Zenith bank offers two types of US dollar accounts, namely: the ordinary account and the cash account. Both accounts share several similarities, as they allow customers to effortlessly conduct foreign transactions from anywhere they may be located.
In addition, customers can access debit cards, internet banking services, and a mobile banking application to perform digital transactions.
There are notable distinctions between the ordinary account and the cash account. One of the key differences is that while the ordinary account permits customers to transfer funds between accounts, the cash account does not offer this feature. Also, the currency options available for receiving money also differ between the two accounts.
The cash US dollar account only permits customers to receive funds in US dollars, whereas the ordinary US dollar account supports multiple currencies, including Dollars, Pounds, Euros, and others.
For cash transactions involving the cash account, customers must visit the bank in person to withdraw or deposit funds as transfers are not allowed.
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Requirements for Opening a US Dollar Account with Zenith Bank
To open a dollar account with Zenith bank, the following requirements are necessary:
- A duly completed account opening form which can be obtained at any Zenith Bank branch or click here to download directly from their website.
- Two recently taken passport photographs that are clear and identifiable.
- A valid means of identification such as a driver’s license, national ID card, voter’s card, or international passport.
- A utility bill from the past three months to validate your address, which can be a bill for electricity, waste, water, and so on.
- Two current account holders to act as referees for the account opening process.
Features of Zenith Bank US Dollar Account
Zenith bank’s dollar account provides numerous features that allow customers to carry out transactions with ease. Here are some of them:
- Zero opening balance: Customers can open a dollar account without any initial deposit.
- Internet banking: Customers can conduct transactions on their account online through Zenith bank’s internet banking service. This feature allows customers to conveniently transfer funds, view their account balance, and access other services online.
- Debit card in USD: A debit card is available for customers with a dollar account in USD currency. This card enables customers to withdraw cash from ATMs and make payments for goods and services anywhere they are.
- Mobile banking: Zenith Bank provides a mobile banking application that enables customers to access their account and perform transactions on their mobile devices.
- Email and SMS alert: Customers receive email and SMS notifications for transactions made on their account.
- Standing orders: This feature allows customers to set up regular payments or transfers on their dollar account.
- Currency options: The cash dollar account only permits customers to receive funds in US Dollars, whereas the ordinary account supports multiple currencies, including Dollars, Pounds, Euros, and others.
- Transfers: While bank transfers are allowed for ordinary accounts, they are not permitted for cash dollar accounts.
How to Open a Zenith Bank Dollar Account
To open a Zenith bank dollar account, you cannot complete the process online. Once all the necessary requirements mentioned previously have been fulfilled, visit any preferred Zenith bank branch, and approach a customer service representative. Inform the representative that a dollar account is needed and present the required documents as previously specified. It is important to note that the required documents should be taken along to the bank when making the request, and not doing so may result in delays.
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Frequently Asked Questions (FAQs)
How much does it cost to open a dollar account with Zenith bank?
If you are interested in opening a dollar account with Zenith bank, it is worth noting that the process is entirely free of charge. Unlike some other banks that may require a fee for opening an account, Zenith bank does not charge any account opening fees for their dollar accounts. This means that you can easily open a dollar account with Zenith bank without incurring any additional costs or fees.
Can I fund my dollar account with Naira?
It is crucial to understand that dollar or domiciliary accounts are designed to hold foreign currencies and cannot be funded with Naira. Therefore, if you plan to open a dollar account with Zenith bank or any other financial institution in Nigeria, you will only be able to fund it with foreign currencies such as Euro, Pounds, Dollars, and other accepted currencies.
It is important to note that the central bank of Nigeria (CBN) strictly regulates the operation of dollar accounts, and one of the regulations is that the accounts must be denominated in foreign currencies. This means that any deposits made to the account must also be in foreign currency.
What documents do I need to open a dollar account?
To open a Zenith bank dollar account, you need to bring two passport photographs, a valid ID, a utility bill, and the contact details of two referees. These documents are necessary to verify your identity and ensure the safety of your account.
Can I open a Zenith bank dollar account online?
Unfortunately, opening a dollar account online is not possible as it requires a physical visit to the bank. Zenith bank, like other Nigerian banks, has strict guidelines for opening foreign accounts, which must be followed for your own protection. It is imperative to adhere to these regulations to ensure a seamless account opening process.
Do Zenith bank offer Debit Card for dollar accounts?
Yes, Zenith bank offers a debit card for its dollar account holders, allowing them to access their funds in foreign currency. To obtain the card, customers must have an existing dollar account and visit a Zenith bank branch to complete the necessary forms and provide identification documents. The card can be used for online purchases, ATM withdrawals, and in-store transactions anywhere.
How can I apply for dollar account with Zenith bank?
In order to apply for a dollar account with Zenith bank, you must visit any of their branches with the required documents mentioned earlier and speak with a customer representative. It is crucial to inform them that you wish to open a dollar account.
In addition, do not forget to bring along all the necessary documents to avoid any delays in the account opening process.
