How to Get Paid in USD in Nigeria: Receiving Accounts Compared

Key takeaways

• For most Nigerian freelancers, Raenest (formerly Geegpay) is the cheapest way to receive USD on published fees: four free deposits a month, and a 0.7% conversion fee capped at $2.70.
• Cleva charges 0.8% on ACH deposits, with a $2 minimum and $5 maximum, and Upwork deposits are free.
• Grey charges about 0.8% to receive USD and 1% to convert to naira, according to third-party reviews.
• Wise doesn't offer USD account details to Nigerian residents.
• Under the CBN's 2026 Foreign Exchange Manual, which took effect on 1 June 2026, cash withdrawals of inbound foreign transfers are capped at the naira equivalent of $200.

The cheapest way for most Nigerians to get paid in US dollars in 2026 is a USD receiving account from a Nigerian fintech. On published fees, Raenest comes out cheapest for most people. Cleva is excellent if you're paid through Upwork, and Grey is a solid all-rounder. Keep Payoneer as a backup for platforms that require it. A traditional domiciliary account still works for large wires, but bank and correspondent charges make it the most expensive option for regular freelance income.

Wise isn't an option: it doesn't give USD account details to people living in Nigeria.

The options at a glance

Option	Receiving USD	Converting to naira	Monthly fee	Best for
Raenest (Geegpay)	4 free deposits/month, then 0.8% (flat $1 for ACH)	0.7%, capped at $2.70	None stated	Most freelancers
Cleva	ACH 0.8% (min $2, max $5); Upwork free; wires $10	Not published	Not published	Upwork freelancers
Grey	≈ 0.8% (min $1.50)	≈ 1%, plus ₦35 withdrawal	None (basic plan)	All-round multi-currency use
Payoneer	1% into a USD account (some guides report up to 3%)	1.2%–4%	$29.95/year if inactive	Marketplaces that require it
Chipper Cash	0.75% ACH; $25 wires	Not published	$1.50/month	Existing Chipper users
Domiciliary account	Wires can lose $10–$50 to bank and correspondent charges	Bank rate	Varies by bank	Large, occasional wires

Fees come from each company's own pages where we could find them, otherwise from the third-party sources noted below. Checked October 2026. Every provider also earns money on the exchange rate, so compare the final naira amount, not just the listed fee.

Raenest (Geegpay): cheapest for most freelancers

Raenest gives you USD, GBP and EUR account details to share with clients and platforms. In January 2026, it updated its pricing:

• Four free deposits a month across USD, GBP, EUR, USDT and USDC (SWIFT excluded)
• After that, 0.8% per deposit, or a flat $1 for ACH and stablecoin deposits
• Conversion to naira: 0.7%, capped at $2.70
• Naira funding and naira transfers are free, including stamp duty on NGN transfers

That $2.70 cap is what makes Raenest stand out for anyone receiving larger invoices. Converting $3,000 costs the same as converting $400.

For Upwork freelancers, Raenest's FastTrack delivers up to $1,500 on weekdays and $500 on weekends in under an hour at no extra cost.

What to watch: like everyone here, Raenest doesn't publish its exchange-rate margin. Compare the naira you'd receive against the official rate the day you convert.

Cleva: best for Upwork freelancers

Cleva offers a US account for receiving dollars. Its pricing page lists:

• ACH and FedNow deposits: 0.8%, minimum $2, maximum $5
• Upwork deposits: free
• Wire deposits: $10
• USDT and USDC deposits: $2
• GBP and EUR deposits: 0.8% (min $2, max $10), auto-converted to USD

The $5 cap on ACH deposits means big payments stay cheap. A $3,000 client payment costs $5 to receive, not $24.

What to watch: Cleva's pricing page lists categories for naira conversion, withdrawals and monthly fees but doesn't show the amounts. Check those in the app before you commit.

