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Should I open a bank account in Nigeria?


Stephanie's picture
By Stephanie - Posted on
13 May 2011
Is it necessary to open a bank account in Nigeria or can I just maintain an offshore account and remit my salary overseas? Is this safe?
Stephanie's picture
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Last seen: 5 weeks 4 days ago
Joined: 04/19/2010

Living in:
Cape Town, South Africa

From:
Charlotte, North Carolina (the USA)

Stephanie's Website
No need to open a bank account in Nigeria, unless you plan on launching your very own 419-scam operation ;) In all seriousness though, Nigeria is a cash-based society and most of the ATMs in Abuja and Lagos accept Visa, so as long as your overseas account is linked to a VISA card you should be fine. Be super mindful of ATM fraud, as it can be devastating to find that thousands have been stolen from a foreign account. One good way to avoid this is to set up strict limits on  how much cash you can withdraw daily and also to organise SMS or email notifications when large amounts of money are moved to/from your account.

It's perfectly safe to have your salary paid offshore, just speak to your employer beforehand and make sure the company is happy to do it.
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