Can I receive dollars in my Naira account?
The value of naira is constantly dropping in value on a daily, and if you are one of the lucky ones who have found a way to earn money in dollars, then you will need to know how best to receive your dollars in Nigeria.
So I have been getting a lot of questions from people asking about “Can I receive dollars in my Access bank naira account?”, “Can I receive dollars in my UBA naira account?”, “Can I Receive dollars in my Gtbank naira account?”, “Can I receive dollars in my First bank naira account?” and more.
I decided to answer this question in this post, and by the end of this post, you should have your answer, and also know a few other things.
Remember to leave us a comment after you finish reading and also share with your friends on social media.
Let’s get into it then.
Read my post on the best domiciliary accounts in Nigeria
Can I receive dollars in my Naira account?
The answer to this question is YES, but there a few other things you will need to know and then you can decide if you should be using your naira account to receive naira.
Now, you can definitely receive dollars sent via wire transfer in your Gtbank naira savings account, Access bank naira account, UBA naira account, First bank naira account etc.
The dollars sent to your naira account will be converted by your bank to its naira equivalent before it can reflect on your bank account.
For example, if someone sends $100 to your naira account, and the current bank rate is 500 naira per dollar, then your bank will convert your $100 dollars to 50,000 naira and it will reflect on your bank account.
To receive dollars via wire transfer on your naira bank account, you will need to provide the sender with your bank account details and your bank SWIFT BIC, then the sender can send you the money.
About a domiciliary account?
A domiciliary account is an account that operates in foreign currencies likes dollar, pounds, euros etc. You can receive, send and deposit foreign currency on your domiciliary account.
With a domiciliary account, you can save your money in foreign currency, you can receive money from outside the country and more.
If for example someone wants to send you $100, you can provide them your domiciliary account number, and they will send you the $100, which you can change to naira from any trusted Bureau De Change operators.
Pros of receiving dollars with your naira account
- The process is less stressful for you, as all you have to do is provide the sender with your bank account details and your bank SWIFT BIC, then the sender can send you the money.
- You do not need to exchange the money from any Bureau De Change operators, as the bank will do that for you.
Cons of receiving dollars with your naira account
The main con of receiving dollars in your naira account is that the bank will convert your money at their current bank rate. However, if you take the money to a bureau De Change operator, you can get a higher rate.
For example, if you receive $100 dollars on your naira account, you will get 50,000 naira in your bank account, assuming the rate is 500 naira per dollar.
However, if you take that same $100 to the bureau De Change operator, you can get as higher as 700 naira per dollar, which is about 70,000 naira. As you can see that is a whole 20,000 naira difference.
Best domiciliary accounts in Nigeria
Read my post on how to open a access bank domiciliary account
Zenith bank domiciliary accounts give you the opportunity to conveniently carry out foreign transactions wherever you may be. With access to the debit cards, internet banking, and mobile banking application, your transfers, payments, standing orders etc. can be done without you walking into the banking halls.
Guaranty trust bank (GTbank)
Make foreign currency transactions conveniently from the comfort of your home, office or anywhere in the world with your GTBank Domiciliary Account. Available in US Dollar, Pounds or Euro, you can fund your account via traveler’s cheques, foreign currency cheque lodgments and cash inflows and deposits. You can also make withdrawals from any GTBank branch.
The Domiciliary Current account is designed to enable you carry out local or international transactions from the comfort of your home, office or abroad. The account is funded in Pounds, Euro, Dollars and Yen.
The account can be opened by Individuals, Business Owners, Small and Medium scale enterprises, corporate organizations.
With the above, you can see that it is more advantageous to receive dollars in your domiciliary account, however if you just wanted to know if you can receive dollars in your naira account, then you have your answer.
If you require further help, then you can contact us by visiting our contact us page or leaving us a comment below, and we will get back to you as soon as we possibly can.
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