Does Kuda Accept Dollar? Everything You Need to Know

You’re about to embark on a journey to explore the ins and outs of Kuda Bank and whether or not they accept dollar currency. If you’re someone who travels frequently, or maybe just needs to make an international payment, this information will be invaluable to you. So, let’s dive in and see what we can find out.

Kuda Bank has been making waves in the banking industry since its launch in 2019. With a focus on low fees, digital banking, and customer service, it’s quickly become a favorite among young Nigerians. However, one question that’s been on the minds of many is whether or not Kuda Bank accepts dollar currency. You might be surprised at what we found out.

The world is becoming increasingly interconnected, with people and businesses operating on a global scale. As such, it’s essential for banks to be able to handle multiple currencies. The good news is that Kuda Bank is one of those banks. But, as always, the devil is in the details. In this article, we’ll take a closer look at how Kuda Bank handles dollar transactions, so you can make informed decisions about your banking needs.

Introduction to Kuda

Kuda is a Nigerian digital bank that offers a range of financial services to its customers. Founded in 2019, Kuda has quickly gained popularity among Nigerians due to its user-friendly app and low fees. The bank is licensed by the Central Bank of Nigeria and operates as a microfinance bank, providing financial products that are tailored to the needs of its customers.

  • Features: Kuda offers a variety of features such as budgeting tools, savings accounts, and bill payments to make banking more accessible and convenient for its customers. The app also has a spending tracker that categorizes expenses to help users keep track of their spending habits.
  • Safety: Kuda uses the latest technology to ensure the safety and security of its users’ transactions. The app has biometric authentication and two-factor authentication to prevent unauthorized access to accounts.
  • Accessibility: The bank operates solely through its app, making it easily accessible to anyone with a smartphone. The app is available on both Android and iOS platforms, and customers can open an account in minutes without having to visit a physical branch.

In addition to its convenient app, Kuda has gained attention for allowing its customers to use foreign currencies such as the United States Dollar. This is particularly beneficial for Nigerians who work with international companies and receive payments in foreign currencies.

However, it should be noted that Kuda’s foreign currency feature is still in its beta phase and is only available to select users. The bank plans to roll out this feature to all users in the near future.

Overall, Kuda has revolutionized the way Nigerians bank by providing a digital platform that is easy to use and accessible to everyone. With its budgeting tools, low fees, and commitment to safety, Kuda is quickly becoming the go-to bank for Nigerians looking to manage their finances more efficiently.

Accepted currencies by Kuda

Kuda is a digital bank that allows its customers to do transactions in various currencies. Here are the accepted currencies by Kuda:

  • Nigerian Naira (NGN)
  • United States Dollar (USD)
  • British Pound Sterling (GBP)
  • Euro (EUR)

Customers of Kuda can hold different currencies in their accounts, make deposits, and withdraw in different currencies when they travel abroad. This feature is particularly useful for businesses that operate globally or individuals who frequently travel to other countries.

Multi-Currency Account

Kuda provides its customers with a multi-currency account, which allows them to hold and transact in different currencies without the need to convert between them. Customers can switch between their different currency accounts and hold balances in any of the supported currencies.

The multi-currency account also enables Kuda’s customers to easily make transfers in different currencies without any additional charges. This feature is especially useful for customers who need to transfer funds to beneficiaries in other countries or for businesses that need to pay suppliers in different currencies.

Foreign Exchange Rates

Kuda’s foreign exchange rates are competitive and are based on the prevailing market rates. Kuda offers real-time foreign exchange rates to its customers, which means that they can see the exchange rate they are getting at the moment of the transaction.

Customers can also set up currency alerts so that they receive notifications when the exchange rate for a particular currency reaches a certain level.

Table: Kuda’s Accepted Currencies

Here’s a table that summarizes the currencies that Kuda supports:

Currency Code
Nigerian Naira NGN
United States Dollar USD
British Pound Sterling GBP
Euro EUR

Kuda’s acceptance of different currencies is one of its key features that sets it apart from traditional banks. With the multi-currency account, competitive foreign exchange rates, and real-time exchange rate information, Kuda empowers its customers to transact in different currencies with ease.

Why do customers need to know about Kuda’s accepted currencies?

