How to Add a USD Domiciliary Account to Your Paystack Account
Paystack offers a seamless platform designed to facilitate financial transactions. By integrating a USD domiciliary account, you can elevate your financial flexibility and unlock opportunities for international transactions.
Whether you’re an entrepreneur aiming to expand your global reach or an individual looking to streamline cross-border transactions, mastering this procedure empowers you to harness the full potential of Paystack’s capabilities.
Within this guide, we will lead you through a step-by-step journey, illustrating how to seamlessly link a USD domiciliary account to your Paystack profile. This integration empowers you to adeptly oversee and conduct transactions in numerous currencies. If you’re looking for a similar article, read our comprehensive article on How to Create Alat by Wema Domiciliary Account.
Let’s make it easy for you to connect your USD Domiciliary Account with your Paystack account.
Table of Contents
What are the requirements for accepting payments in USD?
At the moment, this functionality is accessible solely to enterprises situated in Nigeria and Kenya. For those operating within Nigeria, it’s imperative that your business maintains an active presence there. Similarly, if your operations are grounded in Kenya, your establishment must be geographically rooted in order to seamlessly process USD payments.
In the Nigerian context, the acquisition of USD transactional earnings mandates the possession of a USD domiciliary account within Zenith Bank. You can readily acquire information about the procedures involved in initiating such an account through Zenith Bank. Correspondingly, in Kenya, securing a USD bank account with a local Kenyan bank serves the same essential objective. Feel free to explore the specifics of establishing this financial conduit. If you’re looking for a similar article, read our comprehensive article on How To Create A Grey Foreign Virtual Bank Account In Nigeria.
Methods of receiving USD Payment
Received in USD and paid out in local currency
If you opt for receiving your payouts in the currency of your region, you can easily establish the prices for your products or services using your local currency. In cases where a customer uses a card linked to USD or any other currency when the payment is made, the corresponding value in USD (or the currency associated with the card if it’s not USD) is subtracted from the customer’s account by their bank. Consequently, we receive the precise equivalent in the local currency, which we subsequently transfer to you.
Received in USD and paid out in USD
Some countries have the ability to accept payments for their business in USD and be paid out in USD.
| Country | Can be paid out in USD? |
|---|---|
| Ghana | No |
| Nigeria | Yes |
| South Africa | No |
| Kenya | Yes |
How to add a USD domiciliary account to your Paystack account (Step-by-Step Guide)
To include your USD domiciliary account within Paystack, follow these steps:
- Step 1: Navigate to the Settings section within your Paystack Dashboard.
- Step 2: Access the Payouts Accounts tab.
- Step 3: Within this tab, locate and click the option labelled “Add bank account,” which corresponds to the USD currency.
- Step 4: A selection of banks will be presented. Choose your bank from the list.
- Step 5: Input your domiciliary USD account number accurately.
- Step 6: Complete the process by clicking the ‘Add bank account’ button, thereby saving your added account information.
