₦airaland Forum

Has anyone bought US dollar from Lagos BDC operators at these cheap rates posted below by AbokiFX? What is the difference between the parallel market and the BDC?

So you’re thinking about opening a China bank account as a foreigner? Thankfully, it’s not a very difficult process.
Personally I have opened accounts with Bank of China and the Bank of Communication, but I’m not here to promote one bank over another. There are plenty of other good China banks including, but not limited to:

ICBC (Industrial and Commercial Bank of China)
ABC (Agricultural Bank of China)
China Construction Bank
China Merchant’s Bank

As far as a foreigner is concerned, there’s not a huge difference between all the banks so I recommend choosing yours based on convenience. Which branches and ATM’s do you see most often in your city or near your neighborhood?

Convenience is key.

Not sure if you need to open a bank account in China? Consider this: if you want to buy train tickets online or do any sort of online shopping on Taobao (China’s Amazon-like marketplace), you must have a local bank account.

Why NOT to Open a China Bank Account
Before I dive into the “how-to” of opening a bank account in China, I first want to cover a few reasons not to open one.

You’re just a traveler. If you’re just traveling through China as opposed to actually moving here, opening a China bank account doesn’t have any real advantages. Most every ATM in China accepts Visa, MasterCard and AmEx, so save yourself the hassle and just take advantage of this.
No Investment Experience: For those not living in China who want to open an account in an effort to diversify your portfolio, make sure you know what you’re doing. Investment in the Chinese Yuan isn’t crazy as this Wall Street Journal article explains, but it isn’t for the inexperienced.

3 Easy Steps to Open a China Bank Account
So if you’re still interested to open an account out here, follow these 3 simple steps and you’ll find yourself walking around with a new China bank card in no time.

Step #1: Proper Preparation
Preparation can be broken down into two simple categories: choosing your bank and gathering the appropriate documents.

Which China Bank Should I Choose? As I mentioned earlier, the most important factor to consider when choosing your bank is convenience. Bank of China is the largest in China, but I don’t keep most of my funds there because there isn’t a branch or ATM anywhere near me.

To open a China Bank Account, you need a passport and money. Also, your account is tied to the specific branch in which you open it. So if you need to change your PIN, report a stolen card or something of this sort you’ll need to go back to that exact branch. Another reason to pick one near you.

What Documents Do I Need? Believe it or not, the only thing you need to bring with you to the bank when opening a new account is a passport. They may ask you for a small deposit of 10-20 RMB and some banks might make you pay for the card they give you, so bring about 40 RMB as a precaution.

Step #2: Opening the Account at the Bank
Once you’ve picked the bank and put your passport and cash in your pocket, set aside an hour or two and head over to the nearest bank branch.


If you have a local friend that can accompany you it might speed up the process, but it’s not necessary. You should be able to do this by yourself if you’re adventurous enough.

The first place you need to stop is the information desk to speak with the staff and get a number. Tell them that you are opening a new account and often they can help you fill out the form.

Say: “我想开一个银行账户” – Wǒ xiǎng kāi yīgè yínháng zhànghù

Inside a China Bank where you will open a new account. Sometimes the form they give you has English as well, but unless you’re confident can write your address and information in Chinese characters, let the staff do the work. They’ll also likely go make a copy of your passport that you’ll need later.

When you’re number is called, provide them with your passport and the form. They’ll have you sign a few other documents, tell you how much money is required for deposit and hand a new UnionPay Bank Card.

At some point during the process a small keypad next to you will light up and scream at you to input a password. All China bank passwords are 6 digits long and you’ll probably have to input it a few times while you’re there.

That’s it! Keep the paperwork they give you and enjoy your new UnionPay debit card!

Step 3: Using Your China Bank Account
There are a few different ways you might find yourself using your new China bank account and your UnionPay card, and each might require specific actions.

Using the ATM: This is the easiest way to utilize your account. You can withdrawal cash from the ATM and even deposit cash in some of them.
Making Purchases Online: if you think you’ll be buying things on Taobao or another China merchant, you’re going to need to specifically ask for them to turn on Internet banking. Otherwise, the card simply won’t work to purchase. (note: some shopping sites like Amazon.com are not accessible in China without a VPN)

Wire Money: each branch has its own wire instructions, so specifically ask your bank what you need. Mine provided me with a printout (in English!) describing exactly what needed to happen, including a specific intermediary bank. To learn more about moving money internationally, read our Guide to Sending Money to/from China.