When using digital banking services such as Kuda, it is essential to know which currencies are accepted. This knowledge is crucial to avoid any inconveniences or complications. Here are some reasons why customers must understand the accepted currencies of Kuda:

  • Convenience: Understanding which currencies Kuda accepts allows customers to make transactions conveniently in their preferred currencies. This knowledge prevents the need for constant currency conversions, which could negatively affect account balances and lead to transaction delays.
  • Cost-Effectiveness: Knowing the accepted currencies of Kuda helps customers avoid unnecessary costs associated with currency conversions. Using Kuda in a non-accepted currency may result in additional charges for currency conversions, which could reflect on account balances or increase transaction fees.
  • Efficiency: Kuda’s accepted currencies knowledge can aid customers in making quick and efficient transactions. This information simplifies the process of selecting the appropriate currency for transactions and reduces the possibility of errors and errors in conversion, which could affect account balances.

Kuda’s Accepted currencies

Kuda accepts three currencies- Nigerian Naira, American Dollar, and British Pound Sterling. Here is some useful information about Kuda’s accepted currencies:

Currency Abbreviation Examples of regions where the currency is prevalent
Nigerian Naira NGN Nigeria
American Dollar USD USA, American Samoa, British Virgin Islands, Caribbean Netherlands, Ecuador
British Pound Sterling GBP United Kingdom, Isle of Man, Jersey Channel Islands


Although Kuda accepts three currencies, it is essential to note that Kuda has some limitations on the use of these currencies. These restrictions are put in place to safeguard and regulate transactions. Kuda disallows any money transfers to or from any country on the sanctioned list or any terrorist organizations’ accounts.

Furthermore, Kuda does not support or facilitate money transfers in local currencies in countries outside Nigeria. This limitation means that if a customer is registered from outside Nigeria and wants to use Kuda to transfer money to someone with a different local currency in their local account, they would need to convert their funds to any of Kuda’s accepted currencies before proceeding with the transaction.

Benefits of using Kuda account for currency conversion

Kuda is a digital bank that allows you to make transactions and manage your finances with ease. One of the benefits of using a Kuda account is its flexibility when it comes to currency conversion. You can easily convert your money into different currencies and make international transactions without any hassle.

Benefits of using Kuda account for currency conversion:

  • Kuda offers competitive exchange rates, which means you get more value for your money.
  • The process of converting currency on Kuda is simple and fast, requiring only a few clicks.
  • With its multi-currency account feature, you can hold multiple currencies in your Kuda account.

How currency conversion works on Kuda

To convert currency on Kuda, you need to have funds in your account in the currency you want to convert. The process is straightforward:

  • Select the currency you want to convert from and the currency you want to convert to.
  • Enter the amount you want to convert.
  • Kuda will show you the exchange rate and the converted amount in the new currency.
  • If you are happy with the exchange rate and the converted amount, you can confirm the transaction.

Kuda’s multi-currency account feature

Kuda’s multi-currency account feature allows you to hold up to three different currencies in your account – Naira, US Dollars, and Euros. This feature is useful if you frequently make transactions in different currencies. Here’s how it works:

Feature Description
Multiple currency accounts You can hold up to three different currencies in one account.
Real-time currency exchange You can easily exchange one currency for another in real-time.
No minimum balance requirements You don’t need to maintain a minimum balance in any of the currencies.
Easy to use The multi-currency account feature is easy to use and navigate.

Using Kuda’s multi-currency account feature ensures that you save money compared to using traditional banks, which typically charge higher fees for currency conversion and international transactions.

Exchange Rates for Dollar Transactions on Kuda

If you’re looking to make transactions in dollars on Kuda, it’s important to understand how exchange rates work. The exchange rate refers to the value of one currency in relation to another. For example, the exchange rate of the US dollar to the Nigerian naira would be the value of one US dollar in naira.

Kuda uses the prevailing exchange rate at the time of the transaction to convert dollars to naira. The exchange rate can fluctuate frequently, so it’s important to check the rate before making a transaction to ensure you receive the best value for your money.

Factors Affecting Exchange Rates

  • Political instability
  • Economic performance
  • Interest rates

These factors can influence the exchange rate and cause fluctuations in the value of currencies. It’s important to keep an eye on these factors to understand how they may impact exchange rates and your transactions.

