Many Nigerians who receive money from abroad often ask this question: can I receive dollars in my GTBank account?
The answer depends on the type of GTBank account you have. GTBank allows customers to receive dollars, but it is not possible with a normal naira savings or current account.
This article explains everything in simple English.
Types of GTBank Accounts and Dollar Payments
Naira Account
A normal GTBank naira savings or current account cannot hold dollars.
If dollars are sent to a naira account:
- The money will be automatically converted to naira
- GTBank will use the bank’s exchange rate
- You will receive the money in naira only
Domiciliary Account
To receive and keep dollars, you need a GTBank domiciliary account.
A domiciliary account allows you to:
- Receive US dollars
- Keep the money in foreign currency
- Withdraw dollars as cash
- Transfer dollars to another foreign account
This is the best option if you want to receive money from abroad in dollars.
How to Receive Dollars in a GTBank Domiciliary Account
Opening a GTBank Domiciliary Account
To receive dollars, you must first open a domiciliary account with GTBank.
You will need:
- Valid means of identification
- Passport photographs
- Utility bill
- Duly completed account opening form
Once the account is active, it can receive dollars from anywhere in the world.
Receiving Dollars Through International Transfer
You can receive dollars through:
- International bank transfers (SWIFT)
- Foreign company payments
- Family or friends sending money from abroad
The sender must use:
- Your full account name
- Your domiciliary account number
- GTBank Nigeria details
- Correct SWIFT code
VIEW ALSO: Can I send money from GTBank Ghana to GTBank Nigeria?
Can I Receive Dollars Without a Domiciliary Account?
Receiving Dollars in a Naira Account
If someone sends dollars to your GTBank naira account:
- The bank will convert the dollars to naira
- You cannot withdraw or keep the money in dollars
- You may lose value due to exchange rate differences
This option is not recommended if you want to keep dollars.
Charges and Processing Time
Transfer Charges
- GTBank may deduct incoming transfer charges
- Correspondent banks may also charge fees
- Charges depend on the amount sent
How Long Does It Take?
- International dollar transfers usually take 1 to 5 working days
- Delays may happen due to wrong details or public holidays
Important Things to Know Before Receiving Dollars
Documentation and Compliance
GTBank may request:
- Purpose of payment
- Source of funds
- Supporting documents for large amounts
This is part of banking and international money rules.
Dollar Withdrawals
With a domiciliary account, you can:
- Withdraw dollars over the counter
- Transfer dollars to another domiciliary account
- Keep the money until you are ready to use it
Final Thoughts
Yes, you can receive dollars in your GTBank account, but only through a domiciliary account.
A normal naira account will not hold dollars and will convert any dollar payment to naira automatically.
If you receive money from abroad often, opening a GTBank domiciliary account is the best choice.
Frequently Asked Questions (FAQs)
1. Can I receive dollars in my GTBank savings account?
No. A savings account can only receive naira. Dollars sent will be converted to naira.
2. Do I need a domiciliary account to keep dollars?
Yes. A domiciliary account is required to receive and keep dollars.
3. How long does it take to receive dollars from abroad?
Usually between 1 and 5 working days.
4. Can I withdraw dollars from my GTBank domiciliary account?
Yes. You can withdraw dollars at the bank counter.
5. Is there a charge for receiving dollars in GTBank?
Yes. There may be bank and correspondent bank charges depending on the transfer.
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