Right from the time that the Nigerian Government put restrictions on using Naira cards for international payments, online entrepreneurs in Nigeria are no longer able to make payments in international currencies, using their Naira cards. This has been a serious setback to online entrepreneurs, as most of their online transactions are either in dollars or other foreign currencies.
Because of this restriction, Nigerians would have to open a domiciliary account and get the debit/prepaid card, before they can transact in foreign currency. Meanwhile, getting a domiciliary account and funding it is always a challenge to many. But thank God for the Fintech platforms that offer virtual dollar cards, which have been a great alternative to having a domiciliary account. With these platforms, you can easily create an account, fund it with your naira account, convert it to dollar or other currency, and make your international payments, without visiting any bank or office.
One thing about these virtual dollar cards is that their naira to dollar exchange rate is always higher than the normal exchange rate. However, there are still some of them that their exchange rate is cheaper than others, and we shall be revealing some of them in this post. Also, most of them charge some fees before you can create their virtual dollar card, and some other fees for use and maintenance. While some charge very highly, there are still some that don’t charge so highly, and that’s what we shall be revealing in this post.
What is a Virtual Dollar Card in Nigeria?
A virtual dollar card is a digital version of a physical credit or debit card which is denominated in the United States dollars. These virtual cards are specially designed to fasten digital transactions, especially for products or services that transacted in dollars.Â
Virtual dollar cards are very useful when making international transactions that don’t accept Nigerian naira. Just like physical debit or credit cards, virtual cards have a CVV code, expiration date, and a card number. However, they only exist electronically hence can only be managed via internet banking or mobile app.
Cheapest Virtual Dollar Card in Nigeria
There are numerous affordable Virtual dollar cards in Nigeria that you can use to carry out international transactions at no extra costs. The cards are outlined below with their creation fees and other details attached:
1. Chipper Cash
Chipper Cash is one of the most affordable virtual dollar cards in Nigeria; it is also simple to create too. Chipper Cash partners with UBA to offer virtual card services to ensure hassle-free transactions. This partnership allows you to use your dollar card with a Nigerian address hence ensuring easy verification of your location on payment platforms that demand it for additional security.
Chipper Cash virtual cards cannot be accessed via their official website. Hence, you’ll need to download & install the app from either the Apple Store or Google Play Store depending on the device you’re using. Chipper Cash offers Nigerian bank account numbers via 9 Payment Service Bank, this is the account through which you can always fund your Chipper Cash account.
Chipper Cash creation fee: N1,000 for naira virtual card & N3,000 for the USD card
Card type: Visa
Security: 3D-secure.
To join Chipper Cash, you can use my referral link HERE to get some welcome bonus.
2. Grey.co
Grey.co virtual card is a universal Mastercard that allows users to make purchases online and pay for it from any part of the world. This card has global acceptance and it has some features like two-factor authentication, real-time notification and card freezing for additional security.
Grey.co Mastercard creation fee: N2,000
Card type: MasterCard
Security: 3D-secure
3. Raven Virtual Card
Raven virtual card can be used anywhere Mastercard is accepted as a payment method without hidden fees. With Raven virtual dollar card, you can make instant transfers from your Raven Pay account.
Although there is no clear information about their funding or maximum spending limit, there has been an increase in the number of people that sign up for the card due to its low exchange rate as the driven factor.
Raven card creation fee: $2
Card type: Visa
Security: There is no 3D security.
4. Payday
Payday is also a cheap dollar virtual card that is available in Nigeria. It is one of the fastest growing virtual cards in Nigeria that has gained popularity in the recent past because of its affordable rate.
Payday Card creation fee: $5
Card types: Visa for naira card, MasterCard & Visa for USD card
Security: There is no 3D security.
5. Alat Virtual Dollar Card
ALAT virtual dollar card is one of the cheapest virtual cards that is available in Nigeria which has gained popularity in the recent past. Unlike most other dollar virtual cards, Alat virtual dollar card has no creation fee.
The card is offered by Wema bank and it can be used to make payment online in USD. However, it is important to note that your Alat virtual dollar card is not linked to your physical account because they are different entities entirely. The highest amount that you can have in your Alat virtual card is N500,000. This amount can be used to make online purchases from international vendors.
6. Pocket App
Another cheap dollar virtual card that is available in Nigeria is Pocket App. This card was designed and created by PiggyVest. The card can be used to make purchases from international vendors.
Pocket App card creation fee: $5
Card type: Visa
Security: There is no 3D security
7. Geegpay
If you’re a creator or a freelancer in Nigeria, then Geegpay virtual dollar card may be a good option to consider. With this card, receiving payment from Upworks and their likes won’t be a big deal because it allows you to manage multiple currency wallets, create virtual accounts instantly and above all, there is no conversion fee. Although it has creation, the fee is relatively cheaper when compared with other virtual cards.
Geegpay card creation fee: $2
Card type: Visa
Security: 3D-secure.
8. Fundall Virtual Dollar Card
Fundall virtual dollar card is also available in Nigeria but it comes with multiple charges. If you use this card to make payment, you’ll be charged a $0.5 fee for every international transaction that you carry out.
Fundall, will also deduct $1 from your virtual card on a monthly basis. A sub-charge of 2% of the exact amount you want to load from an external account is also involved.
Fundall card creation fee: $2.
Card type: Visa
Security: 3D-secure.
9. Kuda Bank Virtual Dollar Card
Another virtual dollar card that is affordable in Nigeria is Kuda bank virtual dollar card. It can be used to make purchases & payments online with the help of the USD card which will be issued to you when you’re done with your verification.
However, in some scenarios Kuda bank virtual dollar card may need to be linked to a PayPal or Payoneer account to initiate an international transaction first before using it.
Kuda bank virtual card creation fee: A minimum balance of N1,000 in your account.
Card type: Visa.
Security: 3D-secure.
10. Barter Virtual Dollar Card
Barter virtual dollar card was created by Flutterwave. With this card you can make online purchases and payments from international vendors. The card requires a creation fee of $2 and a minimum of $5 must be in your account before you can create this virtual card. The maximum amount of money that you can load in this card is $10,000. However, you will be charged $1 monthly for using this virtual card.
Documents Required to Get a Virtual Dollar Card in Nigeria
- Personal details like full name, date of birth, residential address & nationality.
- Functional phone number.
- Active email address.
- Valid ID card.
- Utility bill receipt or their likes for proof of address.
- BVN (some times).
