in stacked fees, leaving the recipient with $395 to $420. Grey costs $4 on the deposit, leaving the recipient with $496. On a monthly transfer of $500, that’s a difference of approximately $900 per year.
For senders who regularly send money to Nigeria with Grey, providing the Grey USD account details to the sender once removes all SWIFT complexity.
For those evaluating their full range of options, see our guide on sending money from the US for a broader comparison of methods and costs on the US-to-Nigeria corridor.
Frequently asked questions on how to send USD from the USA to a Nigerian domiciliary account
Can I send USD to a Nigerian domiciliary account from the US?
Yes. A USD SWIFT wire from any US bank to a Nigerian domiciliary account is the standard method for sending dollars that land in Nigeria and remain there as dollars. You need the recipient’s domiciliary account number (not their naira account number), their bank’s SWIFT code, and the bank’s branch address. Alternatively, if the recipient holds a Grey USD account, you can send via ACH as a domestic US transfer, which avoids the SWIFT fee chain entirely.
How much does a SWIFT wire to a Nigerian domiciliary account cost?
Sending USD to a Nigerian domiciliary account via SWIFT can cost up to $60 to $100 in stacked fees across the three layers: the US bank’s outgoing wire fee ($35 to $50), correspondent bank deductions in transit ($10 to $30 per bank), and the Nigerian receiving bank’s incoming wire fee. These fees apply regardless of the transfer amount, which is why SWIFT wires only make financial sense on larger transfers where the fixed cost is a small percentage of the total.
How long does a SWIFT wire to Nigeria take?
SWIFT transfers to Nigeria typically take one to three business days after the US bank initiates the transfer. Large transfers may be held for CBN compliance review, which can extend the timeline. Transfers initiated late in the US banking day or on Fridays may not begin processing until the following business day. Grey ACH transfers to a US account number typically arrive in one to two business days.
Is there a cheaper way to get USD into Nigeria without using SWIFT?
Yes. A USD account through a multi-currency platform like Grey receives ACH transfers from US senders at a fraction of the cost of SWIFT transfers. Grey’s deposit fee is 0.8%, capped at $10, compared to $60-$100 in SWIFT fees for the same transfer. The tradeoff is that the USD lands in a Grey account rather than a Nigerian bank domiciliary account. For recipients who need SWIFT credit advice from a Nigerian bank for legal or institutional purposes, traditional wire transfers remain necessary. For everyday dollar receipts, the ACH route through Grey is significantly cheaper.
Grey charges fees on deposits, conversions, and withdrawals. Deposits via ACH incur a 0.8% fee (minimum $2, maximum $10). Currency conversions are charged at 1%, capped at $6. Withdrawal fees vary by currency: ₦35 for NGN. Exchange rates are variable and include a margin over the mid-market rate. Always review fees and the rate before confirming a transaction.
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