Do you know that you can open a domiciliary account on your mobile phone without paying a dime or bringing any referee? Yes, you can do that!
Creating a domiciliary account in Nigeria is what many freelancers, business owners, and individuals are battling with, some succeed while some give up.
In this blog post, I will be showing you a step-by-step guide on how you can create a domiciliary account in the comfort of your home.
- Having a domiciliary account is like having a bank account abroad
- You can create a domiciliary account on ALAT.ng for free
- A Domiciliary account is not the best way to receive money abroad
- You can create either US Dollar, Euro, or GB Pounds domiciliary account or all on ALAT by Wema app
- The maximum withdrawal on ALAT.ng DOM account is $2,000 per day
What is a Domiciliary Account?
A Domiciliary account or simply a DOM account allows you to receive money in foreign currencies.
It’s simply like having a foreign bank account, let’s say in the USA, UK, or any country according to which type of domiciliary account you’re opening and which foreign bank did your local bank partnered with.
If you’ve been looking for a way to receive money from your clients or family member abroad, using a domiciliary account can be the best option especially during this Dollar-Naira inflation season.
But if you go to the likes of GT Bank and co., you will figure out that having a domiciliary account in Nigeria is more like “mission impossible” because the requirements are just too much.
For instance, the bank will ask you to bring two corporate account holders of that bank as referees and you must deposit $100 or more before you can be eligible to open a DOM account with them. Depositing $100 might not be the problem, but where are you going to see two corporate accounts holders that use the bank? Most people you’re familiar with are using a savings account.
It’s not their fault, that’s CBN policy to counter security issues. But does that mean we can’t get a domiciliary account in Nigeria if we can’t get those requirements? No!
We can get a domiciliary account on ALAT.ng for free and without using anybody as a referee.
How? That’s what I’m about to show you.
About ALAT by Wema Bank
Alat.ng or simply ALAT is a product by WEMA bank. According to the bank, ALAT is Nigeria’s first fully digital bank where you can manage your money on the go without visiting the branch office.
Well, I understand and care about that. The main point here is that ALAT is a digital bank owned by the WEMA Bank of Nigeria.
Now, before you can open a domiciliary account on ALAT.ng, you need to have a WEMA bank account to speed up the process, you definitely can come as an alien though 😉
Knowing that fully well, what are the requirement to create a DOM account on ALAT.ng?
Requirements to Get a Domiciliary Account on ALAT.ng
- ALAT app
- Utility Bill
- Government-issued ID (NIN Slip or International passport)
- Bank Verification Number (BVN)
- Two passport photograph
- And any amount ranging from N1,000 upward
Those are the things you need, and you’re good to go. Now, let’s talk about the big deal
How To Get Domiciliary Account in Nigeria on ALAT
Getting a domiciliary account on ALAT.ng is very easy, the requirement is easy too and they’re something you can get at your fingertip (as listed above). I will split this guide into two parts,
- Creating a WEMA bank account and
- Creating your domiciliary account
If you have a WEMA bank account, you can skip the first step and jump to step two.
# How to Create WEMA Bank Account
- Grab all the requirements listed above and let’s get them to work
- Visit any WEMA bank branch office in your area, tell them you want to open a new account
- Fill the account opening form and submit it
- They’ll ask for all the requirements I asked you to prepare, give them accordingly
- Deposit like a thousand naira to get your account activated (you can withdraw it later)
- Ensure your account is working, you can do a to-and-fro transfer to confirm
- That’s all.
Now, let’s open our domiciliary account
# How to Create Domiciliary Account on ALAT
You Need WEMA Bank Account
I believe you already have a working WEMA bank account, if you don’t have one, use the steps above to open one
Download ALAT Mobile App
Go to PlayStore (for Android) or your iOS Appstore and download an app called “ALAT by Wema” or simply search for ALAT and install it.
Sign up & login into Your Account
Open the app and sign in… You’ll be asked some questions like your BVN, name, date of birth, etc. Just make sure you answer everything correctly as you did when opening the Wema bank account.
