How to Set Up an International Bank Account from Nigeria

As 2024 rolled in, Nigerian banks began facing challenges with foreign currency supplies, leading to drastic changes. Many commercial banks reduced their monthly dollar transaction limits on Naira cards to a meager $20. This was a far cry from the already tight $100 limit that was in place previously. For many business owners and entrepreneurs who frequently make purchases or payments in dollars, this development has been nothing short of frustrating.

With Access Bank, GTBank, and others struggling to meet foreign exchange demands, the limitations imposed on their customers have created a lot of concerns, especially for those who rely on international transactions. But here's the thing: you don't have to feel completely stuck. There's a way out, even if you're not planning to leave Nigeria anytime soon. You can still open a foreign bank account and carry on with your business without these frustrating restrictions.

Let me walk you through one reliable option—Payoneer. It's an online platform that lets you open a bank account in foreign currencies from the comfort of your home. While the process might sound technical at first, trust me, it's really quite straightforward if you follow the steps carefully.

First off, head over to Payoneer's official website (payoneer.com), or if you prefer, you can download their app from the Google Play Store or App Store. Just make sure you have the right one—it's the one with a simple white background and a colorful circle in the logo.

Once you're there, click on the sign-up button. You'll be prompted to choose the type of account you want. Payoneer offers different options depending on what you're into—whether you're a freelancer, an online seller, or even someone who just needs a basic personal account. No worries, just pick the one that suits your needs.

After that, you'll need to fill in your basic personal information: first name, last name, email, phone number, and date of birth. One thing to be mindful of—make sure your details match those on your government-issued ID (like your passport, National ID card, or driver's license), or you might run into issues when verifying your account later. Trust me, you don't want to deal with those headaches.

Now, once you've completed the registration and provided your information, you'll be asked to link your local Nigerian bank account. Don't worry, this step is just to enable easy transfer of funds between your foreign Payoneer account and your local account.

After filling out all the necessary details, submit your application. You'll get an email informing you that your application is under review. Here's the thing: the review process might take up to 24 hours or sometimes even longer. So, don't get anxious if you don't hear back immediately. While you're waiting, you'll need to verify your email address by clicking on the link Payoneer sends you.

Once your account is approved, you'll receive another email confirming that you're good to go. After logging in, you'll see that you now have access to different foreign currency accounts, including ones in U.S. Dollars, British Pounds, and Euros. If you need accounts in currencies like the Australian Dollar or Japanese Yen, you can apply for those too—it usually gets approved quickly.

Now, here's where it gets a bit technical. If you want to view your account details (like your U.S. account routing number or your U.K. account sort code), just click on the account and select "View Details." Everything will be displayed there—easy as pie.

Before you can start transacting, however, you may be required to submit some documents for verification. For instance, if you provided your passport details during registration, you'll need to upload a clear picture of it for confirmation. This step is important, so make sure you follow through.

That's it! Once you're set up, you can use your new account for everything from paying for products on Amazon to receiving payments from clients abroad. And just one last thing—don't forget to save your account details and security answers somewhere safe. You don't want to lose access later.

So, while Nigerian banks might have thrown a wrench in your plans with their recent limits, you're not out of options. Setting up a foreign bank account online might just be the lifeline you need to keep your international transactions running smoothly.