Exchange Rate Fees

It’s important to note that when making transactions in a different currency, there may be fees associated with the exchange process. Kuda charges a small fee on all dollar transactions, which is typically a percentage of the transacted amount.

It’s important to understand these fees and factor them into your transaction to ensure you have an accurate understanding of the total cost.

Exchange Rate Table

Kuda provides a table with the current exchange rates on their website and mobile app. This allows you to see the current exchange rate for dollars to naira and vice versa, as well as any fees associated with the transaction. The table is updated in real-time, so you can be confident that the information is accurate.

Currency Exchange Rate Fee
USD to NGN 411.40 1.5%
NGN to USD 0.0024 1.5%

Using the exchange rate table, you can determine the cost of your transaction before making it and ensure you’re getting the best value for your money.

Withdrawal Process for Dollar Transactions on Kuda

When it comes to withdrawing funds in dollars on Kuda, the process is straightforward and hassle-free. Here’s everything you need to know about withdrawing your dollar transactions on Kuda:

  • Firstly, ensure that you have a dollar account with Kuda. You can easily do this by requesting for a dollar account on the app and following the prompts.
  • Once you have an active dollar account, go to the withdrawal section on the app and select “US Dollar.”
  • Enter the amount you want to withdraw in dollars and confirm the transaction by providing your PIN.

It’s important to note that each withdrawal transaction attracts a fee of $2. However, Kuda does not charge any additional fees on foreign currency transactions.

If you encounter any issues with your withdrawal, you can easily reach out to Kuda’s customer support through the app for assistance.

Here’s a summary of the withdrawal process and fees:

Withdrawal Process Fees
Request for a dollar account N/A
Select “US Dollar” on the withdrawal section N/A
Confirm transaction with PIN $2 per withdrawal

Overall, withdrawing dollars on Kuda is a simple and hassle-free process. With the app’s user-friendly interface and efficient customer support, you can rest easy knowing that your funds are in good hands.

Comparison of Kuda’s exchange rates with other banks

One of the primary concerns for customers when choosing a bank is the exchange rate. This is because the exchange rate determines the value of money in a transaction that involves different currencies.

Kuda, being a digital-only bank, offers competitive exchange rates, especially compared to traditional brick and mortar banks. The following section will explore Kuda’s exchange rates compared to other banks.

Kuda’s Exchange Rates Compared to Other Banks

  • Central Bank of Nigeria (CBN): As the country’s apex bank, CBN’s exchange rates tend to be the benchmark. Kuda offers exchange rates that are slightly higher than CBN rates, which is good for customers.
  • GTBank: Guaranty Trust Bank is one of the leading banks in Nigeria. Kuda’s exchange rates are more favorable than that of GTBank.
  • First Bank: First Bank is one of the oldest and largest banks in Nigeria. Kuda’s exchange rates are significantly better than that of First Bank.

The Benefits of Kuda’s Competitive Exchange Rates

Kuda’s competitive exchange rates come with several benefits for customers. These include:

  • Higher Value for Money: Kuda’s exchange rates give more value for money since customers get more foreign currency for their Naira. This benefits customers who need to transfer or receive money from outside Nigeria.
  • Lower Transaction Costs: With a favorable exchange rate, customers can transact with lower costs. This is especially helpful for business people who need to make frequent currency transactions.
  • Increased Customer Satisfaction: When customers get more value for their money, they tend to be more satisfied. This can lead to loyalty and favorable reviews, which can help Kuda to attract more customers.

The Bottom Line

Kuda has demonstrated that it is possible to offer competitive exchange rates, even as a digital-only bank. Its rates are better than those of many traditional banks, making it an attractive option for customers in need of foreign currency transactions. The benefits of Kuda’s exchange rates, including higher value for money, lower transaction costs, and increased customer satisfaction, make it an excellent choice for individuals and business owners.

Bank Name Exchange Rate
CBN 1 USD = 409.55 NGN
GTBank 1 USD = 395.00 NGN
First Bank 1 USD = 380.00 NGN
Kuda Bank 1 USD = 411.78 NGN

Note: Exchange rates are subject to change.