You’ll also be required to upload a signature, you can sign on a piece of paper, snap it and upload.
The onboarding process is very easy, just make sure you fill everything correctly.
Do Some Transactions on ALAT app
Although this is not necessary, just do it. See if the ALAT app is working perfectly as I iterated earlier. Deposit some money and let’s create your domiciliary account now!
Start Creating the Domiciliary Account on the ALAT app
Here is how to create a domiciliary account in Nigeria on ALAT by Wema Bank:
- Open the app and make sure you’re on the front page. Then, click on “Accounts”
- At the top right corner of the new page you’re redirected to, click on “Create Account”
- Then click on “Domiciliary Account” – the first option probably
- Read the short information about the account and click on “Proceed” anyways
- Select currency. If you want US Dollar, Euro, or GBP domiciliary account, you can choose any
- Then click on “Create Account”
- Wait until the account is generated
- Congrats, you now have a domiciliary account in Nigeria without paying a dime!
That’s not all though, let’s talk about the frequently asked questions on the domiciliary account provided by ALAT (Wema Bank).
FAQs – Domiciliary Account on ALAT app
How can I receive money with my ALAT Domiciliary account?
To receive money into your ALAT domiciliary account, swipe to the account (e.g US Dollar) and click on “Fund Account”, the information needed to send to the sender will be displayed. Copy it and send it to the person who wants to send money to you.
Check the screenshot below:
Can I fund my ALAT domiciliary account myself?
No, you can’t. But if you need to save in foreign currencies like US Dollar, you can check this blog post on how to Save and Invest in US Dollar.
What is the maximum I can withdraw from my ALAT DOM account?
You’re currently using a DOM lite account, and the maximum you can withdraw is $2,000. If you want to withdraw more than that, you’ll need to visit the bank.
What is the Maximum I can receive into my ALAT domiciliary account?
No maximum, you can receive as much as possible. But note that you may be called for investigation if you receive more than $10,000 at once (according to CBN policy though).
Can I use my domiciliary account on ALAT to shop online?
Well, not really. You can use a domiciliary account to transfer and receive foreign currencies. But however, if you need a way to shop with a dollar card, there is a way to do that easily on the ALAT app.
How to Get Virtual Dollar Card on ALAT for Online Shopping
This is a “virtual”, not a physical card. Meaning that you can only see the card but you can’t hold it like your regular ATM card.
To get your virtual dollar card on ALAT, follow the steps below:
- Log in to ALAT on Mobile or Web.
- Tap on “Cards” on the main menu.
- Click on “ALAT Virtual Dollar Card”.
- You’ll be prompted to “Enter your ALAT Pin”
- Click on “Create Dollar Card”
- Fill in all required information to proceed.
- And that’s all.
If you have any questions regarding creating a domiciliary account in Nigeria or, on the ALAT app, feel free to use the comment box below to ask and I’ll be glad to help.
PS: I’m not a WEMA bank staff or agent.
Kuda Overdrafts: Eligibility and How to Qualify to Borrow Money from Kuda Bank
You’ve heard the popular anthem on YouTube, Streaming apps, or where that says: “No shame in borrowing when you can easily take Kuda Overdrafts” and you wonder what’s this all about? How can I qualify to borrow money?
I will quickly talk about that in this blog post. And I assume you don’t have an account with Kuda bank yet, but if you already have one, you can navigate to the right part for you by using the table of content below.
What are Kuda Overdrafts?
Kuda Overdrafts are money borrowed for a short period of time to take care of urgent issues. You can say Kuda Overdraft is a “short-term” loan, that’s how Kuda Bank describes it.
It’s not like a loan that you have to request before it’s disbursed, but the process is automatic, hence, it is called “Overdrafts” and not technically “loan”.
How Kuda Overdrafts Work
Assuming you have N50,000 on your Kuda bank, and you need to pay school fees of N100,000, you can withdraw that N100,000 to pay your school fees and your account will be -50,000 (If you are qualified already for overdrafts).