Grey: the popular all-rounder

Grey (formerly Aboki Africa) is one of the best-known USD account providers in Nigeria. Its pricing page promises zero account and card maintenance fees and "competitive exchange rates", but doesn't publish a fee table. Third-party reviews from June and July 2026 report:

• About 0.8% to receive USD, with a $1.50 minimum
• About 1% to convert to naira, plus a ₦35 withdrawal fee
• Virtual cards at $4 (Mastercard) or $5 (Visa) to create

Why choose it: Grey is a mature product with accounts in several currencies and a card for spending. If you also need to pay for tools in dollars, having one account for both is convenient.

What to watch: on a $1,000 payment, receiving plus converting comes to about $18, several times more than Raenest's published fees.

Payoneer: the backup you'll probably still need

Payoneer is the default on many freelance platforms, and some clients only pay through it. According to Payoneer's fee page:

• Payments into a non-local-currency receiving account (like USD, for a Nigerian user) cost 1%. Some Nigerian guides report up to 3% on US, EU and UK receiving accounts.
• Withdrawals to a local bank in local currency: 1.2% to 4%
• $29.95 a year if your account goes inactive

A July 2026 Nigerian guide also notes a $50 minimum withdrawal and 2 to 3 business days for naira to arrive. Upwork payments to Payoneer are free on Upwork's side.

Verdict: keep a Payoneer account for platforms that need it, but don't make it your main receiving account if you have a choice.

Chipper Cash: fine if you already use it

Chipper Cash offers a USD virtual account in Nigeria. According to WorldFirst's June 2026 review (WorldFirst is a competitor):

• $1.50 a month for a personal USD account, plus a ₦5,000 opening fee
• 0.75% on incoming ACH payments and $25 on incoming wires
• No monthly fee on business accounts

It's convenient if you already use Chipper for sending money around Africa. For regular freelance income, the monthly fee and percentage charge add up.

Domiciliary account: the traditional route

A domiciliary account is a foreign-currency account at your Nigerian bank. It's still the standard route for large wires, like a contract payment from a company that only pays by SWIFT. But it's rarely the cheapest option for regular freelance income.

• Wires can lose $10 to $50 to bank and correspondent charges along the way, according to a July 2026 guide.
• Conversion to naira happens at your bank's rate.
• Under the CBN's 2026 Foreign Exchange Manual, effective 1 June 2026, cash withdrawals of inbound transfers are capped at the naira equivalent of $200. Anything above that must be paid into a bank account. The manual also says inbound transfers are paid "in Naira or such other currency as may be determined by the CBN", so check with your bank how your inflows will be credited.

Use a domiciliary account for occasional large SWIFT payments. For regular invoices from clients who can pay by ACH, a fintech USD account is cheaper.

What does a $1,000 payment cost?

Here's a $1,000 ACH payment from a US client, converted to naira, using published fees only. Exchange-rate margins aren't included.

Provider	Receiving	Converting/withdrawing	Published fees total
Raenest	$0 (within 4 free deposits) or $1	0.7%, capped at $2.70	≈ $2.70–$3.70
Cleva	0.8%, capped at $5	Not published	$5 + conversion
Chipper Cash	0.75% = $7.50	Not published	$7.50 + conversion + $1.50/month
Grey	≈ 0.8% = $8	≈ 1% = $10, plus ₦35	≈ $18
Payoneer	1% = $10	1.2%–4% = $12–$40	≈ $22–$50
Domiciliary (by wire)	≈ $10–$50 in wire charges	Bank rate	≈ $10–$50 + bank FX margin

If you invoice $1,000 a month, the gap between Raenest and Payoneer on published fees alone is roughly $220 to $560 a year.

Which should you choose?

• Most freelancers paid by direct clients: Raenest as your main account.
• Upwork freelancers: Cleva (free Upwork deposits) or Raenest (FastTrack). Compare the naira each gives you on the same day.
• You also spend a lot in dollars on tools: Grey or Raenest, so you can pay subscriptions straight from your USD balance.
• A platform or client insists on it: Payoneer.
• Large, occasional SWIFT payments: your bank's domiciliary account.
• Everyone: keep two receiving options. Fintech accounts sometimes pause transfers for reviews, and a backup means you never have to turn a client away.

Spending those dollars on software? Our guides to paying for ChatGPT Plus and Claude Pro in Nigeria show how.