Elsie UdohAs a Nigerian living abroad, one of the smartest financial moves you can make is to open a bank account in Nigeria from abroad. This will make it easy for you to send money back home and give you a savings account to stash cash for future investments.
Ordinarily, you’d expect to visit a bank physically to open an account, which you cannot afford to do now, but there’s still a way you can go about it. Many Nigerian banks offer diaspora banking services that make opening a bank account in Nigeria from abroad, regardless of where you are, a seamless process.
Join our WhatsApp ChannelIn this comprehensive guide, we’ll walk you through the importance of opening a Nigerian bank account from abroad, explain how to do it, and introduce you to some of the top banks that offer diaspora banking services.
Why You Should Open a Bank Account in Nigeria from Abroad
There are many benefits of opening a bank account in Nigeŕia from abroad, but we’ll discuss just a few:
- Efficient Remittances
As a Nigerian in the diaspora, you most likely have family back home that you need to send money, either for support or personal investments, and sometimes this can be challenging. Although you have international money transfer services available to help you get the job done, the transfer fees are sometimes way too high. Think about how efficient it would be if you had a local bank account to easily send money. This is not only cost-effective but also helps you gain quicker access to your funds.
- Savings and Investment Opportunities
If you want to save long-term, invest in real estate, build a house or start a business in Nigeria, then having a Nigerian bank account will be useful to you. Having a local account will give you easy access to financial services tailored to the Nigerian market.
Also Read: How to Buy a House in Nigeria From Diaspora
- Favourable Exchange Rates
We already talked about how cost-effective sending money back home is with your Nigerian bank account, but we’re not done yet. Many Nigerian banks offer the option of holding funds in foreign currencies such as US dollars, British pounds, and euros. This can help you transfer foreign currency at fair rates.
- Access to Loans and Credit
Depending on your circumstances, you might need to collect loans in Nigeria to support your finances. To do this, you must have an active Nigerian bank account, as that is usually a requirement to access loans and other credit facilities in Nigeria.
- Other Future Opportunities
Opening a Nigerian bank account is a great way to stay prepared for future opportunities that might arise, or for when you return to Nigeria for whatever reason; it takes away the stress of being financially stranded for a while as you have an account you can use to make transactions and easily get by.
Steps to Open a Nigerian Bank Account from Abroad
By now you should have been cleared of any previous doubt you might have had as to whether you should open a Nigerian bank account from abroad or not, but how do you go about it? Well, the process is now easier than ever, thanks to modern banking technology and the introduction of diaspora banking services. Here’s a step-by-step guide on how to do it:
Step 1: Choose the Right Nigerian Bank
The first step is selecting the right bank that offers diaspora banking services. Many Nigerian banks (these banks will be provided later in this article) have specific accounts designed for Nigerians living abroad, often called diaspora accounts. Each bank offers slightly different features, so it’s important to do your research and find one that suits your needs.
Step 2: Review Eligibility Requirements
Before applying, ensure that you meet the bank’s eligibility requirements for opening a diaspora account. Generally, you’ll need the following documents:
- A valid Nigerian passport or foreign passport (for Nigerians with dual nationality).
- Proof of address (a utility bill or tenancy agreement from your country of residence).
- Two passport-sized photographs.
- A completed application form (available on the bank’s website).
Some banks may also require a copy of your visa or residence permit to verify your location abroad.
Step 3: Choose Your Account Type
Banks offer various types of accounts, including savings, current, and domiciliary accounts. These account types have unique benefits. For example, a savings account is best for basic banking needs and growing your funds, while a current account is more suited for frequent transactions and offers cheque services. Domiciliary accounts, on the other hand, allow you to hold foreign currencies, such as dollars or pounds and are useful for international transactions. Select one that best matches your reason for opening a bank account here in Nigeria.
Step 4: Submit Your Application Online
With diaspora banking services, you can carry out your bank account opening application online. Simply visit the bank’s website and find the diaspora banking section. You’ll find the application form, which you can fill out electronically and submit along with your supporting documents.
