All you need to know about the Paga USD account

As a Nigerian in the diaspora, how often do you convert your money from dollars to naira for transactions? 

In Nigeria, when a loved one goes abroad, the silent expectation begins: financial support, future billings. The truth is, for Nigerians living in the diaspora, such transactions can come with a headache. You are managing two financial lives: earning in dollars, and still needing naira for family upkeep or settling home-based expenses. 

One US bank app, another remittance app, then a Nigerian bank app. By the time you’re done, money has passed through three different hands.

That’s why having a Paga USD Account matters. It cuts all that ‘wahala’ down to one app.

Read Also: Paga Group Expands into the U.S. Market with Digital Banking for Africa’s Diaspora

Why the Paga USD Account Matters for Nigerians 

Let’s just say, two worlds, one wallet. We are now in the US, which means your two worlds operate from one single wallet. You can now spend, pay, bank, and transact in dollars/naira with the Paga app. 

So, instead of switching apps, sending dollars to a third-party app, before sending to the naira account, you can just send dollars directly to any naira account in seconds. You can even choose to create your Naira account on the same app, i.e, managing both a US Dollar and a Naira account directly from your Paga app.

When you create a USD account on your Paga app, you can get a virtual or physical Visa card. Use it for online shopping, in-store payments, subscriptions, or link it to Apple Pay or Google Pay. It’s a US-based debit card that works anywhere Visa is accepted.

Who Can Open a Paga USD Account?

Anyone with a valid residential US address, including Nigerians in the diaspora, can open a Paga USD checking account. Whether you are studying abroad, running a business, or traveling, you can send and receive money across borders instantly. You need a valid US address with proof of residency.

Features of the Paga USD Account

You can:

• Get paid in USD from employers and clients worldwide.
• Transact up to $5,000 per day, $25,000 per week, and $50,000 per month.
• Pay, shop, travel, and withdraw with a virtual or physical Visa debit card.
• Add your card to Apple Pay or Google Pay.
• Link your account to other financial apps like Robinhood, Venmo, and Chime through Plaid.

How to Set Up Your Paga USD Account

1. Download the Paga App: If you already have the app, go to the App Store or Play Store to update to the latest version.
2. Create your Paga US account in minutes. You will need a US residential address (with proof) and be required to complete a short Customer Due Diligence form (CDD) that includes certain employment information. This is in compliance with regulatory policies. 
3. Welcome to the dashboard: Once your information has been verified, you can now send, receive, request, or add money. The dashboard user interface is clean and simple, with icons that communicate their functions. 
4. Switch accounts: Tap the toggle in the top right corner. There, you can view your current USD account and the option to create a Naira account using your NIN and BVN, along with other relevant information. 

How to receive funds into your USD account

There are five ways to fund your Paga USD account. 

1. Via ACH: Share your full checking account details, i.e, account name, bank name, account number, routing number, and account type. Click the top-right share button to share with the sender. Delivery time is 2-3 business days. 
2. Wire Transfer (From a non-US bank): Share the provided information, particularly the reference/note information, for your international wire to be successful. Delivery time is 1-3 business days. Inbound international wires cost $30.
3. Into your Paga Visa Debit Card: Whether virtual or physical, share your 16-digit card number and full account name to receive money directly to your card. The funds reflect in your balance instantly since it is not a prepaid card. (Available with Visa Direct-enabled banks only)
4. Via a Linked US bank: By connecting your external bank account using Plaid. This can also connect to your other financial accounts, such as Venmo, Chime, Betterment, Dave, Western Union, Capitalise, etc., and all other platforms Plaid supports. Delivery time is 2-3 business days. 

How to Send Money to a Dollar/Naira Account with Paga

When you click on the send money icon on the dashboard. You get two options based on the currency you want to send.  

1. To a Naira account: Once you click on Nigerian naira account as the currency, i.e., sending money to a Naira account, just input the recipient’s account number and select the bank. Before confirming the transaction, the dollar automatically converts to naira at a better exchange rate, and the recipient receives naira almost immediately. 
2. To a Dollar account: You get two options. The first option is to send to a Paga USD account for free with no transfer fees. You can send money using the recipient’s bank account number, $Pagatag, email address, or phone number. The second option is sending to any US bank account, i.e., an ACH payment with a flat fee of $3 on every transfer. 
3. Via your Debit card: All you need is the card number and a name to match the card. There is a transfer fee for this kind of transaction. 

There’s more…

• Transaction limits are up to $5,000 per day, $25,000 per week, and $50,000 per month.
• Transaction history is available and separated by the different currency accounts. It has a 30-day period.
• You can save and manage beneficiaries.
• You can lock your physical and/or virtual cards instantly if it is compromised.
• Get your full account information for any ACH transfer or international wire transfer in the three-dot more button on the screen. 

The Bottom Line

Managing naira and dollars doesn’t have to be stressful. With Paga, you literally carry both in your pocket. One login. One app. Two currencies (😉for now…). Try out the Paga app.

Paga is a financial technology company, not a bank. Banking services are provided by Regent Bank, Member FDIC. FDIC insurance only covers the failure of insured depository institutions. Certain conditions must be satisfied for pass-through FDIC deposit insurance to apply.