Can OPay receive dollars in Nigeria? All you need to know about dollar transactions

Can OPay receive dollars in Nigeria? This is a common question among many Nigerians who engage in international transactions. OPay's innovative partnership with WorldRemit allows users to receive dollars seamlessly. However, there is a unique twist—these funds are automatically converted into Naira.

Nigerians often prioritise retaining dollars for several reasons. Compared to the Naira, the US dollar’s stability makes it a preferred choice for safeguarding financial assets. Retaining dollars also benefit international students and business owners by allowing seamless payments for education or goods abroad. If you rely on remittances from abroad, understanding this process is essential.

Can OPay receive dollars in Nigeria?

OPay accepts dollars through its partnership with WorldRemit, making it a valuable platform for those engaging in international business or receiving remittances from abroad. However, it is essential to note that OPay does not store dollar balances. Instead, it automatically converts any dollars received into Nigerian Naira.

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When dollars are deposited into your OPay account, they are converted at the prevailing market exchange rate. Always consider how the conversion works when using OPay to receive funds.

How to receive money in Nigeria using OPay

OPay and WorldRemit collaborate to simplify receiving money in Nigeria. Here is a step-by-step guide to the process:

1. On the WorldRemit platform, you can select "OPay" as the payout method and "Nigeria" as the destination country through their website or app.
2. Input the required amount to transfer.
3. Enter the recipient's phone number, which serves as the OPay account identifier.
4. Click "SEND" to initiate the money transfer to the designated OPay account.
5. The recipient will receive the funds in Naira, which are converted using the current exchange rate.

Can OPay send money internationally?

Yes, OPay enables international money transfers through partnerships with providers like WorldRemit and Western Union. This integration allows Nigerians to send and receive money globally, offering competitive exchange rates and affordable fees.

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In September 2020, OPay announced a partnership with WorldRemit, facilitating direct international transfers into OPay mobile wallets in Nigeria. The Director of Remittance Service at Opay, Kunle Olamuyiwa, announced:

We are very excited about our partnership with WorldRemit. At OPay, our goal is to consistently drive financial inclusion across Nigeria, meeting the demands of the banked and unbanked. With this partnership, we will smoothen the process in which Nigerians receive money from friends and family abroad.

To perform seamless transactions, ensure your account is verified and compliant with OPay's KYC (Know Your Customer) requirements. Users with verified accounts can receive money from over 50 countries, including the United States, the United Kingdom, and Canada.

How to receive dollars in Nigeria

In December 2020, the Central Bank of Nigeria introduced regulations requiring that international money transfers be paid out in US dollars, not Naira. Consequently, receiving dollars in Nigeria involves a domiciliary account (US Dollar Account) or cash pickup services. Some of the benefits of a domiciliary account include:

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• Direct reception of bank transfers in US dollars.
• Access to US dollar debit cards (Visa or MasterCard) for global transactions.
• Ability to transfer dollars between domiciliary accounts within the same bank.
• Support for international expenses, such as education payments.

How to open a US Dollar account in Nigeria

Major Nigerian banks like GTBank, First Bank, and UBA offer domiciliary accounts. Requirements typically include:

• A completed application form.
• Valid identification (passport, driver’s licence, or national ID).
• A recent passport photograph.
• Reference forms signed by Nigerian account holders.
• A utility bill issued within the past three months.
• Check with your preferred bank for specific minimum balances and policies.

How to receive dollars via Cash Pickup in Nigeria

Money transfer operators such as Western Union, MoneyGram, and WorldRemit provide cash pickup services:

1. Visit an authorised agent location for OPay transactions.
2. Provide the unique transaction reference number given by the sender.
3. Present a valid ID for verification.
4. Upon successful verification, the funds will be disbursed in cash, typically in US dollars.

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Can you receive dollars in your Nigerian bank account?

Yes, but only through a domiciliary account (US Dollar account), as Naira accounts cannot hold foreign currencies. Follow these steps to receive dollars:

1. Share your domiciliary account details with the sender, including the SWIFT code and full name.
2. The sender initiates the transfer through international services or wire transfers.
3. The funds are credited to your account in dollars, enabling withdrawals or online transactions.

How to withdraw dollars from a domiciliary account

Withdrawing dollars from a US dollar account is straightforward. Here is how to get it done:

1. Complete a withdrawal form, cheque, or counter-teller form.
2. Submit it to the bank teller, who verifies your Bank Verification Number (BVN).
3. Upon approval, the teller will disburse the cash in US dollars.

Banks may charge a fee for US dollar withdrawals. Transfers between domiciliary accounts in the same bank can also be made via mobile or online platforms.

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Can you receive money from the US with OPay?

Yes, you can receive money from the United States using OPay. Through its partnership with WorldRemit, OPay enables users to receive money from over 50 countries. However, all received dollars are automatically converted into Naira.

Who regulates OPay in Nigeria?

OPay operates under the Central Bank of Nigeria (CBN) regulatory framework. OPay is also insured by the Nigeria Deposit Insurance Corporation (NDIC), which ensures compliance with financial security standards.

Can I get an OPay card without NIN?

No, you cannot get an OPay card without linking your National Identification Number. Account verification requires linking your BVN and NIN to access and use the OPay card.

Opay can receive dollars in Nigeria thanks to its partnership with WorldRemit. OPay ensures seamless receipt of funds from over 50 countries by simplifying international remittances. However, the platform does not store your funds in dollars as it converts them into Naira upon receipt.

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DISCLAIMER: This article is not sponsored by any third party. It is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility.

Legit.ng recently published an informative post on Access Bank IBAN number, USSD codes and customer care details. Access Bank is one of Nigeria's prominent financial institutions, renowned for its innovative banking solutions and operations across multiple countries.

Access Bank in Nigeria does not use the IBAN system for international transactions. Instead, transactions rely on other details, such as the SWIFT code, bank name, intermediary bank’s SWIFT code, and the beneficiary’s account number. Read on to uncover all the details on how to make global transactions using Access Bank.

Source: Legit.ng