Receiving payments in USD opens up new opportunities, but choosing the right account to hold them can be tricky.

This guide explores the two main options: US based dollar accounts and Nigerian domiciliary accounts.

We’ll compare their pros and cons, helping you decide which avenue best suits your needs for receiving and managing your USD income.

A Nigerian domiciliary account, often abbreviated as Dom Account, is a bank account that allows you to hold and transact in foreign currencies like US dollars, Euros, and British pounds, while being based in Nigeria.

You can receive and send foreign currency funds without needing to convert them to Naira, simplifying international business or personal finance.

To open a domiciliary account, you have to work to a local bank with the required documents.

Here are some things to note about a Nigeria domiciliary account;

• Account maintenance fees: Banks may charge monthly or annual fees for maintaining your domiciliary account.
• Transaction fees: Banks may charge fees for withdrawals, transfers, and other transactions involving your domiciliary account.
• Minimum opening balance requirements: Some banks require a minimum deposit in foreign currency to open a domiciliary account.
• Currency conversion fees: Converting between foreign currencies and Naira may incur fees.
• Potential for limited liquidity: Depending on the chosen currency, there might be limitations on how easily you can convert it back to Naira or access your funds.

US-Based Dollar Account For Nigerians

With a financial institution like Cleva, you can open a US based account in your name to receive USD payment, even as a non-US resident.

Cleva is registered as a Money Service Business (MSB) with the United States’ Financial Crimes Enforcement Network (FinCEN)

And with just your BVN and ID Card, you can open a Cleva USD account for FREE to receive international payments through Wire or ACH transfer from the comfort of your home.

You’d also enjoy other benefits such as;

• Competitive Exchange Rate
• Swift customer support
• No conversion fee
• Virtual Dollar Card that is accepted globally

With Cleva USD account, you don’t need to leave the comfort of your home to convert dollars to local currency, this can be done in seconds on the app.

Cleva Banking is revolutionizing the way Africans live and work, enabling you to win the battle against devaluation of currencies.

Found this article insightful?

Share it with your friends.

We at Cleva are powering Africans financially by providing a free US-based dollar account for cross-border transactions

Sign up at getcleva.com

And get the Cleva Advantage today!