The recent but not-so-recent Central Bank of Nigeria regulation on international payments has been a stumbling block for most people trying to make transactions on foreign platforms using their regular Naira card.
Before now, it is quite an easy ride to make payments for your Spotify, Netflix, Coursera, and other foreign platforms using regular naira cards. With this, users had no reason to opt for a domiciliary account.
But now that there is a new tune to the music due to the central bank’s regulation on dollar transactions, a naira card has been limited to only fund $20 worth of transactions in a month.
This for most users is too small to cater to any payment coupled with the fact that the naira to dollar rate is high. People barely are able to buy or pay for anything with $20.
So to help users solve this issue, there are other payment channels that can help users make necessary payments without stressing or paying excessive fees to complete foreign transactions.
Come with me, let’s see how you can fund your Guaranty Trust Bank domiciliary account using various available channels.
How To Fund A GT Domiciliary Account
To open a GT domiciliary account requires a few processes which have to be done in person at any Guaranty Trust bank branch. This is applicable to other banking institutions too.
There might however be little variations here and there for opening a dollar account in any of the Nigerian banks. You would be requested to have your identification documents, passport photograph, utility bill, and reference form.
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After opening this account, how then can you fund it with foreign currencies to aid your foreign payments? While you can get the bank to fund your account, the process is time taking then you might be willing to wait.
The best chance to swiftly have your account funded will be discussed below.
1. Direct transfer
You can get your dollar account funded by getting deposits made into the account in dollars. This can happen if you earn in dollars or have people who are abroad to fund your account with foreign currencies.
To help you easily fund your dollar account, Kashbuk has a Forex feature where you can buy dollars at reasonable rates to fund your domiciliary account.
To get your dollar account funded, you can reach out to us through this platform or via live chat.
2. Deposits
If you have access to dollars in tangible cash, you can walk into any GT bank to make a deposit. That way your domiciliary account will be funded with the amount.
This funding channel might be difficult to come by because getting cash in dollars is rare to come by. But if you do have access to that, you can fund your account using this channel.
3. Black markets
This is a very common way to fund domiciliary accounts. The Bureau de Change (BDC) is a well-known funding channel that requires that you get someone you can exchange your naira for dollars with.
This path may have varying naira to dollar rates due to volatile market operations and the individual’s mode of business. You might want to compare the rates before choosing to buy the dollar from any BDC agents.
These are the surest ways to fund your domiciled accounts. To ensure ease of business, we would recommend that you fund your account using direct transfers or deposits. So that you can save yourself from stories that touch when doing business with non-trusted channels.
