Easiest way to Open a Dollar Account in Nigeria Without Paying Anything (2022 Updates)

Have you been trying to open a dollar account in Nigeria recently, but thorn between feeling overwhelmed by what you need and the time you have to spend creating one?  well, I have good news to ease your burden and answer your questions…You will be learning in details the best way you can open a dollar account  and how you can easily convert your dollar payments to your Naira. These process i’m about to share is very fast, easy, reliable and suitable for any audience

To successfully  open a dollar account in Nigeria, some processes needs to be followed and others avoided, so for your own good, i would advice that you read through till the end, to get the best from this post because i would be saving the best for the last, so do well to read through till the end…Opening a dollar account is pretty straightforward. There are two major ways you can open a dollar account in Nigeria;

How to Open a Dollar Account in Nigeria Without Paying Anything (2022 Updates)

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 always 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 USD, EUR, or GBP 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 on your behalf. The five largest banks in Nigeria — FBN Holdings, United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), Access Bank, and Zenith Bank — all offer domiciliary accounts to individuals and businesses. The following are procedures to follow:

• Complete and Hand in Your Domiciliary Bank Account Application

The documents you need to hand in to the bank may change depending on the bank you choose. In general, Banks will require the following documents to open a dollar account for you in Nigeria:

1. A completed and signed Domiciliary Account opening form;
2. A copy of your ID (driver’s license, international passport, or national ID card);
3. One passport photograph;
4. Completed reference forms;
5. Proof of address (such as a utility bill issued within the last 3 months)

• Add an Opening Balance to Your US Dollar Bank Account

Your bank may set a minimum opening balance to your domiciliary account. FBN, for example, requires its clients to provide $500 while UBA has no minimum requirement to open the account. (Also be aware that most banks set a minimum operating balance, meaning that you will begin to incur fees if your account balance dips under that number.)

How to Fund Your US Bank Account from Nigeria Online

A traditional bank-to-bank wire transfer is not the only way to send US dollars internationally. if your bank allows you to set up direct deposits with a money transfer service (which are usually cheaper) so that your friends and family can send US dollars directly to your US dollar account.we almost always recommend money transfer services over bank-to-bank wire transfers because banks charge high fees and weak exchange rates.

By analyzing thousands of data points from 2021 and 2022, I have found Waivve to be among the three best money transfer services for sending US dollars to your Nigerian naira account…So, the second recommendation is undoubtedly Waivve…

2. Via Flaxx :

Flaxx is a seamless and very easy way to open a dollar account in Nigeria. With Waivve, you can create and manage your dollar account without having to physically visit any bank branch since you get a foreign bank account that allows you to receive, send and transact in US Dollars from anywhere in the world, it is a less stressful alternative to consider. You also have access to fast and easy withdrawals, instant currency conversion, and low fees on international payments.

Benefits of Opening a Virtual Dollar Account on Flaxx

If you’ve never heard about Waivve, it’s natural to feel very comfortable in deciding weather its the right option for you or not because of how good their service can be…While traditional banks provide an opportunity to get a Dollar account, they tend to come with a couple of inconveniences and high withdrawal rates. Which can be time and resource consuming. So, here are a few reasons why you should consider opening a dollar account with Waivve;

• It’s Absolutely Free:

You don’t have to pay to open a USD account its absolutely free and very easy to use, while most traditional banks have a minimum opening balance, at Waivve you can open a Dollar account at zero cost…Once you successfully open your Dollar account, you can start receiving payments almost  immediately.

You get international bank account details, including an international bank account number and routing number which makes your bank account suitable for official purposes.You enjoy low withdrawal rates, instant currency exchange and no extra cost when you make deposits to your account. They have a very fast and easy KYC verification process so you can get started with your US dollar account almost immediately.

• Easy to use:

The verification process is fast, secure and reliable and withdrawal is quite easy for any learned person to go through successfully without having to watch a handful of YouTube videos or blog post tutorial…You also get a 24/7 customer service at your beck and call whenever you need help with at waivve…

• Reliability:

“There are a lot of options I’ve had to use while working with foreign clients but so far waive has been the one that responds every single time I needed to make withdrawals fast ” this was feedback from a customer, so far, Waivve is the quickest, safest and most secure  way to transact foreign currencies from any other country to Nigeria.

To do a quick summary, the best way to open a dollar account in Nigeria:

Via your local bank

What You Will be Needing:

• A completed and signed Domiciliary Account opening form;
• A copy of your ID (driver’s license, international passport, or national ID card);
• One passport photograph;
• Completed reference forms;
• Proof of address (such as a utility bill issued within the last 3 months).

What You Will be Needing to open up an account with Waivve:

• Name
• Email address
• Phone no
• Username
• National identity card
• Password

Our recommendations are always unbiased and independent. So, we’ll love to hear your thoughts in the comments,” what form of dollar account creation would you rather prefer, The bank or Waivve?”

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