Earning money in dollars is the new mantra thanks to the instability of the naira. Many Nigerians are now into freelancing, amazon KDP, affiliate marketing, etc.

some platforms like Amazon KDP won’t even allow you to sign up without a foreign account so the need for a foreign bank account.

This post will walk you through the 5 best foreign bank account providers.

Advantages of Having an Online Foreign Bank Account

Using a virtual overseas bank account has various advantages, some of which are as follows:

the capacity to open foreign currency accounts and conduct international money transfers.
The capacity to send and receive money in a variety of currencies, which facilitates worldwide trade.
It is possible to get lower fees and better exchange rates when compared to traditional institutions.
privacy and anonymity because it doesn’t need for actual presence.
greater adaptability for those who reside overseas or travel frequently.

5 Best Foreign Bank Account Providers

Wise

An online financial platform called Wise facilitates peer-to-peer transfers of funds. Compared to regular banks, it offers users cheaper money transfer and receiving rates. The business has a hybrid business strategy that combines traditional banking institutions with marketplace platforms.

Important characteristics:
provides virtual bank accounts in USD, GBP, and EUR, among other currencies.
competitive rates of exchange
Choice of using a debit/credit card or a bank transfer to send and receive payments
Simple website and mobile app integration
An easy-to-use dashboard for monitoring and controlling transactions

KYC Conditions:

You must finish a basic KYC (Know Your Customer) verification before using this app. This can involve uploading a passport, a valid ID card, and documents for address verification.

Note: You can only use an ID card with an expiry date, such as your driver’s license or international passport, for ID verification.

Payoneer

Another payment platform that provides a variety of financial and payment services to both individuals and businesses is Payoneer. The US corporation is headquartered in New York and was created in 2005.

They provide currency conversion, prepaid debit cards, and cross-border payments. Payoneer serves a worldwide clientele and strives to make financial services easily accessible to everybody, wherever they may be.

Important characteristics:
They offer virtual bank accounts in USD, GBP, and EUR, among other currencies.
the capacity to accept payments from more than 200 nations
competitive rates of exchange
round-the-clock client assistance
Ability to select between corporate and personal accounts
Prepaid dollar cards are offered to help with internet shopping.
KYC Conditions:
It is necessary for you to finish a simple KYC check before using this platform. This can include uploading address verification documents, a passport, and a valid ID card.

Note: You can only use an ID card with an expiry date for the verification. ID cards such as your driver’s license or international passport.

Geegpay

A fintech business called Geegpay provides an internet payment gateway for sending and receiving money. The UK’s London is home to the company, which was established in 2020.

Geegpay wants to simplify online payment acceptance and financial management for businesses. The business provides a range of services, such as fraud protection, invoicing, and payment processing.

Features:
offers virtual bank accounts in USD, GBP, and EUR, among other currencies.
accepts a number of payment options, including as e-wallets, debit/credit cards, and bank transfers.
You can use it to send your employers invoices automatically.
They offer sophisticated security features like two-factor login and fingerprint authentication.
offers digital dollar cards for online transactions.
KYC Conditions:
You’ll need to finish a basic KYC identification before utilizing this app. This can include uploading address verification documents, a passport, and a valid ID card.

Note: You can only use an ID card with an expiry date, such as your driver’s license or international passport, for ID verification.

PayDay

PayDay is a fintech business that offers an international way to transfer and receive money. Founded in 2020, the organization has offices in Rwanda and the United States. PayDay seeks to empower consumers to obtain necessary financial services and make wiser financial decisions.

You can use this platform to use local bank transfers to top out your USD account. In addition, their rates and fees are far less than those of other providers.

Important Elements:
provides virtual bank accounts in USD, GBP, and EUR, among other currencies.
accepts a number of payment options, including as e-wallets, debit/credit cards, and bank transfers.
sophisticated security measures, such as fraud monitoring and biometric authentication
offers digital dollar cards for online transactions.
smartphone app that is easy to use for tracking transactions and managing your account.

KYC Conditions:
You’ll need to finish a basic KYC identification before utilizing this app. This can include uploading address verification documents, a passport, and a valid ID card.

Note: You can only use an ID card with an expiry date, such as your driver’s license or international passport, for ID verification.

Grey.co

A fintech company called Grey.co enables people to send and receive money internationally. The company is situated in London, United Kingdom, and was created in 2018. Grey.co provides free accounts in USD, GBP, and EUR to accept payments from any location in the world.

You can also make a virtual dollar card with Grey.co to use for online payments. Grey offers minimal transaction costs, which is another awesome advantage.

Important Elements:
They offer virtual bank accounts in USD, GBP, and EUR, among other currencies.
the capacity to accept payments from more than 200 nations and territories
competitive rates of exchange
round-the-clock client assistance
They help with internet shopping by offering virtual dollar cards.

KYC Conditions:
You’ll need to finish a basic KYC identification before utilizing this app. This can include uploading address verification documents, a passport, and a valid ID card.

Note: You can only use an ID card with an expiry date, such as your driver’s license or international passport, for ID verification.

Conclusion

There are a few benefits to using a virtual overseas account instead of a domiciliary account. You will, first and foremost, have simple access to your money. Furthermore, there are no limitations on the total amount of money you can get.

The 5 best foreign bank account providers are listed in this guide. All you need to finish registering with any of them is a legitimate form of identification.

You can choose Wise if your passport is valid internationally. This is as a result of their accessibility and widespread acceptance but I recommend Grey.co and Payoneer because that’s the two I have been using and the services has been great.