Have you been trying to open a United States Dollar (USD) bank account recently? Do you feel overwhelmed by what you need or the time you have to spend creating one?
Opening a USD bank account is much easier than you think. As there are a couple of options you can explore. Some don’t even require you to leave the house.
Unfortunately, because of the several limitations of using your local account for foreign payments, several hurdles will prevent you from carrying out international transactions with just any account.
If you’re reading this, you’ll be learning in detail just how important having a US Dollar account is. This post will also cover how to open one and how you can easily convert your Dollar payments to your local currency.
How to Open a US Dollar Account
Opening a Dollar account is pretty straightforward. There are two major ways you can get a USD or any other foreign account in your country, and they include;
1. Physical Banks: The first way is by visiting your bank branch and applying for a domiciliary account. A domiciliary account is a type of account that allows you to transact in foreign currencies. Most times, you can request for an accompanying physical card to help facilitate transactions.
At the bank, you have the option of opening a USD, EUR, or GBP account. In this scenario, you’d apply for a US Dollar domiciliary account. Here you’d typically visit your nearest bank branch, fill out a physical form and allow them to process the paperwork.
2. Via Grey: Grey is a seamless way to open and manage a US Dollar account. With Grey, you can create and use a dollar account without physically visiting any bank branch.
Since you get a foreign bank account that allows you to receive, send and transact in US Dollars, it’s a great alternative to consider. You also have access to seamless withdrawals, instant currency conversion, and low fees on international payments.
Benefits of Opening a Virtual Dollar Account on Grey
If you’ve never heard about Grey, it’s natural to be skeptical about whether or not it’s the right option for you. While traditional banks provide an opportunity to get a Dollar account, they tend to come with a couple of inconveniences and high withdrawal rates.
So, here are a few reasons why you should consider opening a dollar account with Grey today;
- It’s free: You don’t have to pay to open a USD account. While most traditional banks have a minimum opening balance, at Grey you can open a Dollar account for as low as $1.
- It’s instant: Once you successfully open your Dollar account, you can start receiving payments immediately.
- You get international bank account details, including an IBAN and routing number which makes your bank account suitable for official purposes.
- Enjoy low withdrawal rates and instant currency exchange whenever you need to.
- Faster and easier KYC verification process so you can get started with your USD account almost immediately.
How to Open a Dollar Account on Grey
You can open an instant Dollar account on Grey without leaving the comfort of your home. All you need is a valid ID card and a copy of your recent utility bill.
To get started, follow these steps;
- Create a Grey account or Log in if you already have one
- On the dashboard, tap on ‘Accounts’ located on the left side of your screen
- Scroll to USD accounts and click on ‘Request USD Accounts’
- Enter the details of your valid identity card
- Fill in your address and add an image of your recent utility bill
- Once you get the virtual account, you can start sending and receiving USD payments online
How to Convert Your Dollars to Your Local Currency
If you opt for a domiciliary account, you’d have to visit the bank branch and fill out a withdrawal form when you want to withdraw your USD. The bank also subjects you to the standard biometric and BVN verification process which could mean endless queues.
And sometimes, when the bank is low on dollar bills, you may be asked to withdraw a lesser amount so it can go round. So you may not have access to your entire account balance when you need it the most.
However, if you choose to use a Grey account, you can instantly exchange your USD for your local currency and withdraw any amount to your local bank account when you need to.
Here’s a step-by-step process on how you can achieve this;
- Log in to your Grey account and tap on ‘Balances’ located on the navigation bar by the left side of your screen.
- Add a local wallet by tapping on ‘Add Balance.’
- Next, select the USD option from your balance and click on ‘Swap Funds’
- Proceed to your local currency’s balance and click on ‘Withdraw NGN’ to send this money to your local bank account
Opening a Dollar bank account might be stressful in the past but all that has changed. With this guide, we’re certain that you can now open, manage and withdraw from a Dollar account whenever you need to. Take a step further by downloading the Grey Mobile App.
With the app, you can carry out USD transactions and other internet banking anywhere you go. All you need is your smartphone. Grey is available to download on the App Store and Google Play.