Just understand it as the way you borrow airtime or data from MTN when you need it urgently. You don’t need to visit the MTN office or fill any form before you borrow. Once you’re a regular user of MTN, you can borrow anything on the SIM and pay on your next recharge.
That’s how Kuda Overdrafts work – Just like using a credit card in foreign countries).
Learn More: What is Kuda Overdraft?
Because some Nigerians are victims of embarrassment resulting from taking loans online, you may think that Kuda Overdraft is in that caliber of embarrassing their customers. But Kuda Bank is not!
I’ve been using Kuda Bank for a few years and I enjoy their banking service. When I qualify for overdrafts, I took it (without shame) to see if they’ll frustrate my life but till now, I’ve never been embarrassed or stalked because I borrow money from Kuda bank.
Kuda Overdrafts Vs Other Loan Apps
- Low interest: Kuda Bank takes a very small interest. I mean very low as 0.3% daily interest. That is just N30 daily if you borrow N10,000 – If you pay up within 10 days, you’ll pay just N300, or let’s say you pay after a month, you’ll pay just N900. Crazy. Right?
- No Paperwork: You’re not filling any form either online or offline before you can qualify for Kuda Overdrafts.
- No Collateral: This may sound like an invalid reason why borrowing money from Kuda Bank is the best, but it is a valid reason. Those who said they don’t take collateral are right, but they’ll use the contacts on your phone as their collateral. You gerrit?
- No Embarrassment: As I said above, these loan apps will copy all the numbers on your contact list for special embarrassment later. Kuda bank doesn’t do this at all, you pay when you’re financially buoyant.
- I will also say borrowing money from Kuda bank will give you peace of mind, they will never call or email you to repay.
To borrow money from Kuda bank is not a “squid game” unlike fake loan apps that run after people’s life. If you want to know more about these loan sharks and how to avoid them, read this blog post.
How to Qualify for Kuda Overdrafts
There are steps you must take before you can be able to borrow money from Kuda Bank. They are:
- Become a User of Kuda Bank (Register and Verify your account)
- Use Kuda Bank regularly (to transfer, receive, pay bills, buy airtime)
- You’ll qualify automatically (Again, you don’t need to fill any form)
#1 Become a User of Kuda Bank
All you have to do is to download the Kuda Bank app on either Playstore or Appstore (for iOS), register, verify your BVN, phone number, and email address.
You may also need to upload your NIN slip, and you’re good to go. This is the first step to qualify for KUDA overdrafts.
#2 Use Kuda Bank Regularly
After becoming a user, the next step is to become a frequent user and this is what will qualify for Kuda’s “short-term” loan (overdrafts).
But you may want to ask how often or regularly should you use Kuda Bank?
Well. I don’t have a straight answer, but In my case, I use Kuda for 80% banking that I want to do. I use it to receive money, send money, bill data, and airtime. I don’t just keep N1,000 there, I keep most of my Naira in my Kuda bank account.
#3. You’ll Qualify Automatically
The system has been programmed to upgrade regular users to have access to Kuda overdrafts. So, you don’t need to request approval or whatsoever. Just use Kuda Bank regularly and you’ll get your own “lunch” from Kuda.
PS: The first time I received a notification that I’m qualified for Kuda Overdrafts, I can only borrow N30,000 but later, I think after 2 months, I can get up to N75,000.
I believe the more you keep using the Kuda for banking, the more they’ll increase how much you can borrow on the app.
How To Borrow Money on Kuda App?
On the home screen of your app, simply swipe to, or click on “Borrow”, adjust the range element to how much you need and click on “Get your Overdrafts”. That’s all.
What the video below to see how to do that:
Borrow Money Without Shame, Take Kuda Overdrafts
This is the first time I will see something like this aside from borrowing from telcos. Kuda Bank is really stepping up its game and it has been a great experience for us (customers).