Pro Tip: Be sure to confirm that the bank you choose to open an account with offers diaspora banking services; we will provide a list of banks that do so later in this article to guide your selection process.
Step 5: Verification Process
Once your application has been submitted, the bank will carry out a verification process. This involves checking your identification documents and proof of residence. Some banks may also request a reference from an existing account holder or require you to present notarised documents, depending on your location.
Step 6: Fund Your Account
After your account has been approved, you’ll need to make an initial deposit to activate it. This can often be done through an international transfer or by using a money transfer service. Some banks may specify a minimum deposit requirement, so check the bank’s policy before proceeding.
Step 7: Start Banking
Once your account is funded, you’ll receive your account details and can start managing your finances in Nigeria. Most banks provide online banking and mobile banking apps that allow you to check your balance, make transfers, and monitor transactions from anywhere in the world.
Top Nigerian Banks Offering Diaspora Banking Services
We’ve worked you through the basic steps that would be required of you to open a Nigerian bank account from abroad, which generally applies to any bank you choose to open an account with. As seen in step one, it will be best to open an account with a bank that offers diaspora banking services, and several Nigerian banks provide this service. Let’s look at some of the top banks that offer diaspora banking and their key features.
1. GTBank (Guaranty Trust Bank)
GTBank’s Diaspora Banking service allows you to open a savings, current, or domiciliary account from abroad and easily manage your finances back home. Here are some key features they offer:
- Account options: savings, current, and domiciliary accounts.
- Secure internet and mobile banking platforms for transactions.
- Investment advisory services.
- Foreign exchange services and easy remittance.
2. First Bank of Nigeria
First Bank’s Diaspora Banking enables you to open accounts and perform transactions with ease. The bank also offers a variety of account types and ensures easy access to remittance services, so you can seamlessly transfer money to loved ones back home.
Key Features
- Flexible account options: savings, current, and domiciliary.
- Easy remittance services for sending money to Nigeria.
- Secure online banking platform for managing accounts abroad.
- Investment options are available.
3. Zenith Bank
With a Zenith Bank Diaspora Account, you can bank in naira, dollars, or euros. They also provide a wide range of financial services, from savings to investment options.
Key Features
- Multiple currency options: naira, dollar, and euro accounts.
- Online and mobile banking for 24/7 account access.
- Investment opportunities.
- Remittance services to easily send money to Nigeria.
4. United Bank for Africa (UBA)
UBA’s Africash and Diaspora Account services cater to Nigerians abroad and offer convenient and affordable remittance services. Some other key features are:
- Naira and domiciliary accounts.
- Remittance services for global money transfers.
- Online banking for easy account management.
- Access to investment opportunities.
5. Access Bank
Access Bank’s Diaspora Banking gives you the option of opening a naira, dollar, and pound account. You can also access your account 24/7 with their internet and mobile banking platforms. Key Features
- Naira, dollar, and pound account options.
- 24/7 account access via Internet and mobile banking.
- Dedicated diaspora team for investment advice and wealth management.
- Convenient remittance services for sending money home.
Important Things to Consider When Opening a Nigerian Bank Account from Abroad
Before opening your account, here are some factors you should consider:
- Charges: Be sure to review any associated fees for maintaining your account, such as monthly service charges, ATM fees, and transaction costs.
- Exchange Rates: If you plan to hold foreign currency in your account, compare the exchange rates offered by different banks to get the best value.
- Remittance Services: Check if the bank offers affordable and fast remittance services. This is particularly important if you’ll be sending money back home regularly.
- Customer Support: Ensure the bank has a reliable and swift customer support system that can assist you with issues that arise in your banking.
Final Thoughts
Opening a Nigerian bank account from abroad is important for managing savings, sending remittances, or planning long-term investments. We’ve provided the general steps that will guide your application process as well as Nigerian banks that offer diaspora banking services, which you can choose from and start banking seamlessly from abroad.
Elsie Udoh is an SEO content writer who specialises in writing engaging stories that resonates with diverse audiences. She studied mass communication at the Lagos State University.