Enjoy using your China bank account, whether for daily living or investment! I hope this was helpful and please let me know any questions or additions in the comment below.


BY JOSH SUMMERS

Are these Lagos BDC rates below correct? What is the difference between the Lagos Parallel Market and BDC rates? Has anyone been able to buy from BDC operators at these low rates and what is the limit to the amount anyone can purchase?

yhusiee:
I need to change $500 in my paypal account to naira. Anyone?

What's your rate?

Singapore1:
No for all the questions

Thanks a lot. I appreciate. I hope AbokiFX do something about the rates they post daily to confirm before posting them.

Are these currency exchange rates below correct and what is the difference between the BDC and parallel market? Are all BDC operators truly selling and buying at these listed cheaper rates? Anyone with recent experience? Is there a limit to how much you can buy from the BDC at these rates?

Lordtrillion:
$500 BTC available at N480/$
N477/$ if buying all
More to come

Let's do it.

victor101:
$103.32 Skrill available for sale. Selling all at once

Contact my Whatsapp line on Signature

Rate please?

kingoloj:
It may be very confusing to understand how bitcoins exchange rate is calculated in Nigeria. Though a lot Nigerian Bitcoin exchanger website like bitkonga.com have automatic calculators to help you know the value of bitcoins you will be receiving in exchange for naira. There are still a lot of sellers that quote bitcoin value in terms of the dollar value for example $1 BTC = 518 naira.
bitkonga

There 2 main ways bitcoins exchange rate quoted in Nigeria
Dollar conversion: This means how much $1 worth of bitcoin is in Naira for example $1 BTC = 518 NGN.
Direct conversion. In this case the bitcoins value is directly converted to naira. For example 1BTC = 395,000 Naira. Most bitcoins exchange site quote in this way and they have auto calculator to help you know the value of bitcoins or naira you will be receiving from the exchange.

The question most bitcoins buyers or sellers in Nigeria now ask is how do know the dollar conversion rate of bitcoins from the direct conversion quoted by exchange site.

For example if you arrive at Bitcoin Exchange site and the exchange is quoted as 1BTC = 395,000 Naira. What will be the $1 value in naira?

Step1: Go to Blockchain to know the current BTC to USD exchange rate. Click Here to see current value.
Lets assume the current value as $780 = 1 BTC

Step 2: Divide the direct conversion value quoted by exchange site by the dollar value in step 1. That will be
395,000 / 780 = 506.41

This means the $1 BTC = 506.41 Naira by that exchanger

Good job!

3RNEST:
I have USD Account, not EURO...but can accept EURO...

You can still send from a USD account and the beneficiary will receive in his Euro account at the equivalent rate to USD.

monastik:
Please i try to upload fund with my access bank credit card it keep declining... after i have verified my card
help pls

Do you know if usage of Naira card for dollar purchase is allowed by your bank and what's their daily/monthly limit?

Ayomidric:
please how can I fund my skrill account.... my zenith and skye bank MasterCard is telling me transaction failed

Are you sure those banks are not among those that have zeroed the usage of Naira cards for dollars? Even the few that are still doing it have reduced to about $100 per month.

Princedapace:
How do one receive payment via skrill ?

And can I withdraw directly from skrill to my local bank account

Read this thread backward and you will find the answers in the past.

vickylala239:
Skrill needed contact me

Yes I do. What's your rate please and how much do you have for sale?

onatisi:
The bank will pay u in naira at the official bank rate which is low. That is why ppl sell outside the bank

Maybe before, but that information on the Skrill website shows that it is not the bank that is receiving dollars and changing it to Naira for you anymore but rather Skrill will be the one sending you the Naira. To me, that sounds like you will already see the amount of Naira conversion you will get right on the Skrill website before it gets to your bank.

megatran:
$25 paypal funds available...whatsapp 08101098212. good noon

Your rate?

abdul4new:
TEAM INFINIX ALL THE WAY.... I LOVE INFINIX PHONE FOR ITS EXCEPTIONAL PERFORMANCE RIGHT FROM WHEN I STARTED USING INFINIX ZERO TO NOTE PRO AND NOW INFINIX NOTE 2.
BUT I PRAY TO LAY MY HAND ON ZERO 4.BUT FINANCIALLY NOT NOW......
PLS MANY LIKES FOR TEAM INFINIX

What are the specifications of the Infinix Zero 4? Is it 4g LTE and what LTE frequency bands does it support?

