How Much Do You Need to Open a Dollar Account in Nigeria? (2025 Update)

Opening a domiciliary (Dollar) account in Nigeria is becoming increasingly essential for individuals involved in international trade, freelancing, remote work, or cross-border payments. With the continuous depreciation of the Naira and the rise of global remote opportunities, having a USD account offers a hedge against inflation and easier access to global finance.

But how much exactly do you need to open a dollar account in Nigeria in 2025? This article provides a detailed breakdown and answers common questions people ask when searching for reliable ways to get started.

What Is a Dollar Account and Why Is It Important in Nigeria?

A Dollar account, also known as a domiciliary account, is a type of bank account that allows users to receive and send foreign currencies like USD, GBP, or EUR. It is usually required for:

• Receiving international payments

• Paying for foreign services or goods

• Protecting savings from Naira depreciation

• Freelancers and remote workers earning in USD

How Much Is the Minimum Deposit to Open a Dollar Account in Nigeria in 2025?

In 2025, most Nigerian commercial banks still require a minimum opening balance ranging from $50 to $200. Some banks may also request an initial deposit in USD cash or via a wire transfer. Here’s what to expect:

• Access Bank: $100 minimum opening balance

• GTBank: $50 opening deposit, with $100 minimum operating balance

• Zenith Bank: $100 minimum, may require references

• UBA: $100 opening balance, plus two references

• First Bank: Between $50 to $100 opening deposit depending on branch

Please note: Bank requirements can vary by branch or change without prior notice. It is advisable to contact your specific branch to get the latest details.

Can You Open a Dollar Account Without Physical Cash in USD?

Traditionally, yes, you need USD cash to open a domiciliary account. However, some banks now accept wire transfers or allow foreign inflows into new accounts, bypassing the need for physical dollars. You may:

• Fund the account through foreign bank transfers

• Receive payment from platforms like Payoneer or Upwork

• Use an international wire to meet the opening deposit

What Documents Are Required to Open a Domiciliary Account in Nigeria?

While documentation may vary by bank, the general requirements in 2025 include:

• Valid ID (National ID, International Passport, or Driver’s License)

• Utility bill (not older than 3 months)

• Two (2) passport photographs

• Two (2) references with current account holders (some banks only)

• Bank Verification Number (BVN)

Are There Monthly Charges on Dollar Accounts?

Yes, most banks apply monthly maintenance fees and transaction costs. Common charges include:

• $10 monthly maintenance (varies)

• $20+ for incoming wire transfers

• Withdrawal charges at bank counters

• High FX conversion rates when withdrawing in Naira

This is where many users begin to explore alternatives like Hurupay.

Is There a Cheaper Way to Receive USD in Nigeria Without a Bank?

Yes. Platforms like Hurupay offer a borderless, virtual USD account without the banking hassle.

In contrast to traditional domiciliary accounts that require USD cash deposits, lengthy paperwork, and monthly fees, Hurupay simplifies the entire experience. It operates digitally and uses blockchain technology to enable instant USD reception without dealing with local banks.

Hurupay is particularly suitable for those who want to avoid:

• High opening deposit requirements

• Bureaucratic delays in Nigerian banking systems

• Unpredictable forex rates during Naira-to-USD conversions

Users can receive funds globally and withdraw them in Naira, stablecoins, or even convert directly to crypto on exchanges like Binance. The entire process is fast, transparent, and secured.

For remote workers, small business owners, and students receiving funds from abroad, this fintech platform offers a much-needed solution that bypasses outdated financial infrastructure.

Why Consider Hurupay?

• No minimum deposit required

• No monthly fees

• Instant account creation with just an ID

• Receive USD from clients, friends, or platforms (PayPal, Stripe, Fiverr, etc.)

• Withdraw in Naira, crypto, or stablecoins

• Available in 100+ countries including Nigeria

Can Freelancers Open a Dollar Account Easily ?

Yes. Freelancers can open domiciliary accounts with the above requirements. However, many freelancers in Nigeria opt for virtual accounts like those offered by Hurupay due to their simplicity and affordability.

The challenge with traditional banks is the documentation and verification process. Freelancers often struggle to get the required references and may not have the consistent foreign inflows that banks demand.

With Hurupay, the process is different:

• There is no need for in-person branch visits or complex KYC steps.

• The account setup is fully online and typically completed in minutes.

• Freelancers can connect Hurupay with platforms like Upwork, Fiverr, Deel, and Payoneer seamlessly.

• Funds are settled the same day, and users can instantly access their money.

This makes Hurupay an ideal solution for gig workers, digital nomads, and creative professionals who want to receive USD from anywhere in the world without being held back by banking bureaucracy.

Moreover, Hurupay also allows users to generate invoices, track income, and manage withdrawals more efficiently than conventional banking platforms, adding a layer of professionalism to freelance financial management.

What Are the Best Banks for Dollar Accounts in Nigeria?

As of 2025, top banks offering domiciliary accounts include:

• GTBank: Popular among freelancers

• Access Bank: Reliable for international business

• Zenith Bank: High transaction volumes, strict KYC

• UBA: Offers a wide branch network

• FCMB: Easier onboarding at select branches

Yet, the best option still depends on one’s need for flexibility, digital access, and low fees.

Are Virtual Dollar Accounts Safe in Nigeria?

Virtual accounts, like those offered by Hurupay, are secured using blockchain technology and operate under strict fintech compliance. Funds are held in stablecoins (USDC, USDT), reducing volatility and increasing accessibility.

Unlike traditional banks that may delay transactions or freeze accounts, virtual platforms provide faster access and more financial control.

Final Thoughts

If you're using a traditional Nigerian bank in 2025, you should prepare around $100 to $200, plus additional documents and references. However, if your goal is to simply receive USD quickly, securely, and without losing money to fees, platforms like Hurupay offer a better path forward.

For freelancers, digital entrepreneurs, and remote workers, the decision is increasingly leaning toward virtual banking solutions that offer full control, instant payments, and global compatibility.

To open a dollar account the easy way, visit hurupay.com and get started in minutes.

Hurupay: Banking Without Borders.