4 Bank Cards That Works For International Transactions in Nigeria 2023

Dollar Transaction
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Table of Contents
Online transactions have become an essential part of our daily lives in the digital age. E-commerce has no limitations, whether it comes to purchasing goods, paying for services, or making investments. However, if you live in Nigeria, you've had difficulties making overseas transactions in naira with your regular Visa or Mastercard. The difference between the naira and the dollar may be difficult to understand. But don't worry; in this article, we'll introduce you to four Nigerian banks that can help you navigate the world of international online transactions with ease.

Key Takeaways 
  • Online transactions in Nigeria can be challenging due to limitations on using naira cards for international purchases.
  • Four banks in Nigeria offer solutions for seamless international transactions: Gray.com, Pioneer, PayPal, GTB, and UBA.
  • Pioneer facilitates business payments globally, allowing retrieval of funds from platforms like Fiverr and Upwork.
  • PayPal personal accounts in Nigeria allow sending money, but not receiving it directly. You can link your bank account for purchases.

1. Gray.com: Your International Business Portal

Gray.com is appealing to digital nomads and internet company entrepreneurs. It is an Internet banking service that provides both personal and business services. One of its distinguishing features is the free account opening in USD, GBP, and EUR, which streamlines cross-border transactions. They may not give direct USD accounts due to a variety of constraints, but you may easily convert between British pounds and dollars to satisfy your needs.

Gray.com is a useful site for us Nigerians living in Nigeria to check currency conversion rates. You may  
easily log in and check the currency rate to ensure you are receiving the best possible bargain. One dollar is now worth 994 naira on this site.

2. Pioneer: Bridging the Gap for Business Payments

Pioneer, is an online commerce participant. This platform is designed to make business payments easier in today's global economy. Pioneer has long been a reliable partner for both individuals and businesses, particularly in the realm of freelancing.

Pioneer allows you to swiftly obtain funds from well-known websites such as Fiverr.com and Upwork.com. It acts as a conduit between your bank account and your online earnings. However, using Pioneer for Amazon-related purchases, like Kindle publishing, should be approached with caution. Because of Nigeria's tax policy, using sites like Pioneer may cause issues with Amazon. They may close your account.

The good news is that Pioneer offers a credit card that may be used for online shopping and other purchases. If you follow the card's requirements, which include holding at least $100 equivalent in your account for the prior six months, you may use it anywhere in the world.

3. PayPal in Nigeria: A Game-Changer for Online Transactions.

People who are familiar with the internet may be surprised to learn that Nigeria has access to PayPal. Although there are limitations, you may still open a valid PayPal account here. Most PayPal users in Nigeria are limited to personal accounts, which allow you to send money but not receive it.

However, if your primary goal is to use PayPal for online transactions, this restriction will not apply to you. You may make online payments by linking your PayPal account to your Nigerian bank account. Unfortunately, some restrictions prohibit you from linking your PayPal account to your naira card. In a minute, I'll explain what you should link to in its place.

However, to use PayPal to its full potential, including sending and receiving money, you must have a PayPal business account. To unlock one, you'll need to take a slight deviation. When accessing PayPal's official website in Nigeria, there is usually only the option for a personal account. But don't worry; we've got a solution. Using PayPal's Icelandic domain (paypal.com/i.s), you may access the business account option. By following the on-screen steps, you may create a fully functional PayPal business account with sending and receiving abilities.

4. Physical Banks: GTB and UBA for Dollar Transactions.

Let us now look at two physical banks in Nigeria, Guaranty Trust Bank (GTB) and United Bank of Africa (UBA), that can assist you with international online transactions.

The Guarantee Trust Bank (GTB)
: For Nigerians who desire to transact in dollars, GTB is an achievable option. You may create an account with the bank if you have a GTB dollar account, and they will issue you a unique dollar card. Using this card to transact overseas is identical to using your normal card. The main problem here is filling your dollar account, especially if you don't make money in dollars right away.

Independent contractors, authors, and online company entrepreneurs may not have this issue because they are typically compensated in dollars. In these cases, you may simply link your dollar account to your dollar card, allowing you to purchase online whenever you need to. If you don't earn any dollars, you may still convert your naira to dollars and deposit them into your GTB dollar account by visiting a currency exchange service provider.

United Bank of Africa (UBA):
For consumers looking to make international online transactions without creating a traditional bank account, UBA is an appealing option. They provide a prepaid card designed exclusively for internet transactions. The best aspect is that you don't have to have a UBA bank account to acquire this card.

To get started, simply go to a UBA branch, present your identity (such as a driver's licence) and proof of address (a PHCN bill or other utility bill), and bring 10 or more real notes to deposit. The process is straightforward, and UBA does not need extensive background checks or references. Once you have your prepaid card, you may use it to make purchases online anywhere in the world.

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Final Say

As we conclude this investigation into the domain of international Internet transactions, it is clear that, with the right tools, the limitations imposed by currencies may be bypassed. Gray.com, Pioneer, PayPal, GTB, and UBA serve as beacons of opportunity for Nigerians wishing to effortlessly engage in the global digital economy.

Now that you've armed yourself with this knowledge, it's time to take authority. Have you tried any of these platforms? Do you have any personal tips for doing foreign business? Please ask us if you have any questions. Let's continue the conversation by leaving a comment below.

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Why can't I use my regular Visa or Mastercard for online purchases in Nigeria?

Online transactions in Nigeria face a unique challenge. Most international platforms do not accept naira cards directly. This limitation arises from currency restrictions.

Is it better to earn dollars before spending them for online purchases?

Earning dollars before spending them is a strategic approach to avoid currency conversion hassles and transaction limitations. This ensures a smoother online shopping experience.

Are there any limitations on withdrawals and transactions with these platforms?

Yes, some platforms may have limitations on the amount you can withdraw or transact. For instance, Pioneer may have restrictions on withdrawing large volumes of money within a specified time frame.

Can I use these platforms for personal transactions with friends and family?

Yes, you can use platforms like Pioneer to request payments from anyone around the world, even if they're not on freelancing marketplaces. However, some platforms may require you to have used the account for a certain period before enabling this feature..

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