How to make your bank account work across borders

A new wave of global banking is redefining how Nigerians manage money across borders. From domiciliary accounts to fintech-powered wallets, multi-currency cards, and integrated transfer services, customers are gaining greater control and flexibility in handling international transactions. TEMITOPE AINA explores how banking across borders can move from a challenge to an everyday convenience

For many Nigerians, the world has become a smaller place. Whether it is sending money to children studying abroad, paying for online courses, shopping from international stores, freelancing for overseas clients, or travelling for business, the need to move money seamlessly across borders has never been greater. Yet, navigating international transactions from Nigeria often comes with high costs, hidden fees, and sometimes frustrating delays.

The good news is that with the right banking strategies, your bank account can work just as effectively abroad as it does at home. Here are practical ways to make cross-border banking easier and more rewarding.

Open a domiciliary account

A domiciliary account remains one of the most effective and reliable ways for Nigerians to handle foreign transactions. This type of account allows you to receive and hold funds in major international currencies such as U.S. dollars, pounds sterling, or euros, and then withdraw or transfer those funds in the same currency.

For individuals and businesses that regularly transact in foreign currency, such as freelancers working for international clients, exporters, or families receiving remittances from relatives abroad, a domiciliary account offers a critical advantage. It provides direct access to foreign exchange without the limitations and fluctuations often seen in the naira-dollar market.

Most commercial banks in Nigeria, including GTCO, Zenith Bank, Access Bank, and UBA, provide domiciliary account services. However, opening one typically requires meeting specific requirements, such as a minimum opening balance, references, or additional documentation.

One of the biggest benefits is the ability to avoid excessive currency conversion charges. For example, instead of being forced to accept exchange rates that are not in your favour, you can hold your funds in dollars or euros and convert them to naira only when the rates work best for you. This flexibility not only protects value but also gives customers greater financial control in a volatile foreign exchange market.

Get a multi-currency card

In today’s digital economy, a multi-currency debit or prepaid card has become a practical solution for seamless international spending. Many Nigerian banks now issue cards that are linked to multiple currencies, allowing customers to pay directly in dollars, pounds, or euros without the inconvenience of repeated conversions.

These cards are particularly useful for frequent travellers who often face difficulties paying for hotels, flight tickets, or car rentals abroad with naira cards. With a multi-currency card, such payments can be made directly in the required currency, reducing transaction failures and avoiding additional international fees.

For online shoppers, the cards also provide convenience for global platforms like Amazon, Netflix, Apple Music, or Adobe subscriptions. Instead of dealing with currency restrictions, payments are processed smoothly and securely in the designated currency.

Another benefit is that these cards allow customers to set budgets across currencies, giving them better control of their international spending. Whether you are a student abroad, a small business owner paying suppliers overseas, or a tourist planning a trip, multi-currency cards offer the flexibility and peace of mind needed for global transactions.

Use international money transfer services linked to banks

For decades, services like Western Union, MoneyGram, and WorldRemit have been household names when it comes to cross-border money transfers. They provide an essential link for Nigerians sending or receiving funds from abroad. However, what is changing today is how these services are being integrated into the banking system.

Many Nigerian banks now offer these money transfer services directly through their branches, ATMs, and even mobile banking apps. This shift eliminates the need for long queues at physical agent locations and speeds up the process of accessing funds. In some cases, transfers can be completed within minutes, allowing recipients to withdraw or use the money almost immediately.

The integration also improves security. Customers can carry out transactions within their bank’s ecosystem, reducing the risks associated with handling cash or relying on informal transfer channels. This is especially important for parents sending upkeep allowances to children abroad, individuals paying for tuition, or families supporting relatives in other countries.

Moreover, digital integration of transfer services ensures better transparency in exchange rates and fees. Customers can see upfront how much they are paying and receiving, giving them more clarity and confidence in the process.

Explore digital banks and fintech options

Technology is reshaping how Nigerians move money across borders, with fintechs leading the way in offering alternatives to traditional banks. Platforms like Payoneer, Grey, Chipper Cash, and Flutterwave now provide innovative solutions that make cross-border transactions faster, cheaper, and more flexible.