I enjoy taking Kuda overdrafts without shame, no harassment, no room for getting stranded on cash. Just become a regular user, and you’ll enjoy the same experience.
But some people do ask; what if they fail or refuse to pay back the money they borrow from Kuda Bank? Well, I don’t know what will happen, but I’m sure Kuda Bank has a way to sort it out amicably or legally.
You can’t outsmart Kuda Bank if you’re thinking of taking the overdrafts “japa”. You can’t japa because security agencies will nab you. This is not a threat, remember I said Kuda Bank will never embarrass you like some loan sharks used to do.
But don’t be like those who plan to run away with Kuda Overdrafts without payment back, it’s not fair, you know.
This post “Kuda Overdrafts: Eligibility and How to Qualify to Borrow Money from Kuda Bank” first appeared on https://www.gbolamedia.com – Do not copy without permission.
WorldRemit Transfer: How to Send & Receive Money in Nigeria
WorldRemit Transfer is one of the best methods to send money to Nigeria, or receive money from your client or family member(s) Abroad.
But in case you don’t know how to use platforms like WorldRemit, and you really need a faster and cheaper way to make transaction, consider if your case is like “Jerry” below;
Jerry has always been obsessed with what he considers outrageous charges he pays while sending money home to friends, family and loved ones in Nigeria using the conventional money transfer platforms.
In one of these occasions he was advised by a cousin “James” who visited from the U.K to try out “WorldRemit Transfer” platform since that has been his personal brand lately having discovered they operate with a transfer fee he considers ridiculously cheap.
Jerry didn’t blink before jumping in to try it out, and what were his findings? WorldRemit was not only cheaper, it was swift, seamless and secured with varying delivery options in Nigeria.
Given this, if as a Nigerian, African, etc., who wishes to send money to Nigeria or any other African country for up-keep, medical, education, investment, building, freelance payment, etc.
WorldRemit Transfer may just be one of the viable options you will have to consider.
What is WorldRemit?
WorldRemit is a cross-border digital payment solution that provides international money transfer service. It’s a fast and secure service in which you can transfer money online via smartphone, computer or any other device.
This platform is designed in a way that you are not required to visit an agent location to facilitate your remittance, you are good at home, office, from the comfort of your desktop and mobile device.
Benefits of using the WorldRemit Transfer in Nigeria
Using WorldRemit Transfer service in Nigeria could benefit you in a number of ways, since it’s one of the most up-to-date money transfer platforms with requisite functionality.
- There’s no limitation (unlike PayPal) in sending money to Nigeria since the service is available to over 150 countries locally around the globe
- Unlike most money transfer platforms, WorldRemit is designed with a multi-currency functionality which allows you to send money in a preferred local currency
- It’s an instant transfer which avails the receiver immediate pick-up without delays considering remittances could be meant to serve emergency purposes
- Using the WorldRemit platform has never been questionable in terms of security and convenience giving money could be sent from the comfort of your mobile device using the service app.
Who can use the WorldRemit service
Everyone above 18 years old, capable of accessing financial services with a legal work permit and are duly not under any form of obligation/limitation as perceived by the Bureau of finance in the residence country can use WorldRemit.
Requirements to Use WorldRemit
To use the WorldRemit Transfer service, you are required to make provision for the following
- Valid Identity card as approved by the relevant authority in your residence country
- A WorldRemit app/agent location
- The beneficiary’s complete name and phone number
- A credit/debit card linked to your WorldRemit app
With the above information and condition strictly met, you are one leg into sending your remittance to Nigeria or any other country where this service is available.
How to Send Money to Nigeria/Africa with WorldRemit
Note: Sending money to Nigeria or any other country follows the same protocol and could be referred to as a one size fits all scenario.
Traditionally you can either send money in two ways;
- The WorldRemit app or
- From an agent location.
Considering the ease of doing things most users prefer the mobile app since you do not have to travel down to an agent location whatsoever.
