How to Pay for International Transactions Without a Domiciliary Account

A. Virtual Dollar Cards

Virtual dollar cards are prepaid, dollar-denominated cards you can use for international transactions without needing a traditional domiciliary account.

Top Providers in Nigeria

Provider	Platform Type	Notes
ALAT	Bank	Backed by Wema Bank
Eversend	Fintech App	Offers multi-currency wallets
Payday	Fintech App	Popular among freelancers
Grey	Fintech App	Also offers virtual accounts
Bitnob	Crypto-Focused	Supports BTC conversion
Geegpay	Fintech App	Known for low fees and ease of use

Why People Use Them

• Lower fees than traditional bank-issued cards.

• Instant Issuance—some cards are generated in seconds.

• Global acceptance on platforms like Amazon, Netflix, and Spotify.

• Mobile-first experience for quick top-ups and transaction tracking.

What to Watch Out For

• Monthly maintenance or card creation fees (varies by provider).

• Spending limits—some cards are capped based on account level.

• Exchange rates may differ from CBN or official rates.

 

 

 

Fintech Apps with Virtual Accounts

If you earn in foreign currency—say from freelancing or remote work—virtual foreign accounts might be your best bet.

Trusted Providers

Platform	Currencies Supported	Key Features
Geegpay	USD, GBP, EUR	Fast conversion to Naira
Grey Finance	USD, GBP, EUR	Local bank withdrawal options
Payoneer	USD, EUR, GBP	Integrates with Upwork, Fiverr
Wise	40+ currencies	Known for low FX fees
Eversend	USD, GBP, EUR	Offers both cards and accounts

Key Benefits

• Multi-currency wallets to hold USD, EUR, and GBP.

• Competitive exchange rates compared to commercial banks.

• Receive money from global platforms like Upwork, Fiverr, and PayPal.

• Some providers offer physical cards for POS/ATM withdrawals.

Things to Consider

• You might need to verify your identity with ID and proof of address.

• Not all platforms support receiving funds directly from every country.

• Transaction and conversion fees still apply, so compare platforms carefully.

B. International Money Transfer Services

Don't want to use apps or crypto? Services like WorldRemit, MoneyGram, and Western Union still get the job done—fast.

How It Works

• The sender initiates the transfer online or through an agent.

• The receiver picks up cash in USD or Naira or receives it in their bank.

• Some services also support mobile wallet deposits.

Pros

• Widely used and trusted by millions.

• Multiple payout options—cash pickup, bank deposit, or mobile wallet.

• Often faster than traditional wire transfers.

Cons

• Exchange rate markups can eat into the value.

• Transfer limits are based on country and method.

• USD payout may not be available at all locations.

Want to compare fees and speed? Click here to get started.

C. Cryptocurrency

If you’re a bit tech-savvy, crypto can be a fast and low-cost way to make international payments or receive funds from abroad.

How It Works

• You or the sender buy cryptocurrency (like Bitcoin or USDT).

• Transfer it to your wallet (e.g., on Binance or Trust Wallet).

• Convert to Naira using P2P platforms or sell to a local exchange.

Benefits

• Borderless and fast—no need for banks or middlemen.

• Low transaction fees compared to SWIFT or Western Union.

• Increasingly accepted by freelancers and e-commerce sellers.

Watch Out For

• Volatility—crypto prices can drop quickly.

• Regulatory concerns—Nigerian authorities are still figuring out the rules.

• Learning curve—it takes time to understand wallets and private keys.

 

 

D. Other Alternatives

If the above options don’t work for you, here are a couple more ways to receive or send international payments:

Gift Cards

• Get paid in gift cards (e.g., Amazon, iTunes).

• Sell them for Naira

• Not ideal, but it works in a pinch.

Direct Bank Transfers (in Naira)

• Some Nigerian banks accept foreign remittances directly into Naira accounts.

• Funds are converted at the official rate (often lower than the market rate).

• No need for domiciliary accounts, but the rates may not favour you.

 

Final Thoughts: Which Option Is Best?

Virtual dollar cards and fintech apps are the top picks for convenience and lower fees when shopping or subscribing online. Money transfer services are ideal for larger remittances or family support, while crypto is great if you need speed and don’t mind the risk.

Method	Best For	Risk Level
Virtual Dollar Cards	Online shopping & subscriptions	Low
Fintech Apps	Freelancers & remote workers	Low to Medium
Money Transfer Svcs	Sending/receiving larger sums	Low
Cryptocurrency	Tech-savvy users, fast transfers	Medium to High

Always compare fees, exchange rates, limits, and user reviews before choosing a method. We’ve reviewed many of these platforms on nairaCompare.ng, so check them out to make the smartest choice.