Can I receive dollars in my UBA naira savings account?

Since the value of dollars is increasing daily when compared to the Nigerian naira, it is a huge plus if you can find a way to earn/receive dollars in Nigeria.

The current value of a dollar to naira is over 700 naira, this means that if someone sends you a $100, you can get 70,000 naira plus in naira.

If you have a UBA naira savings account, and you are wondering if you can receive dollars in it, then you need to continue reading.

In this post, I am going to be answering the question “Can I receive dollars in my UBA naira savings 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 the best domiciliary accounts in Nigeria

Can I receive dollars in my UBA naira savings account?

The answer to this question is YES & NO. YES in the sense that someone can send dollars to your UBA naira account when you provide them with your bank account details and your bank SWIFT BIC

Once the money is sent to your naira bank account, UBA will convert the money using the bank official dollar to naira rate, before crediting your naira account with the equivalent.

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

NO, in the sense that, you cannot receive dollars in your naira account, it will have to be converted to its equivalent in naira and credited to your bank account.

Now, if you want to receive the dollar in your account without the bank converting it for you, then you will have to open a UBA domiciliary account.

About UBA domiciliary account?

A domiciliary account, popularly called a ‘Dom Account’, is any account type that is run in foreign currency. It could be a savings or a current account, but it is in every other currency but Naira.

The UBA Domiciliary account allows you to send money to your friends & family abroad, while also allowing you to receive money in foreign currency

UBA operate three different types of domiciliary account called Freedom Dom Account, Dom Advantage Account and UBA Kiddies Domiciliary Account.

Pros of receiving money with your UBA 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 UBA 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 UBA 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.

Read my post on how to open UBA domiciliary account

Cons of receiving dollars with your UBA 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 UBA and more.

Summary

With the above, you should have a good idea of receiving dollars in your naira account and more. If you need further information, you can leave us a comment or visit our contact us page and we will get back to you as soon as we possibly can.

Conclusion

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