To send money from an WorldRemit Agent location
- Indicate your intention at the agent location,
- You will be required to complete a transfer form
- Endeavor to provide the receiver’s name and phone number at the appropriate column
Note: If you capture any other name other than the receiver has on his/her valid ID card in Nigeria such transfers may experience delay and would not be paid out.
It’s advised that the receivers should send their complete name as contained on their valid ID card in Nigeria suitable for money transfer namely (National ID card, Voter’s card, International Passport, driver’s license and the BVN).
- Hand in the transfer amount to the agent
- The agent will process the transfer, thereafter you will receive the transaction details, usually the “8-digit” reference number, amount being sent and the sender’s complete name.
The receiver will receive a transaction alert on their mobile phone since it has been inputted on the system during transaction processing, in a situation they could not get a beep, kindly forward every necessary details across since they’ll need them for cash pick-up at any of the participating banks location in Nigeria.
Note: WorldRemit uses the “OTP” as a secondary security layer for a payout and why you must ensure the receiver’s phone number is correctly captured during transaction processing at the agent location.
To send money from your WorldRemit app
This is the easiest means to effect a transfer so far, to do this
- Kindly visit Google Play Store and download the “WorldRemit app” available on both IOS and operating systems.
- Having downloaded the app, you will need to sign up at once
- On successful sign up, kindly login to commence your transfer
Note: You are required to link your credit/debit card from where you are expected to pay for your remittance, hope that’s clear? Good.
- Click on the menu, tap on “How it works” enter the amount you wish to send and pick a delivery option either bank account or cash pick-up.
Where a bank account is preferred, the receiver will have to withdraw the remittance across the counter without visiting the money transfer department in Nigeria (banks).
Remittance can now be received in USD.
Banks that Supports WorldRemit in Nigeria
There are basically 5 participating banks namely:
- Polaris bank,
- First bank,
- Access bank,
- Fidelity bank and
If the receiver has an account with any of these banks, the money will be deposited in USD by creating an automatic Dollar account for such customers, all they’ll do is simply walk into the branch, fill a withdrawal slip and complete a withdrawal “asap.”
- In the next column, kindly enter the recipient details: complete name, phone number, and destination.
- Add your personal information as seen on the app
- Link your card and complete your payment
- On successful completion “8-digit” transaction reference will be generated alongside other details.
- Kindly forward same to the receiver in Nigeria or any other country with which he/she can claim the money at the bank.
How to Receive Money from WorldRemit in Nigeria
It is assumed that you have either received the transaction details straight to your mobile phone or you have received from the sender, or both. Whichever happens first, what matters is that the information has been received.
It’s time to proceed to the bank for your Cash pick-up.
Requirements for WorldRemit cash pick-up
- Transfer 8-digit reference number
- Sender complete details (name)
- Amount being sent
- Valid ID card (Voter’s card, National ID card, Driver’s license, International Passport and BVN) any of the listed ID’s can serve.
- A mobile phone number linked to the transaction
In Nigeria the only authorized agents are banks, so you are expected to visit any of the participating banks mainly Polaris bank, First bank, Access bank, Fidelity bank and GTBank.
Note: Receipt method is strictly dependent on the preference made by the sender while routing the remittance. It could be via bank account or cash pick-up.
- Where a bank account is the case:
You are required to visit the advised bank by the sender/WorldRemit, on arrival you will have to complete a withdrawal slip just like when you intend to withdraw from your naira account.
The difference here is that the currency and the amount column should be completed in USD, both in figure and words. Hand over the slip to the paying teller who should complete your payment without delays.
- Where you have been advised on cash pick-up
Kindly walk into any of the aforementioned banks, except where a particular bank is being advised. Enquire to see the money transfer teller.
You will be required to complete a WorldRemit transfer form, complete the form while paying attention to details. Return the same to the teller with your valid ID card having completed.
The teller verifies the ID and crosscheck your form against the transfer details on the system, where every other detail is in the right order.
Payment processing will send an “OTP” to your mobile phone number linked to the transfer initially.
