Are you looking for how to open a dollar account in Nigeria? Find out now, procedures and requirements to open a dollar account in Nigeria
Creating a dollar account is no rocket since, and in this article we will list out the step by step guide how to create a dollar account also known as a Domiciliary account in Nigeria.
As the value of dollars keep appreciating in Nigeria saving in dollars can be a good investment.
Documents needed for creating a Dollar account
Whatever bank you choose to open a dollar account with it here are some documents you’ll need.
- Bank verification number
- ID card(National ID or voters card)
- Proof of address(NEPA Bill)
- Initial Deposit (varies by bank)
- Account opening form
- Reference/Guarantor’s form
- Two passports photographs
The above documents are the documents you’ll need for opening of your domiciliary account.
Let me further explain more about some of the documents you may not be familiar with.
Initial Deposit:
Some Banks requires you make an I initial deposit of 100$ before you are able to create a Dollar account.
How do you get the dollar? Banks Don’t sell dollars to individual easily like that. You’ll have to go to bureau DE change to buy a 100$ dollar and take it to your Bank to continue your account opening process.
Reference form
Reference form is also known as the guarantors form, when opening a dollar account your bank will require you to find 2 Guarantor’s preferably having a current account with your bank, to be your guarantor.
Procedures for Opening a dollar account in Nigeria
Now that you know the requirements for opening a dollar account let see how to create a dollar account in Nigeria.
Choose a Bank
To create a dollar account you can choose any bank of your choice, whether it’s First Bank, Access Bank, UBA, Zenith, Fidelity, WEMA, FCMB etc. Whatever bank you choose will serve the purpose.
Go to Bank to and your account opening form to fill
Now that you’ve decided on which bank you want to open your dollar with, go to the bank and collect your account opening form, the account opening form is same with all normal accounts, but in this case tell your account officer that you want to open a dollar account. They’ll make recommendations for you.
Kindly go along with your documents, the one we mentioned above except for the account opening form that you’ll be given at the bank and the reference form.
Once you fill the form and get get your guarantor to sign your reference form. With all the other documents we mentioned above ready your, dollar account will be ready within a day or after 3.
Key things to Remember while opening a Dollar account.
- You’ll need an opening balance or 100$ for most banks.
- You’ll need guarantors to sign your reference form.
- The requirements for opening a dollar account may vary by bank and the type of the account with savings or current.
As you can see opening a dollar account isn’t a rocket since it’s basically a straight forward process.
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Advantage of a dollar account
Some of the advantages of opening a dollar account in nigeria includes:
Store of value: The US dollar is a relatively stable currency compared to the Nigerian naira, which can experience inflation and devaluation. Holding your savings in dollars can help protect them from losing purchasing power over time.
International transactions: A dollar account allows you to easily make and receive international payments without incurring currency conversion fees. This can be especially useful for people who do business overseas, receive foreign income, or travel internationally frequently.
Access to global investments: With a dollar account, you can invest in a wider range of assets denominated in dollars, such as stocks, bonds, and mutual funds. This can provide you with more diversification and potentially higher returns than investing solely in Nigerian assets.
Online shopping: Many online retailers only accept payments in dollars, so a dollar account can be convenient for making purchases on international websites this is obvious for those into mini importation or buying from foreign sites like AliExpress and Amazon
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Below are some of the dollar account opening process for some banks
- Access Bank: Dollar account opening process https://www.accessbankplc.com/personal/everyday-accounts/domiciliary-account
- First Bank: account opening process https://www.firstbanknigeria.com/personal/accounts/domiciliary/domiciliary-account/
- FCMB: Dollar account opening process https://www.fcmb.com/domiciliary-savings-account
- GTB: Dollar account opening process https://www.gtbank.com/business-banking/international-trade/international-payments/domiciliary-accounts
- UBA: Dolls account opening process https://www.ubagroup.com/nigeria/personal-banking/accounts/domiciliary-account/
Final Thought
Opening a dollar account in Nigeria can is a straightforward process, but it’s important to do your research and choose a reputable bank that meets your needs. Remember to gather the necessary documents, compare fees and interest rates, and be aware of potential risks before making a decision.
Do you have any question or recommendation regarding opening a dollar account in Nigeria? Feel free to drop your question in the comment section below