How to Open a Dollar Account in Nigeria for Freelancers

Here is a comprehensive guide on how to open a dollar account in Nigeria, including both offline and online options. We also list several platforms that offer online dollar accounts.

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Opening a domiciliary account at a local bank in the past was an exhausting process. The protocols involved may have had you wondering why you have to suffer for everything in Nigeria. The great news is that there are easier ways to do this now.

First, let’s explore why you need a dollar account in Nigeria.

Why Do You Need a Dollar Account?

Some reasons why you should consider opening a dollar account are:

International transactions:

Imagine you’re a freelancer on platforms like Fiverr, Upwork, and the rest, or an entrepreneur with foreign clients. Then, receiving payment became World War II due to the limitations of the naira account. You will definitely need a dollar account for seamless international payments.

Investment opportunities:

Owning a dollar account will give you the liberty to harness different investment options. You can also transact in other foreign currencies.

Avoid currency fluctuations:

With a dollar account, you are safe from the ever-changing exchange rates. This is especially true if you receive payments in dollars steadily. Also, having a domiciliary account will grant you access to make online purchases and other payments easily.

How to Open a Dollar Account in Nigeria

You can open a dollar account in Nigeria in two major ways:


With this, you need to visit a bank in Nigeria. Then, provide the necessary documents and provide the minimum opening balance.

The requirements needed include:

  • Completed account opening form
  • Passport photograph
  • Valid means of identification such as a driver’s license, international passport, or national ID card
  • Completed reference forms
  • Utility bill/proof of address
  • Minimum opening balance (depending on the bank)

The banks where you can open a dollar account include Guaranty Trust Bank, Zenith Bank, First Bank, and so on. Before your account becomes fully functional, you need to go through a KYC (Know Your Customer) protocol.

This basically involves verification of your address and other details you provided in your documents. Joint accounts are also possible with dollar-denominated accounts. That will require providing documents from both parties.


You can now open a domiciliary account from the comfort of your home. With this, you still need to provide the required documentation, including a valid identity card.

Alternatively, you can open a virtual dollar account online without visiting any bank. This is a faster and easier process, especially if you want to avoid delay.

How to Open a Dollar Account in Nigeria Online

The best platforms to open dollar account in Nigeria online include:


wise dollar account

This is a multi-currency platform with global reach in several countries. Here, you can carry out different banking transactions and currency conversions at competitive rates. Other features include international debit cards, internet banking, investment in assets, and the rest.

Just like local banks, the account opening process also requires basic KYC verification. This requires you to provide details such as a valid ID card, a passport, and documents for address verification.


This fintech company offers a specialized freelance platform, a business platform, and a marketplace, respectively. On this platform, you have convenient access to various banking services, currency conversion, and cross-border payments.

For account holders at local banks, there is an option to link your local account to Payoneer for cash withdrawals. If you’re an entrepreneur, you can manage your business in different currencies and sell on international marketplaces like Amazon.

To open a dollar account in Nigeria online on this platform, you need to provide relevant documents. This includes KYC verification. You can also request a prepaid dollar card for online purchases.


features of

This is an online platform that will enable you to send and receive international transfers globally. This platform also provides basic banking services at low transaction fees.

One of the best features of Grey is its virtual debit card. With it, you have access to international payments, shop, and pay for subscriptions online from merchants around the world.

This virtual debit card is well-secured, with real-time notifications. You can also temporarily freeze and unfreeze your card directly from your Grey app in case of any compromise. Like other virtual card providers, you will need to provide a valid ID card and personal details to get started on the app.


This is a digital platform where you can conveniently send and receive money globally. It is a versatile virtual app where you can perform a variety of banking transactions.

With Geegpay, you can convert currencies, own a virtual dollar card, create invoices, and so on. You can also enable 2-factor authentication to safeguard your account against unauthorized access.

How to open a dollar account in Nigeria online using Geegpay is a straightforward process. This requires basic documentation and account verification before your GeegPay account becomes fully functional.


payday app features

This is another seamless platform where you can receive payments anywhere in the world. As a Payday user, you can have a USD, EURO, GBP, and RWF (Rwanda Franc) wallet. With the wallet, you can store money in those currencies.

