In this article, you will get to see complete information on how to open a dollar account in Nigeria. You will get to learn about the various requirements for opening a dollar account in Nigeria.
Before I go ahead to state the requirements you would need in opening a dollar account, first of all, you need to get to know what a dollar account is.
What is a domiciliary (Dollar) account?
A dollar account is a kind of domiciliary account that enables a person to receive money in dollars overseas and send money also. A Domiciliary account is an account that operates on a particular foreign currency apart from naira.
Advantages of domiciliary (Dollar) account
There are different reasons why people open a dollar account, some of those reasons include:
- To save money in dollars for future purposes
- To pay for goods imported in other countries
- Some people open dollar account when they are planning to study abroad
- When you work with a foreign company online as a freelancer you can open a dollar account to receive payment in dollars.
- To be able to receive and send money in dollars
The reasons for Nigerians to open a dollar account are much, especially now that dollars are increasing.
Requirements for opening a domiciliary (Dollar) account
There are requirements you need to follow before you can be able to open a dollar account, below are some of those requirements.
How to open a Domiciliary account in Nigeria?
The process of opening a dollar account is almost the same as opening a naira account.
- You would need to bring a photocopy of a government-issued identity card e.g like international passport, voters card, or other legitimate government-issued identity card.
- You would have to bring a passport photograph
- You will bring two reference forms that were signed by the owners of current accounts in your bank.
- Then you will bring a utility bill that carries your residential address, which is not more than 3 months.
When you follow the steps above, you will successfully open a dollar account.