You are required to communicate the “One Time Password” to the paying teller who inputs the same in the column required on his/her system to complete your payout finally.
Having completed the payout you will receive cash in USD.
Note: You are not to be paid in naira or any currency other than the USD at this time.
Take your money to the parallel market for exchange and start spending, do not forget to buy me a bottle of Coke afterward (smiles).
Frequently asked questions on WorldRemit transfers
Q1. WorldRemit transfer daily/limit to Nigeria?
Unlike other money transfer platforms, you can transfer as much as $5000 per transaction to Nigeria without weekly, monthly or quarterly restrictions. However, you will be required to provide additional information on the WorldRemit app for your “KYC” if you wish to send higher limits.
Q2. How to track/correct WorldRemit receiver details
There’s always a need to track your transfer to ascertain its status either available for payout or already paid out, there’s likewise a room to track and correct WorldRemit receiver details where there’s an error in receiver’s name which may delay a payout in Nigeria.
Given this, the receiver is expected to provide the sender with the right name sequence as seen on his/her valid ID card.
Q3. How long does WorldRemit take to Nigeria?
Transfers to Nigeria and other countries are usually instant without delays, the receiver can cash out the same day in event the money is meant for high priority reasons like medicals, travel, etc.
Q4. WorldRemit bank transfer?
You can actually receive a transfer via any of the participating banks as mentioned earlier. The money could be sent and an immediate account opened IRO your transaction or as cash pick-up across the counter.
Q5. Which other method can I use for Money Transfer Except WorldRemit in Nigeria?
Conclusion: You Can Start Using WorldRemit to Send & Receive Money
WorldRemit transfer is a competitive brand that has gained users over the last few years giving to its effective, secure, safe and swift service delivery enshrined in a seamless user experience. Money transfer has never been this easy.
Have questions on this topic you’d need clarity or on money transfer generally? Let’s get talking via the comment box.
About Guest Author
Raphael Orji is a freelance writer, content marketing strategist with unique experience in banking , finance, and money transfer. He works with small businesses, start-ups and entrepreneurs in building brand image with quality content marketing strategy. He blogs over Fintechngr.
This Post “WorldRemit Transfer: How to Send & Receive Money with WorldRemit in Nigeria” first appeared on https://gbolamedia.com – Do not copy!
How to Save in US Dollar in Nigeria – 4 Different Methods
Is it really possible to save in US Dollar in Nigeria?
If yes, is it legal and safe? How and where can I start? Those are the questions I’m going to answer in this blog post. But let’s start answering the first question;
Why Should I Save in US Dollar in Nigeria?
Because Nigeria inflation rate is getting worse!
Naira was one of the strongest currencies in the world, even it was once stronger than the famous US Dollar. But now, reverse is the case.
Nigerian Naira (NGN) is becoming one of the weakest (cheapest) currencies in the world.
Although Naira is not among the top 10 weakest in the world for now, but the current state of Naira is not something to be happy about. It’s affecting our cost of living.
If you have saved N500,000 in the bank last year (2020) when $1 was N410, it simply means you saved approximately $1,220.
But now in 2021 when a US Dollar is closing at N522, that your N500,000 will now be $958 approximately.
By saving in Naira, you’ve lost about $262 which is equivalent to N136,764.
But you may be thinking that; ehn, I still have the N500,000 I saved since last year till date. Nothing has been deducted.
Yes, you’re right. That N500,000 is still there but let me tell you this;
That your N500,000 is now N363,764 😥
You can calculate that yourself using the US Dollar rate when you saved the money and the current US Dollar rate.
If a plot of land in your area cost N500,000 that last year, how much will it be by now? Probably it will increase to something close to N700,000.
Remember, you can afford to buy that plot of land for N500k last year, but now, you can’t!
Same thing applied to most thing you buy and use at home such as vegetable oil, rice, and so on. The prices are increasing every day.
Because those industries calculate their prices with respect to US Dollars’ exchange rate.
