Opening a dollar account can simplify how you manage international payments and savings. Whether you’re a freelancer earning in USD, need to send or receive payments from abroad, or want to save in a stable foreign currency, setting up a dollar account is easier than you might expect.
In this article, we will walk you through how to open a dollar account in Nigeria, so you can start receiving money from anywhere in the world without delay.
What is a Dollar Account?
A dollar account, also known as a domiciliary account, is a type of bank account that allows you to hold, send, and receive money in foreign currencies, typically USD.
Unlike a regular Naira account, which only supports the local currency, a dollar account enables you to carry out transactions in dollars.
This kind of account is especially useful for receiving international payments, paying in dollars, and saving in a more stable currency. You can open a dollar account with traditional banks or through mobile apps that offer foreign currency services.
Why you should open a dollar account
Opening a dollar account can give you more financial flexibility, especially if you regularly deal with international transactions. Here’s why you should consider opening one:
- Receive International Payments
If you’re a freelancer working with foreign clients, you’ll often need a payment method that supports USD transactions. Most international clients won’t be able to transfer dollars directly to your Naira account. But, a dollar account allows you to receive payments in dollars without any hassles. - Pay for Subscriptions
Naira cards no longer work for many international subscriptions on platforms like Apple Music, Spotify, or productivity tools like Notion. A USD account enables you to get a dollar card, which you need to make payments on these platforms. - Make International Purchases
Shopping on e-commerce sites like Amazon, Shein, and AliExpress requires dollar payments. You can easily buy products on these platforms with a dollar card linked to your account. - Save in Dollars
With the Naira’s instability, saving in dollars offers a way to protect your money. This is because a USD account allows you to store your savings in a more stable currency and withdraw when needed.
How to open a dollar account with your bank
1. Visit Your Local Bank
For traditional banks like Zenith, First Bank, or Access Bank, you need to visit a branch and inform customer service of your intention to open a dollar account.
2. Fill Out the Account Opening Form You’ll be asked to complete a form with your details. Ensure all information is accurate and clear, and don’t hesitate to ask for clarification if needed.
3. Submit Your Documents
You’ll need to provide documents to verify your identity and other details. Depending on whether you’re opening the account as an individual or a business, the required documents can include:
- Recent Utility bill to verify your address
- At least two references
- Two passport photographs
- Valid ID (Driver’s License, National ID Card, International passport, Voter’s ID, or other government-issued ID)
- Bank Verification Number
- For foreigners: a residence permit
- For businesses: CO7, CO2, CAC 1.1 forms, certificate of incorporation, and other relevant documents (TIN, SCUML)
4. Wait for your account to be created
It could take anything from a few hours to days to create your dollar account, and it may take a bit longer for your dollar card to be issued, which you’ll need to make transactions. You will be notified through a text message or email when your account has been opened and ready for use.
5. Fund Your Account
After opening your account, you’ll need to make an initial deposit. The minimum deposit varies by bank but is typically around $100. Once funded, you can use your dollar account to receive USD payments, make international purchases, or save in dollars.
Drawbacks of creating a dollar account with your bank
While dollar accounts are great for receiving international payments and saving in foreign currency, there are a few downsides to opening one with a traditional Nigerian bank:
- You Can Only Fund with Dollars: You cannot fund your dollar account with Naira, so you’ll need access to USD. This can be a challenge if you don’t have a consistent source of foreign funds. Also, to withdraw your dollars as Naira, you may need to sell them to the bank at their exchange rate or withdraw the cash and convert it yourself.
- High Withdrawal Fees: Some banks charge relatively higher fees for withdrawing dollars. While the exact amount varies by bank, these fees can eventually add up and eat into your funds.
- Guarantor Requirements: Many banks require you to provide references or guarantors to open a dollar account, which isn’t always convenient for everyone.
- Inconvenient Opening Process: The process of opening a dollar account with your bank can be tiring. You’ll need to visit a bank branch, wait in long queues, and gather several documents before opening the account.
- High Minimum Deposit: Nigerian banks typically require a minimum deposit to activate the account. You may need as high as $100 to open a dollar account in a Nigerian bank. This can be inconvenient if you don’t have immediate access to that amount.
How to open a dollar account with Mular
Unlike traditional banks, where you need to visit a branch and wait days or even weeks for your dollar account to be created, Mular offers a faster, more convenient option. With the Mular app, you can open a dollar account, receive USD as USDT, and start transacting in just a few hours—all without a minimum deposit and monthly fees. Here’s how to get started:
Download the app
First, download the Mular app from the Play Store or App Store.
Create an account
Sign up using your email, phone number, and a secure password.
Complete your KYC
KYC (Know Your Customer) is a verification process that confirms your identity and protects your account from fraud.
You can complete your KYC on Mular by verifying your BVN and uploading a government-issued ID. The verification typically takes a few hours after which your account will be active.
Start Receiving USD
Once your KYC is complete, you can start receiving dollar payments from clients or family abroad. Select “Fund” and click on “Receive USDT.”
You can scan a QR code, copy your wallet address to add to invoices or share it directly via messaging apps. Payments typically take just 90 seconds to arrive!
Send USD as Naira
If you want to withdraw or send your dollars as Naira, simply click on the “Send” option within the Mular app.
From there, choose the recipient’s account or wallet and input the amount you wish to transfer.
The app will handle the currency conversion automatically at the current exchange rate, and the Naira will be deposited directly into your chosen account.
This process is fast, seamless, and doesn’t require any additional steps like visiting a physical bank.
Wrapping Up
Opening a dollar account allows you to receive dollar payments, make international purchases, and save in a stable currency. To open a USD account, visit your local bank branch and submit the necessary documents. Alternatively, you can choose a faster, more convenient option with Mular.
With Mular, you can create an instant, secure, and free dollar account and start transacting within hours—no long queues or paperwork required!