A USD domiciliary account holds foreign currency locally, helping users receive, retain and transact in USD. Explore the Nigerian bank and international payment accounts compared in this guide
Key takeaways
- USD domiciliary accounts are local Nigerian bank accounts for holding and transacting in foreign currencies
- GTBank, FirstBank, UBA, Access Bank, Standard Chartered Nigeria and Zenith Bank offer domiciliary account options with different currencies, balances and card features
- Some accounts support both sending and receiving foreign currency, while some accounts like Zenith’s Cash Domiciliary Account only allow cash deposits and withdrawals
- USD business accounts from providers such as Payoneer, nSave and Eversend operate differently from local bank domiciliary accounts and focus on multi-currency balances
- The World Account by WorldFirst is a multi-currency account supporting a USD account plus 14 other local currency accounts
A USD domiciliary account can help receive and retain these funds, but traditional Nigerian business bank accounts may not be able to hold and convert these funds into foreign currencies as and when needed.
This article covers six USD domiciliary accounts from Nigerian banks and also covers four USD business account options from international payments providers including a multi-currency account, the World Account by WorldFirst.
What is a USD domiciliary account?
A USD domiciliary account is a foreign-currency current or savings account held with a local bank in US Dollars. Depending on the bank and account type, it can be used to receive international payments, hold USD, make eligible foreign-currency transfers and withdraw cash.
In Nigeria, domiciliary accounts follow rules set by the Central Bank of Nigeria (CBN). These rules govern how foreign currency can be received, held, transferred, withdrawn and converted. Some banks offer domiciliary accounts in GBP and EUR as an addition to USD, while some may also support additional currencies.
Business vs freelancers: What to look for
Businesses and freelancers can have different requirements when managing USD income. For businesses, relevant business features include the ability to receive higher-value international payments, minimum balances that fit cash flow, trade-finance services such as Letters of Credit and supplier remittances, team access/spending controls, corporate banking platforms, foreign-currency retention rules and appropriate withdrawal or transfer limits.
For freelancers, key factors include simple account opening requirements, low or zero minimum balances, low transfer fees, virtual/physical card access, digital banking and fast access to received funds.
Common criteria include competitive USD to Naira conversion rates, low SWIFT and transfer fees, affordable card and international transaction charges, low withdrawal costs, deposit protection and reliable foreign-currency services.
Top USD domiciliary accounts
1. GTBank USD Domiciliary Account
GTBank’s Domiciliary Account in Nigeria is available in USD, GBP and EUR and allows users to fund the account through foreign-currency inflows and deposits.1 Customers can withdraw foreign currency at GTBank branches and transfer foreign currency to other Nigerian domiciliary accounts or accounts abroad.1
The account also provides access through GTBank’s electronic banking channels.1 It is primarily a local bank account rather than a multi-currency business account.1 The bank does not provide physical/virtual cards with the domiciliary account itself.
Pricing: Not specified
*Fees checked in August 2026
→ Learn how to open a business bank account in Africa
2. FirstBank USD Domiciliary Account
FirstBank’s standard Domiciliary Account in Nigeria supports USD, GBP, EUR and CFA and is available to individuals, SMEs and corporate organisations.2 The minimum opening and operating balances are US$100, EUR 100, GBP 50 and CFA 10,000 respectively.2
The account supports both receiving and making foreign-currency payments, interbank and intrabank transfers, foreign-currency cash withdrawals at FirstBank branches and 24/7 electronic banking.2 Plus there is no stated restriction on the number of withdrawals.2
FirstBank also offers a separate FirstDom account for customers maintaining larger balances, starting at US$5,000, with specialised cheque facilities and reduced transfer charges.3
Pricing: Minimum balance of US$100 in the standard account and US$5,000 in FirstDom account.2,3 Transfer charges cost 0.25%3
*Fees checked in August 2026
3. UBA USD Domiciliary Account
UBA’s Domiciliary Account lets customers send, receive and hold foreign currency for transactions such as international payments and remittances.4 It is available through two major account types:
- The Dom Advantage Account: This account is available in Nigeria and Ghana as either a current or savings account in USD, GBP, EUR and other major currencies.4,5 It requires a minimum opening balance of US$50, while interest on balances applies from the equivalent of US$1,000.4 Foreign cheques and other eligible instruments can also be credited to the account4
- The Freedom Dom Account: This account is available in Nigeria and is designed mainly for receiving foreign remittances, with a US$2,000 maximum account limit and a minimum operating balance of US$50 or equivalent.4 It does not support debit or credit cards and pays no interest4