The price of everything is increasing and Nigeria’s Naira is losing its value, that’s a big disaster and the reason you should learn how to save in US Dollar in Nigeria now!
You should start saving in US Dollar as that will put you on safer side, thereby making money in the process.
ALSO READ: How to Smart Ways to Save Money in Nigeria
The next question you might be curious about is;
Is it legal and Safe to Save in US Dollar in Nigeria?
First, it is 100% legal to save in any type of currency in Nigeria as long as you’re not scamming or engaging in money laundering.
Second, it is safe depending on which platform or how you’re saving your US Dollar in Nigeria.
Now, let’s talk about where and how you can start saving US Dollar in Nigeria.
How to Save in US Dollar in Nigeria (and Earn Money)
1. Piggyvest FLEX Dollar
Piggyvest has been around for a while, and it’s currently the best platform to save money in Nigeria. Although there are other competitors like Cowryrise but Piggyvest seems to be undefeated.
Well, we are not here to praise Piggyvest.
But how can you save in US Dollar in Nigeria with Piggyvest?
It’s simply by using the “Flex Dollar” feature on the platform. Piggyvest’s Flex Dollar lets you save in US Dollars even though you are in Nigeria. Here is how to do it;
How to Save in US Dollar in Nigeria Using Piggyvest
- Click here to Sign up for a new account;
- Verify your email address, phone number (under Account Tab >> Account Setting);
- Add your Debit card(s) linked with your BVN (under Account Tab >> My Cards and Bank Settings);
- Note that Piggyvest will give you a new account number (Go to Account Tab, you’ll see Flex Number by WEMA) copy that number;
- Make transfer from your Bank account to that FLEX number you copied earlier;
- If the transfer was successful, you should see the money in your Piggyvest Balance now (Confirm it)
- If the money is now in your Piggvest account, it’s time to buy the US Dollar;
- Click on SAVINGS on your dashboard, then scroll down to click on Flex Dollar;
- Click on “Save in Dollars”;
- Check the current dollar rate, if it’s okay by you, type in how many DOLLARS you want to buy;
- Then proceed to pay with the Balance in your Piggyvest (the one you transferred earlier) or pay with your ATM Card
That’s how to easily save in US Dollar in Nigeria with Piggyvest.
Here’s a big deal about Piggyvest;
You can make money while you’re saving on Piggyvest by interest, investing or referring your friends to join Piggyvest.
If you join Piggyvest with this link, I will earn N1,000 for referring you, and you’re also earn N1,000 for joining. But you must complete all registrations and start saving money before the money will be released to us.
Now, let’s talk about another way you can save in Dollars in Nigeria;
2. Get a Domiciliary Bank Account
Getting a Domiciliary account in Nigeria is another way to save money in US Dollars.
And also, a double win for you if you will like to receive US Dollars from your family members or clients outside Nigeria.
Getting a domiciliary account in Nigeria is easy but the requirement might be a problem. For instance, some banks require minimum deposit of $100 (N52,000).
That might not be a problem tho, but you MUST bring two current account users of that bank (e.g. GT Bank, Zenith etc.) as referees.
Because of these two current account users, many of us were left with no choice than to give it up.
But oh oh, there’s a solution 😉
The solution requires no minimum deposit, and you don’t need to bring any current account user.
Will you like to know?
Well, we rise by lifting others 😊
How to Get Free Domiciliary Account in Nigeria
- Open a new account at WEMA Bank;
- Get the ALAT by WEMA app on Google Playstore;
- Login to the ALAT app using your WEMA Bank details;
- On the homepage, click on “Accounts”;
- Then click on “Create Account”;
- Finally, click on “Domiciliary Account”;
- Click on “Proceed” and,
- Your Domiciliary account will be created in less than a minute!
You can maintain maximum of $2,000 on the ALAT’s domiciliary account. If you think you may need more, go to WEMA Bank to lift the limit.
But isn’t that amazing? You can create a DOM account without leaving your house and it’s FREE. People sell this kind of information but to me, sharing is caring. Enjoy!
