Remote Banking in Nigeria

## Comprehensive Banking Guide for Expats in Nigeria

### Introduction Banking in Nigeria as an expatriate can be a new experience, but with the right information, you can navigate the banking landscape smoothly. This guide will provide you with detailed information on banks accepting foreigners, KYC requirements, Wise/Revolut availability, ATM fees, multi-currency options, the account opening process, currency exchange tips, and tax residency clarification in Nigeria.

### Banks Accepting Foreigners Most major banks in Nigeria accept foreigners to open accounts, provided they meet the Know Your Customer (KYC) requirements. Some of the popular banks that cater to expatriates include Access Bank, Zenith Bank, GTBank, and First Bank of Nigeria. These banks have dedicated services for expatriates and offer a wide range of banking products to suit their needs.

### KYC Requirements To open a bank account in Nigeria as a foreigner, you will need to provide the following documents: 1. Valid passport 2. Resident permit or visa 3. Proof of address (utility bill or tenancy agreement) 4. Two passport-sized photographs 5. Reference letter from your employer or a reputable individual

### Wise/Revolut Availability Wise (formerly TransferWise) and Revolut are popular digital banking solutions that offer cost-effective international money transfers and multi-currency accounts. While both services are available in Nigeria, it is essential to check their specific availability and functionality in the country, as regulations and partnerships may vary.

### ATM Fees ATM fees in Nigeria can vary depending on the bank and location. Some banks charge a flat fee for using ATMs, while others may offer a certain number of free withdrawals per month. It is advisable to check with your bank or the ATM provider for information on fees before making transactions.

### Multi-Currency Options Several Nigerian banks offer multi-currency accounts that allow expatriates to hold and transact in different currencies. This feature can be beneficial for those who receive income in foreign currencies or frequently make international transfers. Banks like Stanbic IBTC Bank and Standard Chartered Bank offer multi-currency account options for expatriates.

### Opening Process The account opening process in Nigeria typically involves visiting a bank branch with the required documents mentioned earlier. You will need to fill out an account opening form and undergo a KYC verification process. Some banks may require additional documentation or proof of income, so it is advisable to check with the specific bank beforehand.

### Currency Exchange Tips When exchanging currency in Nigeria, it is essential to compare rates offered by banks, exchange bureaus, and online platforms to get the best deal. Avoid exchanging money at airports or tourist areas, as rates may be less favourable. Additionally, consider using reputable online platforms like Wise for international transfers to benefit from competitive exchange rates and lower fees.

### Tax Residency Clarification As an expatriate in Nigeria, understanding your tax residency status is crucial to comply with local tax regulations. The Nigerian tax system is based on residency, so if you spend more than 183 days in a tax year in Nigeria, you are considered a tax resident and are liable to pay taxes on your income earned both locally and internationally. It is advisable to consult with a tax professional to ensure compliance with Nigerian tax laws.

### Conclusion Navigating the banking system as an expatriate in Nigeria may seem daunting at first, but armed with the right information, you can manage your finances effectively. By choosing a reputable bank, understanding the KYC requirements, exploring digital banking options like Wise and Revolut, being mindful of ATM fees, utilising multi-currency accounts, following the account opening process diligently, exchanging currency wisely, and clarifying your tax residency status, you can enjoy a seamless banking experience in Nigeria. Remember to stay informed, seek advice when needed, and make informed financial decisions to make the most of your banking experience in Nigeria.