Instead of selling your Skrill or Bitcoin to me for exchange to Naira that I will pay you, you can withdraw it directly to your Nigerian bank account. I used to withdraw it directly to my GTB domiciliary account and there was no GTB charge/deduction. Will you therefore still sell to me because I am still interested? See below:

aleshsenior2000:
skrill fund available. contact on profile

What's your rate please?

papaking1:
So, nobody wants to buy my paypal?
next time I will only accept payment from my clients via skrill.

Anyway $200 paypal still available, expecting $400 more soon.

What's your rate? May be that's the bane to your advert.

justi4jesu:
$1,000 Paypal for Sale

Your rate?

pauljumbo:
Are you looking for a way to buy bitcoins without using the services of exchanges? or you are in a country without bitcoins sellers or exchangers you can now buy bitcoins with your credit cards or debit cards instantly without much verification process.

Its very easy to buy bitcoins with credit cards without going through too much verification process. you only need to create a skrill account add your credit card and fund the skrill account with any amount you want to use to buy bitcoins.

the second and final step you use the funds in your skrill account and buy bitcoins instantly at ProfPay.com

watch video on how to buy bitcoins with credit card instantly


https://www.youtube.com/watch?v=ogZqDm5oOxw

For more information on how to buy bitcoins with credit cards instantly visit http://pauljumbo.com/buy-bitcoins-credit-cards-instantly

or you can connect with me below for more free tips on how to get bitcoins with credit cards below

Facebook: https://www.facebook.com/paulkjumbo
Twitter: www.twitter.com/blogjumbo
WhatsApp: +86 137 1283 2617

Have you tried it?

Mikkie31:
thanks bro, but I tried the three codes, none worked. The phone doesn't come with the network mode feature, so I can't switch between networks; but it says in the phone feature that it is 4G enabled.

I don't think you can change a phone that is not 4G LTE hardware to it by any code. Which Alcatel Pixi model is yours? This is because the only 4G LTE of the Pixi series that I know is Pixi 4 (6 inch only - 6.0 LTE). Both are compatible with the rare Glo 4G LTE frequency band 28 (700 MHz).

Oladg2:
please what is the rate for buying skrill using GTBank naira master card?

GTBank determines the rate because Skrill website is just like any other website where you use your card subject to the bank's daily/monthly usage limit.

LOHCONSULTS:
1500 $ agc available...call now if u interesred 370

Can you use it to check out for me on Amazon purchase?

eddyj36:
Hello guys I open my skrill account but am having issues verifying my cards for upload.. I have a gtb master card and also Payoneer card and all efforts to verify them as failed** transaction declined** please help..

Confirm that you have activated your cards for online usage from your banks.

AkProsper:
Pls which bank can I use to make foreign payment online using atm

Anyone with daily limit usage that has not deactivated online usage of their cards.

DjSwaga:
pls dis is a personal question to arbitrage and all, which oda bank av u used in funding ur skrill acct apart frm gtb..thnks

Union Bank.

OAKSFIVEFARMS:
Wow, thanks for clearing this up.
Now speaking for myself, to the best of my knowledge your Nigerian PayPal account is an anomaly.
Infact, if you would be so kind as to avail me some of your time. I would ask you to Google "PayPal Nigeria receive money".
I think you were lucky to have such an account.
Has anybody else received money with their Nigerian PayPal?

I don't think he's lucky to have a different Nigerian PayPal account because what he pasted above is a refund and not normal transfer, which is possible to any Nigerian PayPal account if you make payment that needs reversal or like the initial verification of PayPal account. More so, the $0.01 amount is too insignificant to assume that Nigerian account can receive. May be he should try a bigger value. Someonehere may even test it by sending him some amount and let's see if it will sail through.

abesky:
Guy please I want to know if I can fund my skrill account with gtbank naira Mastercard?

Yes you can subject to the current daily/monthly limit that banks have applied to your cards. But you can fund Skrill without limit by transferring from your domiciliary account to Skrill anyway when you choose bank as your source of upload/funding.

smallz001:
Hello,

Please if I open a skrill account from nigeria using my gtbank naira mastercard. Can i transfer money to another skrill account holder that is in US or Canada. For example, if i want to send 46,000 naira to another skrill account holder, how much would they get in canadian dollars or USD?

Yes you can. I did between my Nigerian and US Skrill accounts before I withdrew it into my GTBank. Good enough GTB didn't deduct any fee on receipt unlike they did to my Payza Euro withdrawals.