3. Cryptocurrency (Save in USDT)
Cryptocurrency is a life saver for many of us. Although we may not be trading, but saving in cryptocurrency has been one of the passive ways to make money in Nigeria.
I’m not saying you should that saving in all other type of cryptocurrencies but if you’re looking for another good option to save in US Dollars in Nigeria, then buying and keeping USDT is the best.
What is USDT?
USDT are coins issued by Tether, currently the third largest digital coin.
USDT is just like the US Dollar, but the difference is that;
US Dollars are held by banks and can be transfer between banks to banks, use physically as means of exchange.
But USDT is a stable digital coin tied to US Dollar which can be used as means of exchange between crypto wallets ($1 = 1 USDT).
If you buy 100 USDT, it also means you have $100.
Currently, you can’t buy USDT from any bank (it’s a digital coin like Bitcoin). But you can buy as much as possible of USDT on almost all cryptocurrency exchange platforms.
How to Save in US Dollar in Nigeria with “USDT”
- Use or Get a crypto exchange platform;
I recommend Buycoins, it will be very easy to add funds from your Naira bank account to Buycoins and then buy USDT.
You can use Binance too (the easier one for you).
- On your crypto account, create USDT wallet if it hasn’t been created for you;
- If you are using a Nigerian crypto exchange like Buycoins or Bundle, you can easily buy USDT with your bank account (Kuda, GT, Zenith, FCMB, Access are mostly accepted)
- If you’re using an exchange platform like Binance, you will have to buy the USDT using P2P method (risky) or convert your coins like Bitcoin to USDT (if you have).
- That’s all.
Buying and storing USDT is same as keeping the US Dollars, but can only be done on cryptocurrency wallets.
4. Buy and Sell Foreign Currencies
This is my second-best choice when it comes to saving US Dollars in Nigeria.
All you have to do is to buy foreign currencies from those who want to sell and you keep or sell later. The reason why this is a good option is because you’ll be saving money and at the same time earn money.
Let’s say you bought $100 at the rate of N450 per dollar, that means you spent N45,000 to buy that dollars.
But later, you might sell the $100 at the rate of N470 or even N510 per dollar, that is N47,000 or N51,000… You used a stone to kill two birds; saving in US Dollar and making small profits.
Note that the earning potential here is unlimited, the more you buy, the more the profit.
I’ve once earned over N70k in a day by just buying and selling US Dollars.
This sound like what you like to do, right?
But there’s a problem.
You will need all or any of the following payment accounts;
PayPal is the most famous and widely-used payment gateway in the world, then followed by Payoneer.
You can get Payoneer and Skrill in Nigeria without any issue, you need to verify with your real ID and you’re done.
You can also register a PayPal account in Nigeria, but you’re only limited to receiving money. You can’t send or withdraw… such a bad thing!
But what if I show you how to create a PayPal account that can send and receive funds in Nigeria, will that be great? I have a YouTube video where I show people how to do that.
So click here to got to my YouTube channels, (and subscribe please) the video is waiting for you there.
Forget others, you can’t create an account as someone residing in Nigeria (except you do it the criminal ways).
If you have PayPal, Payoneer and Skrill accounts, you can start buying and saving US Dollars in Nigeria (and other foreign currencies like EUROS) and make money in the process.
JUST IN CASE: I buy Payoneer, PayPal and Skrill funds. CONTACT ME if you want to sell $50 minimum.
Conclusion: How to Save in US Dollar in Nigeria
The four different ways explained above are working for me perfectly, and I know it will work for you too.
If you know any other way, we can save in US Dollars, kindly put it in the comment box below and I will check it and maybe update this blog post after testing it.
I know you might skip the paragraph I mentioned that I can teach you how to create a working PayPal account that can send and receive funds in Nigeria. It’s on my YouTube channels, click here to check it out.
If you have any question, please let me know through the comment box below and I will reply as soon as possible.
But this article might be helpful to someone else, don’t you think so?
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Thanks for reading.
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