Pricing: Minimum opening balance for Dom Advance is of US$50; minimum operating balance for Freedom Dom is US$50, and zero opening balance and withdrawal charges4
*Fees checked in August 2026
4. Access Bank USD Domiciliary Account
Access Bank operates in Nigeria and offers both Domiciliary Current and Domiciliary Savings Accounts in USD, GBP and EUR.6 The current account has a US$100 opening balance, zero minimum daily balance and zero monthly maintenance charge.6 It supports individual and corporate customers, foreign-currency transfers, remote banking and cash withdrawals, with Mastercard, VISA and Verve debit-card access.6
The savings account has Classic and Plus variants, with minimum opening/daily balances of US$20 and US$10,000 equivalents, respectively.6 But it does not allow payments to be made via cheques.6
Pricing: Current-account cash withdrawals carry a 0.05% cash-handling charge and a zero monthly maintenance charge; savings account carry zero monthly maintenance charge6
*Fees checked in August 2026
5. Standard Chartered USD Domiciliary Account
The Standard Chartered Domiciliary Account operates in Nigeria and supports USD, GBP and EUR.7 It lets eligible customers save, invest and transact in foreign currencies.7 Customers can receive, send and transfer foreign-currency payments, withdraw cash at branches and use a debit card for payments.7 The account also comes with a foreign currency debit card that carries an issuance fee of NGN 1,000 and US$10 card maintenance fee annually.7
Digital access is available through mobile and online banking.7 The bank states that there is no minimum operating balance.7 The account can also provide access to lending products and foreign-currency investment opportunities.7 It is available to Nigerians, residents and non-Nigerians aged 18 or above, subject to eligibility.7
Pricing: Zero account maintenance cost.8 US$25 SWIFT cost plus 0.5% commission for transfers + offshore charges8
*Fees checked in August 2026
6. Zenith Bank USD Domiciliary Account
Zenith Bank has 500+ branches in Nigeria and Ghana, and it offers two types of domiciliary accounts9,10:
- An Ordinary Domiciliary Account: This account supports USD, GBP and EUR, with internet banking, mobile banking, SMS/email alerts, standing orders and a USD debit card.9 Customers can use the bank’s digital and telephone channels and access funds through Zenith ATMs9
- A Cash Domiciliary Account: This account is USD-only, has zero opening balance and provides a USD debit card and digital banking, but it only supports cash deposits and withdrawals.10 Transfers are not allowed10
Pricing: Not specified
*Fees checked in August 2026
USD business accounts in Africa
USD business accounts from international payments providers work differently from Nigerian domiciliary accounts. They are generally designed for cross-border collections, currency management and international payments rather than integration with the domestic banking system.
Depending on the provider and country, they may offer local receiving details, multiple currency balances, virtual cards, marketplace integrations and international transfers. Availability and specific account functionality can vary by jurisdiction.
1. WorldFirst
WorldFirst is an international payments provider whose World Account is a multi-currency account that gives businesses access to local receiving accounts in 15+ currencies, including NGN, GHS, USD, EUR and GBP. It supports receiving, holding, converting and sending funds, with payments in 100+ currencies across 200+ countries and regions.
Businesses can also collect marketplace and payment-platform payouts and access World Cards, including virtual cards. The Africa offering is available across Nigeria, Ghana, Kenya and Morocco.
Key features of the World Account
- Make payments in any of the 15 supported currencies with no fees when the required funds are already held in that currency
- Move funds between World Accounts instantly with no transfer charges
- Connect the account with accounting and reconciliation platforms, including Xero and NetSuite
- Use World Pay, the authorised international payment provider for 1688.com to pay suppliers in China
- Receive payouts from 130+ marketplaces and payment platforms such as Amazon, Shopify, Stripe and Etsy. Read more on how to receive Amazon payouts on this Amazon dropshipping guide
- Access the World Card, which enables payments in 150+ currencies. Businesses can also create up to 20 multi-currency virtual cards at no additional cost
Main fees
| Fee type |
World Account fees |
| Monthly fee |
Zero |
| Account opening |
Zero |
| Receiving payments |
Zero |
| Holding multiple currencies |
Zero |
| Transfers between World Accounts |
Zero |
| Sending payments |
Refer to in-portal pricing. Vouchers may apply |
| Currency conversion |
Refer to in-portal pricing. Vouchers may apply |
| World Card |
Zero for up to 20 cards |
*Fees checked in August 2026. Terms and Conditions Apply
2. Payoneer
Payoneer enables individuals and businesses in Nigeria, Ghana, Kenya and Morocco to receive funds through local account details covering 70 currencies.11 Funds can be collected from clients and online marketplaces, held in supported currency balances or sent overseas.11,12
Its network spans 190+ countries, with connections to more than 2,000 marketplaces and platforms.11 Eligible businesses can also apply for a Mastercard business card, available in USD, GBP, EUR or CAD, with an annual fee of US$29.95.13,14
Pricing: Zero monthly fee; a US$29.95 annual fee applies13