For instance, Payoneer enables Nigerian freelancers, digital entrepreneurs, and e-commerce sellers to create foreign bank accounts in USD, GBP, or EUR. With these accounts, they can receive payments directly from clients abroad without the bottlenecks of local banking restrictions. Funds can then be transferred into Nigerian bank accounts at competitive exchange rates.

Grey and Chipper Cash also offer virtual international accounts and wallets that allow users to send, receive, and store funds in multiple currencies. Flutterwave has built its name around enabling businesses to accept payments globally, while also supporting peer-to-peer transfers across Africa.

Digital wallets linked to these fintechs go a step further by enabling smooth international payments. For example, a Nigerian freelancer working with a U.S. client can be paid into a Grey or Payoneer account, use the digital wallet to shop online, and later move the funds into a naira account when needed. This flexibility is helping Nigerians bypass traditional hurdles and tap directly into global opportunities.

Watch out for hidden charges

While cross-border banking opens doors, it can also drain wallets if customers overlook transaction fees and hidden charges. Many Nigerians are unaware of how quickly these costs add up.

For example, some banks charge as much as $10–$20 for each domiciliary account transfer. In addition, exchange rates applied by banks may include hidden mark-ups that significantly reduce the value of the money being converted into naira. Over several months, these costs can amount to hundreds of dollars lost simply to fees.

To avoid falling into this trap, customers must adopt a proactive approach. Always compare fees across different platforms before committing to a transfer. Ask your bank whether they have correspondent banking partners abroad that can reduce charges. Monitor exchange rates closely and convert funds only when the market conditions are favourable.

Fintechs often advertise more competitive rates than banks, but users should still read the fine print. Understanding how fees are calculated can save money and ensure that hard-earned funds are maximised rather than wasted. In a tough economy where every dollar counts, being fee-conscious is not optional; it’s essential.

Keep an eye on policy changes

Policy shifts by the Central Bank of Nigeria have, in recent years, disrupted how Nigerians access and use international banking services.

For example, restrictions on naira debit cards for international transactions left many travellers, students, and business owners stranded when they could no longer pay for services abroad. Similarly, frequent changes in official and parallel market exchange rates have left individuals confused about the real value of their funds.

This makes it crucial for customers to stay informed. Bank advisories, official CBN circulars, and reliable financial news sources can help users anticipate changes and adjust strategies accordingly. A customer who follows updates closely is less likely to be caught off guard by sudden restrictions or rate adjustments.

For businesses, staying ahead of policy changes is even more important. Companies that rely on imported goods, software subscriptions, or international suppliers need to plan around forex volatility. Individuals, too, can benefit by diversifying their cross-border tools, for example, keeping both a domiciliary account and a fintech wallet, to ensure continuity in case one channel is blocked.

Conclusion

Making your bank account work across borders is no longer a luxury; it is fast becoming a necessity for students, entrepreneurs, travellers, and families. In today’s interconnected economy, Nigerians are studying abroad, exporting goods, freelancing online, and sending or receiving remittances at an unprecedented scale. For all of them, access to reliable cross-border banking tools is not just convenient; it is critical.

Gone are the days when people had to depend solely on naira debit cards or physical foreign drafts. The financial landscape now offers multiple solutions, from domiciliary accounts and multi-currency cards to digital wallets and fintech platforms. These innovations are transforming how Nigerians handle foreign payments, investments, and remittances.

The key lies in understanding which solution fits your specific needs. For exporters or families receiving funds from abroad, a domiciliary account provides flexibility to receive and hold dollars, pounds, or euros. For frequent travellers, a multi-currency card removes the headache of double conversions while paying for hotels, flights, or online shopping. For freelancers and remote workers, fintech wallets like Payoneer, Grey, and Flutterwave offer foreign bank accounts and smooth international transfers. Families, on the other hand, benefit from integrated money transfer services directly through local banking apps.

But it doesn’t stop at choosing the right tools; vigilance is just as important. Nigerians must watch out for hidden charges buried in transfer fees and exchange rate mark-ups.