Have you been searching for a way to open a dollar account online in Nigeria without visiting the bank? Then this is the best place to be as we are going to examine some easy ways to open and operate a dollar account in Nigeria.
The rate at which young Nigerians are leveraging the technological space to make money online has led to increasing need for ways to repatriate or move the money accumulated on these online platforms to Nigeria. This is further worsened due to the fact that Nigerians are restricted from platforms like PayPal and Skrill.
But then, there is also a hitch when it comes to opening a standard domiciliary or dollar account which makes it difficult for young internet entrepreneurs to open domiciliary account. So in this article I am going to be walking you through on some easy ways of opening dollar account online in Nigeria without going to the bank or even stressing so much. Before we get down to the main business, there is need to understand what a dollar account means.
What is a Dollar Account?
A dollar account is an account that can receive foreign currency more precisely, USD through fund transfer and even through deposit. The owner of a dollar account can always use the debit card to transact on websites that operate with the US dollars. You can also withdraw your money by entering the banking hall and filling a withdrawal slip.
Now the importance of owning a domiciliary account which can also be called a dollar account is that, you get to receive funds from international platforms in Nigeria. You also get a debit card depending on the bank to do online transactions without experiencing difficulties since one can’t use Naira debit card on websites that operate in dollar. It has myriad of benefits and as such, any one earning from the internet should have one.
How to Open A Dollar Account Online In Nigeria Without Visiting Banks
Currently only two banks in Nigeria provide bankers with the opportunity to create dollar accounts without having to visit the physical branches. Below are the banks that you as a young entrepreneur can open dollar/domiciliary accounts with and start receiving your funds seamlessly;
1. Sterling Bank
The sterling switch is a multi-currency savings account that provides the customers with added value through an extended partnership network. You can have multiple currencies in the same account.
Apart from providing an opportunity for multiple currencies, you also get to access some investment opportunities and insurance. It is a super useful way for Nigerians in diaspora to send money back home without stress. That aside, switch is powered by Sterling Bank, all the monies are held in Sterling Bank and insured by NDIC; which entails that your funds are in good hands.
Advantages of Opening a Sterling Switch Multi-Currency Account
- No reference is needed
- Opening of accounts does not require any documentations.
- One account with multiple wallets of different currencies such as Naira, dollar, pounds and Euro.
- Withdraw your money at the ATM as well as in the banking hall with ease.
- Send and receive money to and from anybody, anywhere in the world, there are no restrictions.
If you wish to Open a Switch Multi-Currency Account, then follow the instructions below;
Download the Switch By Sterling app from Google Play store or Apple store for iOS devices and sign up with your BVN, take a selfie and fund your account with just 1,000 Naira. After signing up and funding your account, you will have a multiple wallet for different currencies (Naira, Dollar, Pounds and Euro).
A Sterling Bank know your customer agent will visit the address you provided to verify your home address before you start transacting with the new Multi-Currency Dollar Account.
You can visit switch website as well to sign up if you encounter any difficulties while signing up, simply visit any Sterling Bank branch near you for guidance and assistance.
2. Wema Bank
This is the second on this list and perhaps the easiest however, it involves little documentation because you will need a standard account before you can apply for the domiciliary account.
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Wema bank has a certain category of dollar account known as the domiciliary lite account that has zero opening and operating balance, doesn’t require any references and the holder can also access Wema bank’s mobile and internet banking channels. If you don’t have what it takes yet to open a standard domiciliary account, you can opt for this.
Some of the requirements needed to open a Wema dollar account online are;
- Valid means of Identification such as your international passport, driver’s licence, National ID Card, Voters Card.
- A passport photograph or a clear selfie.
Advantages of Opening A Wema Domiciliary Lite Account
- Zero opening and operating balance which entails that you don’t need any money to open the account and can withdraw all your money.
- No referee needed as in standard dollar account.
- Less documentation. The few things you need are the ones stated above.
- You can conveniently receive international transfers in any currency such as Euro, pounds and dollars.
- Can be upgraded to a standard domiciliary account known as Wema Dom plus.
Demerits of Opening A Wema Domiciliary Lite Account
- No cash deposits allowed on the account. This means that you can only receive funds and make payments with the funds received in the account. There is no way of depositing into the account.
- The maximum you can withdraw from a Wema Dom lite account is a cumulative $2,000. This means once you have withdrawn Upto $2,000 you won’t be allowed to make more withdrawals till you upgrade to Wema Dom plus.
How to Open A Wema Dollar Account (Dom Lite) Online
If you wish to open Wema Dom lite accounts visit Wema bank webpage or download ALAT by Wema from Google Play Store or apple store and create an account, upgrade the account to tier 3 by uploading the necessary documents then right in the app, you create a dollar account for international remittance.
Having issues with creating a Wema Dom lite account, simply visit one of their branches with the aforementioned documents to create a manageable dollar account for your online payments.