Receiving British Pounds (GBP) in Nigeria is much easier than it was a few years ago. Back then, the thought of setting up a pounds account, receiving payments, and converting your money to naira was enough to discourage you. Now, with the right platform, you can open an account, receive payments, and convert your GBP to naira all in one place, without the usual hassle.
If you are looking for the best way to receive pounds in Nigeria, this guide is for you. You’ll learn how to open a pounds account, the requirements, and how to receive your payments. Let’s get started.
How Do You Open a Pounds Account in Nigeria?
You can open a pounds account in Nigeria through a traditional Nigerian bank or a digital finance platform like Pouchers.
Here are the steps for both options:
Option 1: Open a pounds account with a Nigerian bank
- Choose a bank. Several Nigerian banks, including FirstBank, Access Bank, UBA, Union Bank, and Standard Chartered, offer domiciliary accounts in pounds. Compare their account opening requirements, minimum deposits, and transaction fees to find an option that suits your needs.
- Gather your documents. Depending on the bank, you may need a valid ID, BVN, proof of address, passport photographs, and reference forms.
- Complete the account opening process. Fill out the bank’s application forms and submit the required documents online or at a branch, depending on its procedure.
- Meet the opening deposit requirement. Some banks require an initial deposit to activate your account. FirstBank, for instance, requires a minimum opening/operating balance of £50 for its standard domiciliary account. Confirm the amount with your chosen bank.
- Get your account details. Once your application is approved, obtain your GBP account details and confirm how you can receive international payments.
Option 2: Open a pounds account with Pouchers
Pouchers is the best digital finance platform for opening a pounds account in Nigeria. With Pouchers, you can open a GBP account and get it ready to receive payments in minutes. Here’s how to go about it:
Step 1: Create or log in to your Pouchers account
Download the Pouchers app and create an account. If you already have an account, simply log in.
Step 2: Complete your KYC verification
Verify your account by completing the KYC process in the app. You can follow the Pouchers KYC verification guide if you need help.
Step 3: Select GBP
At the top of your Pouchers dashboard, select GBP.
Step 4: Activate your GBP account
Tap Activate Wallet, then select Activate GBP Account and tap Activate Account. Read and accept the Terms of Use to continue.
Step 5: Enter your personal details and verify your identity
Provide your personal information exactly as it appears on your identification documents. Select an accepted ID, such as your NIN slip with a QR code, International Passport, or Driver’s Licence, and complete the identity verification process. You’ll also need to take a selfie with your phone.
Step 6: Provide your account information
Once your identity verification is approved, enter the requested details about your source of funds, occupation, employment status, intended account purpose, and expected transaction volume. Accept the personal-use declaration and submit your application.
Step 7: Access your GBP account details
Your GBP account details will be available in the Pouchers app once your application is approved. You can then share the relevant details with senders to receive pound transfers.
What You Need to Open a Pounds Account in Nigeria
The requirements for opening a pounds account depend on whether you choose a traditional bank or a digital finance platform. Here’s what to prepare for each option.
1. Opening a pounds account with a Nigerian bank
Most banks require documents to verify your identity and address before opening a foreign bank account. For example, FirstBank lists the following requirements for its standard domiciliary account:
- A completed account opening form
- A recent passport photograph
- A valid means of identification, such as an International Passport, Driver’s License, or National ID card
- Proof of address, such as a utility bill issued within the last three months
- Bank Verification Number (BVN)
- Two satisfactory references
- A minimum opening balance of £50
- A completed specimen signature card
Some requirements and opening deposits differ between banks, so confirm with your chosen bank before applying.
2. Opening a pounds account with Pouchers
Opening a GBP account on Pouchers is done through the app. Before you begin, make sure you have the following:
- An existing Pouchers account or the app downloaded on your phone so you can sign up.
- Your BVN to complete the required KYC verification.
- A valid means of identification, such as your NIN, International Passport, or Driver’s License.
- A smartphone with a working camera to complete identity verification and take a selfie.
- Your personal information, including your occupation, employment status, source of funds, intended account purpose, and expected transaction volume.
