The severe restrictions imposed on Nigerian debit cards have made foreign purchases almost impossible. A lot of Nigerian banks have stopped supporting Naira cards for international transactions. This reduces your alternatives and makes it more difficult for you to participate in foreign financial transactions.
The difficulties you’ve faced might include unsuccessful payment attempts, unforeseen conversion costs, and the disappointment of being shut out of international prospects as a direct cause of these restrictions. You can always open a domiciliary account, but this opens you up to a lengthy and stressful process in the bank.
Your key to simpler, quicker, and more effective overseas transactions may be found in virtual dollar accounts. These accounts allow you to make international transactions with ease. Having a dollar account in Nigeria will save you time and money when dealing with international transactions.
With virtual dollar accounts, individuals and companies can easily trade in foreign currency without having to deal with the obstacles of conventional banking. These applications provide smooth transactions for business, tourism, and remittances in Nigeria. With one click, you may safely pay for products and services online using a virtual dollar card, an electronic payment option. It is a safer option than cash or cheques and a substitute for real cards.
Among the many advantages of virtual dollar cards are their mobility and ease of use. Virtual dollar cards enable customers to perform rapid and safe transactions without having to leave the comfort of their homes, catering to the rising need for digital payments. This implies that you won’t have to stand in lengthy lines at banks; instead, you may pay for your purchases swiftly and conveniently.
Furthermore, because all payments are processed via an encrypted network, virtual dollar cards provide customers even more security when they purchase online by lowering the possibility of fraud and illegal access to personal data. Additionally, you don’t have to worry about abruptly running out of money since you can monitor your spending by checking your account balance at any moment.
There are many more benefits of having a virtual dollar account. If you’re interested in creating one, then you’re at the right place. Let’s dive into how you can create a virtual dollar account in Nigeria:
1. Choose a Provider
When it comes to opening a virtual dollar card, choosing the best virtual dollar provider is the most important step. With so many options available, choosing a virtual dollar card provider in Nigeria might be difficult. You can easily narrow down your choices when you take into consideration the following important aspects:
- Safety: The most important factor to consider when choosing a virtual dollar card provider is security. You don’t want to hand over your hard-earned money to shady websites. Choose a reputable provider with favourable reviews from customers. For further security, look for companies that use two-factor authentication in addition to many security layers and encryption technologies.
- Charges: It’s important to understand the prices associated with any service before committing to using it. Some virtual dollar card providers charge too much for their services, taking a chunk out of any money you choose to deposit and make transactions with. To ensure you don’t overpay, be sure to seek for suppliers that provide affordable transaction fees and competitive rates.
- Worldwide coverage: For the best experience, use a virtual card that has worldwide coverage. Verify that the supplier you choose can give access to services across many nations and regions. This will guarantee that wherever you are on the globe, you may access your money.
- Customer service: There are a lot of risks and uncertainties when making transactions online. When interacting with any source of financial services, excellent customer service is crucial. Seek service providers that give live chat, phone, or email customer care around the clock so that you may receive assistance fast if problems occur.
We recommended Payoneer for an international reliable virtual dollar account. You get a dollar card and also you can receive payment from any part of the world to your dollar account and transfer it to your Nigerian bank account. For a Nigerian/African option, try Chipper Cash.
2. Create an account
The steps you will have to follow to create an account will depend on the virtual card service provider that you choose. Usually, you will first have to visit the website then scroll through and find a signup link. You would usually be asked to fill out a registration form where you will provide your personal information like name, age, and address.
After successful registration, the next step will be to verify your identity. Ensure scanned copies of identification (national ID card, voter’s card, or international passport), proof of residency, and possibly financial statements and BVN in hand as you may need them. Verification of identity may take a few hours to a few days depending on the card provider you choose.
3. Create your card
After confirming your identity, the next step is to open your virtual card. You may be asked to pay a sum for this but it is usually not more than what you would pay to get a physical card from any bank in Nigeria. You can then add a local bank account that you can use to fund your virtual card or withdraw from it.
4. Begin transactions
Once you have created your card, you can begin transactions for a variety of domestic and international online transactions, such as:
• Purchasing goods online from foreign websites.
• Making software, digital platforms, and streaming service subscriptions.
• Making reservations for lodging, transportation, and other services.
• Investing in cryptocurrency and international financial markets.
• Making payments for goods or services from foreign suppliers.
Conclusion
Having a virtual dollar account means you have a free ride to make as many international transactions as you want which would have been impossible with your naira debit card. Understanding how a virtual dollar card works will open you up to a world of opportunities and possibilities. The best part is that it’s quite easy to open. You only need to follow the steps I outlined above.