*Fees checked in August 2026. Fees vary by region and account type
→ To know more, read this Payoneer review and discover Payoneer alternatives
3. nSave
nSave provides personal accounts alongside business accounts in Nigeria, Morocco and Kenya.15,16 Its business offering provides local account details for USD, GBP and EUR, allowing businesses to receive, hold, convert and send money overseas in these currencies.15
USD accounts support ACH and wire transfers, GBP accounts provide sort code and account number details, while EUR accounts use IBANs.15 The account also comes with a virtual Mastercard for online purchases and subscriptions.17 But GBP accounts held by customers in Nigeria currently cannot receive incoming payments.18
Pricing: Business accounts have a one-time US$15 setup fee.19 USD and EUR SWIFT transfers cost 0.3%, while GBP payments are charged at US$1 per transaction19
*Fees checked in August 2026
→ To know more, read this nSave review and discover nSave alternatives
4. Eversend
Eversend provides personal and business accounts that support USD, GBP and EUR virtual account details.20,21 The account is available in Nigeria, Kenya and Ghana.22 USD virtual cards are available for US$0.99 per month or a one-time US$2.99 fee.23
Personal accounts allow users to receive and send international payments, keep currency balances and exchange funds.20Business accounts expand this service offering to 16 currencies across 18 markets, alongside features such as integrations for automating payment processes.21
Pricing: Opening an account costs US$2, while transfers carry a 0.7% fee24
*Fees checked in August 2026
→ To know more, read this Eversend review and discover Eversend alternatives
Compare local banking and international payment accounts
USD domiciliary accounts remain a local banking option for Nigerians who need to receive, hold and transact in foreign currency. The six Nigerian banks covered here differ in supported currencies, balances, transfer capabilities, card access and charges.
USD business accounts provide a different model, with international payment providers focusing on cross-border collections, multi-currency balances and digital payment tools. The relevant comparison therefore depends on whether the priority is local banking infrastructure, international payment management or a combination of both.
FAQs
1. What is a USD domiciliary account?
A USD domiciliary account is a local bank account in USD. Depending on the bank, it can receive, hold, transfer and withdraw USD and may also support currencies such as GBP or EUR.
2. Can freelancers open a USD domiciliary account?
Eligible freelancers can generally open individual domiciliary accounts with Nigerian banks, subject to each bank’s identification, reference and address requirements. Some accounts are also available to SMEs and corporate organisations.
3. What is the difference between a USD domiciliary account and an offshore USD business account?
A domiciliary account is provided by a local Nigerian bank and operates within Nigeria’s banking framework. An offshore USD business account is generally provided by an international payments provider and is designed for cross-border collections, holding currencies and international transfers.
Sources
- https://www.gtbank.com/personal-banking/accounts/current-accounts/domiciliary-account
- https://www.firstbanknigeria.com/personal/accounts/domiciliary/domiciliary-account/
- https://www.firstbanknigeria.com/personal/accounts/domiciliary/firstdom/
- https://www.ubagroup.com/nigeria/personal-banking/accounts/domiciliary-account/
- https://www.ubaghana.com/personal-banking/accounts/domiciliary-advantage-account/
- https://www.accessbankplc.com/personal/everyday-accounts/domiciliary-account
- https://www.sc.com/ng/save/domiciliary-account/
- https://av.sc.com/ng/content/docs/ng-tarrif-guide-new.pdf
- https://www.zenithbank.com/personal-banking/bank-accounts/domiciliary-account/?id=FEATURES___BENEFITS_1
- https://www.zenithbank.com/about-us/
- https://www.payoneer.com/business/
- https://www.payoneer.com/multi-currency-account/
- https://www.payoneer.com/about/pricing/
- https://payoneer.custhelp.com/app/answers/detail/a_id/18226/~/account-with-card—faq%20
- https://www.nsave.com/business
- https://www.nsave.com
- https://www.nsave.com/cards
- https://intercom.help/nsave_help_center/en/articles/13572268-gbp-accounts-on-nsave-what-you-can-and-can-t-do
- https://www.nsave.com/pricing
- https://eversend.co
- https://eversend.co/business
- https://help.eversend.co/en/articles/4349091-what-can-i-do-on-eversend
- https://help.eversend.co/en/articles/8185032-eversend-virtual-card-fees
- https://help.eversend.co/en/articles/12059261-how-to-create-a-eur-usd-gbp-virtual-account
This article is intended for informational purposes only and does not constitute legal advice or professional advice. This article should not be regarded as constituting an offer or a solicitation to buy or sell any regulated or financial products or services. WorldFirst makes no representations or warranties regarding the accuracy, completeness, or applicability of the content, and readers are encouraged to consult with legal professionals or other professionals for advice tailored to their specific situation. WorldFirst does not guarantee the accuracy and completeness of this article and expressly disclaims any and all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on this article.