Your wallet is where funds are stored. From there, you can then fund your cards. However, you use your virtual accounts to receive money from outside the Payday app for funding in Naira, USD, or GBP.

You can use your BVN and passport photograph to sign up initially. But you will also need to provide other documents for KYC verification. You can only send money from your payday account to any local Nigerian bank account.


This is a banking platform where you can open a dollar account in Nigeria. You can get bank accounts in multiple currencies and use them for different transactions. You can also send, receive, and convert currencies at competitive rates.

Opening a dollar account in Nigeria online with Vella is a simplified process. First, create and verify your account by submitting a valid ID. Then, start exploring the various transactions using your Vella account.

You can request a virtual naira or dollar card to make instant payments on local and international platforms. You can fund this card with cash or crypto and use it for online purchases. The interest rate is up to 10% once you save your money in naira or dollars.


With this app, you can open a local or dollar account without visiting a bank. You can transact in foreign currencies such as USD, GBP, and EUR easily.

There are three different plans offered to individuals. These are general users, freelancers, and premium plans, each with unique features. On the business platform, you can pay salaries globally, make batch payments and so on.

After creating an account on this platform, you need to upgrade to the freelancer or premium plan. This will enable you to gain access to its features as well as get free physical cards.


This is a digital bank where you can open a dollar account in Nigeria online. They give you high-interest rates on your savings and lower transfer charges when you transfer money using the Fundall Web App.

They are borderless and provide brilliant banking features that set them apart. These features include a budgeting and spending tracker, a lifestyle card, automated savings, and so on.

How to open a dollar account in Nigeria online via Fundall is easy and convenient. You need your BVN and other details, though you will need to verify your account later.


This is a fully functional digital bank initiated by Wema Bank. ALAT was designed to be solely digital. Thus, all banking services are available to you as long as you have internet access.

You can open an ALAT account easily from your phone. To do this, install ALAT from the Apple App Store or the Google Play Store. Then, open the app and sign up with your bank verification number (BVN) and a valid phone number.

Once you register and provide the required documents for ALAT, you can then generate your virtual card. With your ALAT Virtual Dollar Card, you can make international payments without having to worry about exchange rates.

Bottom Line

In this article, we’ve covered how to open a dollar account in Nigeria online using different platforms. Details on the offline option have been provided as well. However, you still have to research the one that best suits what you want to achieve.

Having a virtual dollar account has obvious advantages over domiciliary accounts. Try out one of these apps to limit your worries and reserve your energy for the required work to get paid. 

Frequently Asked Questions

How Much Is Needed to Open a Dollar Account in Nigeria?

This depends on the bank or app you want to use, as it varies. Some may require a minimum deposit, and others won’t.

How Long Does It Take to Open a Dollar Account in Nigeria?

Opening a dollar account can take a few days, depending on the bank or platform used. For apps, it is instantaneous, though you will be required to be in KYC compliance to have a fully functional account.

Are There Protocols for How to Open a Dollar Account in Nigeria?

 Yes, you need to provide the required documents and undergo the KYC verification process.

How Easy Is It for Me to Transfer Funds Between My Dollar Account and Naira Account?

It is quite easy to transfer funds from your dollar to naira account. Using the online platform, all you need to do is to enter your login details and follow specified and straightforward instructions. The conversion rate will also be displayed.

What Are the Banks in Nigeria Where I Can Open a Dollar Account as a Freelancer?

You can open an online dollar account as a freelancer in Zenith Bank, GTB, UBA, Standard Chartered Bank, and the rest. 

How Can I Open a Dollar Account For My Upwork?

You can either visit an online platform like Payoneer, provide the required documents and open a dollar account. Alternatively, you can open a domiciliary account in a Nigerian bank and receive payment via wire transfer. 

Are There Limitations on How a Freelancer in Nigeria Can Use Money in a Dollar Account?

Depending on the platform you are using, there are restrictions on how much you can transfer or withdraw in a day. For instance, PayPal has a maximum transaction amount of $4,000 and a withdrawal of $500 per month. 

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