Can I receive dollars in my GTbank naira account?

If you have found a way to earn or receive dollars, then you are one of the lucky few, as the ever increasing value of the dollar in relation to the naira, means a few dollars can load your bank account.

If you are wondering if you can receive dollars in your GTbank naira account, then you will have to continue reading.

In this post, I will be answering the questions “Can I receive dollars in my GTbank naira account” and more.

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 how to open GTbank domiciliary account

Can I receive dollars in my GTbank naira account?

You can receive dollars in your GTbank naira account, all you have to do is provide your GTbank account number and your Swift BIC. With this, someone can send dollars to your GTbank naira account.

You should know that you won’t receive the dollars in your naira account, but it will be converted using the official bank rate to its equivalent in naira and credited to your naira bank account.

For example, if someone sends $10 to your naira account and the official bank rate is 500 naira per dollar, you will get 5000 naira credited to your naira account.

Now, if you want to receive dollars to your GTbank account without having the bank convert it for you, then you will need to open a GTbank domiciliary account.

About GTbank domiciliary account?

A Domiciliary account is a bank account in Nigeria that allows both individuals and companies to operate in foreign currency. This account allows customers to save their funds in US Dollars, Pounds, and euros.

GTBank domiciliary accounts make foreign currency transactions convenient from the comfort of your office, home, or anywhere in the world. Customers can deposit to this account through cash inflows, travelers Chequers, and other methods.

Pros of receiving money with your GTBANK naira account

The following are some of the advantages of receiving dollars with your naira savings account:

1. It is very straightforward, as you don’t need to worry about exchange your dollars to naira, as it will be done for you by the bank.
2. The process is very easy, all you have to do is provide the sender with your bank account number and SWIFT BIC and he/she can send you money.

Cons of receiving money with your GTBANK naira account

The main disadvantage of using your naira account to receive dollars is in the exchange rate. The official bank rate is usually significantly smaller than the rate you will get from a Bureau de change operator.

For example, if someone sends a $100 to your naira bank account, and the official rate is 500, you will get 50,000 naira to your account.

You can instead receive the dollars to your domiciliary account, withdraw it and take it to a bureau de change operator.

For example, if someone sends $100 to your domiciliary account and the exchange rate is 700 naira per dollar, you will get 70,000 naira. As you can see this is significantly better than the official rate.

Pros of receiving dollars with your GTBANK domiciliary account

Read my post on how to fund GTbank domiciliary account

The main advantage of using your domiciliary account to receive dollars is that you can exchange your money at a higher rate than you will normally get at the bank.

You can also be safe in the knowledge that you are saving in probably one of the most stable, if not the most stable currencies in the world.

Cons of receiving dollars with your GTBANK domiciliary account

Opening a domiciliary account is usually stressful and requires you to provide a lot of documentation and the current account of two people that bank with GTBANK and more.

Conclusion

Remember to share with your friends on social media and also subscribe to this blog for more banking and finance updates.

Thank you for reading my post on Can I receive dollars in my GTbank naira account? If you have any question or comment, you can leave it below in the comment section below.

Thank you once again.