Security measures for dollar transactions on Kuda

As an online banking platform, Kuda has implemented various security measures to ensure that all transactions, especially dollar transactions, are safe and secure. Here are some of the security measures implemented:

  • End-to-end encryption: All transactions made on Kuda are encrypted from end-to-end. This means that the information is converted into a code, which can only be decrypted by the intended recipient.
  • Two-Factor Authentication: Kuda requires users to enter a username and password, and in addition to that, they need to enter a one-time password (OTP) sent to their registered phone number. This ensures that even if someone gains access to a user’s username and password, they cannot make a transaction without the OTP on the user’s phone.
  • Secure sockets layer (SSL): Kuda uses SSL to encrypt all data transmitted between the user’s device and Kuda’s servers.

Kuda also has strict compliance procedures that all users must adhere to, especially for dollar transactions. These compliance procedures include ID verification, source of funds verification, and screening for potential money laundering or terrorist financing.

Here is an example of the compliance procedure for dollar transactions:

Step Procedure
Step 1 Submit government-issued ID and other relevant documents for verification
Step 2 Provide source of funds information
Step 3 Undergo a compliance check for potential money laundering or terrorist financing
Step 4 Complete the transaction

These security measures and compliance procedures ensure that all dollar transactions made through Kuda are secure and that Kuda is doing its part to prevent fraud and illegal activities. It’s important to note that users also have a role to play in ensuring the security of their transactions by keeping their login credentials and OTPs confidential and reporting any suspicious activity to Kuda immediately.

Customer reviews on Kuda’s dollar transactions

As a digital bank that provides a seamless and affordable banking experience, Kuda has become a popular choice for Nigerians looking for an alternative to traditional banks. As part of its service offerings, Kuda allows customers to carry out transactions in multiple currencies, including the US dollar.

Below are some reviews from Kuda customers who have used the platform to carry out dollar transactions:

Pros and Cons of using Kuda for dollar transactions

  • Pros:
    • Easy and convenient process for sending and receiving dollars
    • Faster and cheaper than traditional banks
    • No hidden fees or charges
    • Excellent customer service
  • Cons:
    • Not available for all countries
    • Conversion rates may not always be favorable

How does Kuda ensure the safety of dollar transactions?

Kuda has put measures in place to protect its customers and ensure that their dollar transactions are secure. The platform has a two-factor authentication process that requires users to enter a one-time password (OTP) sent to their registered phone number before carrying out any transactions.

In addition, Kuda uses end-to-end encryption to ensure that all customer data is protected.

Comparison of Kuda’s dollar transaction rates with other digital banks in Nigeria

Digital Bank Transaction Fee Conversion Rate
Kuda $1 1 USD = 400 NGN
Alat 1% of the transaction amount 1 USD = 395 NGN
Rubies No transaction fee 1 USD = 385 NGN

From the table above, it can be seen that Kuda has a fixed transaction fee of $1, while other digital banks charge a percentage of the transaction amount. Kuda’s conversion rate is also higher than that of Alat and Rubies, which makes it a more favorable option for dollar transactions.

Does Kuda accept Dollar?

1. Can I deposit dollars into my Kuda account?
Yes, you can deposit dollars into your Kuda account by using your debit card to fund your account in dollars.

2. Will Kuda convert dollars to Naira automatically?
Yes, Kuda will automatically convert your dollars to Naira when you deposit or withdraw funds.

3. Is there a fee for converting dollars to Naira?
Yes, Kuda charges a conversion fee of 1.5% for all currency conversions.

4. Can I withdraw dollars from my Kuda account?
No, Kuda does not allow withdrawals in dollars. All withdrawals will be in Naira.

5. What is Kuda’s exchange rate for dollar to Naira conversion?
Kuda uses the prevailing exchange rate agreed by the Central Bank of Nigeria for all currency conversions.

6. Can I use my Kuda debit card to make purchases in dollars?
No, Kuda debit card is only valid for transactions in Naira. However, you can make transactions in dollars using a Visa or Mastercard issued by a foreign bank.

7. Does Kuda support international wire transfers in dollars?
No, Kuda currently does not support international wire transfers in dollars.

Closing Thoughts

We hope these FAQs have answered all your questions about using Kuda to deposit and withdraw dollars. If you have any other questions, please feel free to contact us at Thank you for reading, and we look forward to serving you soon on Kuda.