Benefits of Opening a Pounds Account on Pouchers
1. Receive payments from UK clients and businesses
If you work with UK clients, have a remote job, or run a business that serves UK customers, a Pouchers GBP account gives you a convenient way to receive payments in pounds. You get UK account details, including an account number and sort code, which you can share with businesses paying you.
2. Get your money without the usual long wait
Pouchers supports incoming GBP payments through the UK’s Faster Payments system, with deposits typically arriving in about five minutes. Larger transfers may take up to 30 minutes. This means you can access your money sooner and put it to use when you need it.
3. Keep your money in pounds
You can leave your money in pounds in your Pouchers account or convert part of it to naira whenever you need it. Keeping some of your savings in pounds can help protect their value against a weakening naira. You can also build up your GBP balance over time and save towards goals like a trip to the UK, paying for an international course, or covering future expenses in pounds.
4. Convert pounds to naira at zero cost
With Pouchers, you can convert your pounds to naira without paying conversion fees, whether you convert once or make several conversions over time. This gives you the flexibility to exchange your money whenever you need naira for expenses like rent, groceries, or transport without worrying about conversion charges eating into your balance.
5. Manage your money in one app
You can manage your other currency accounts on Pouchers too. If you’re a freelancer working with clients in different countries, you can receive and manage payments in GBP (British Pounds), USD (US Dollars), and EUR (Euros) all in one place. When you need naira, you can convert your money and transfer it directly to any standard Nigerian bank account through the app.
How to Receive Pounds in Nigeria
Once your Pouchers GBP account is active, you can receive pound transfers from your own UK bank account or UK-registered businesses. Follow these steps:
- Open your GBP account in the Pouchers app and copy your account details, including your account number and sort code.
- Share these details with the person or business sending the payment, so they can initiate the transfer from an eligible UK bank account.
- Ask the sender to use the UK Faster Payments system to send the money to your GBP account.
- Wait for the payment to arrive.
Frequently Asked Questions
1. Can I open a pounds account in Nigeria online?
Yes, you can open a pounds account online in Nigeria. Traditional banks may allow you to start the application online, but you may need to visit a branch to complete certain requirements. With Pouchers, you can open a GBP account directly through the app without visiting a bank branch.
2. Can I receive salary or freelance payments in pounds with Pouchers?
Yes, you can receive freelance and business payments in pounds through Pouchers. The GBP account supports transfers from UK-registered businesses and your own UK bank account.
3. How long does it take to open a pounds account on Pouchers?
You can complete the application process through the Pouchers app in minutes, provided you have your required details and documents ready. However, the time it takes to get your GBP account approved and activated may vary depending on identity verification and any additional checks.
4. Can I keep my money in pounds instead of converting it to naira?
Yes, with Pouchers, you can keep your funds in your GBP account instead of converting everything to naira immediately. You can convert some or all of your balance whenever you need naira for local expenses or keep saving towards goals that require pounds.
5. How much does it cost to open a GBP account on Pouchers?
Opening a GBP account on Pouchers is free. However, incoming GBP transfers attract a 0.7% fee, with a minimum charge of $2 and a maximum of $10. You’ll need a minimum deposit of £2 to fund your account.
Ready to Receive Pounds in Nigeria?
Receiving pounds in Nigeria is easier with Pouchers. You can open a GBP account for free, receive payments from UK businesses, keep your money in pounds, and convert it to naira with zero conversion fees whenever you need to. You can also transfer naira directly to your Nigerian bank account from the app.
Download the Pouchers app today and open your GBP account in a few simple steps.
Sources Used:
- Domiciliary account requirements and minimum opening balance — FirstBank
- Domiciliary account options and requirements — UBA
- Domiciliary account features and requirements — Union Bank
- Domiciliary account currencies and eligibility — Standard Chartered
- How to activate your foreign currency account — Pouchers Help Centre
- How to verify your Pouchers account — Pouchers Help Centre
- How to create your Pouchers account — Pouchers Help Centre
- GBP account fees, payment timelines, and eligible transfers — Pouchers Help Centre
