How to buy dollars online in the Philippines and in Nigeria?

In these times of economic uncertainty, thousands of people are looking for dollars to prevent their savings from being devalued.

To buy dollars online in the Philippines what you must do is enter the Home Banking of the bank account and go to the sector dedicated to the purchase and sale of currencies. Once there, the desired amount to be obtained is specified and the procedure is completed.

Depending on the bank where you have the account, the steps to follow may present some minimal difference. In some cases the option "Buying and selling foreign currency" may appear, while in others it may be necessary to enter the"Investments"section.

However, in general terms the steps to follow are the same. It is enough to be familiar with the interface of the website in question and with the dynamics of the banking institution.

Why is it important to know how to buy dollars online in the Philippines?

In today's world, more and more activities are being carried out virtually, either through the mobile device or the computer. In this way, procedures that were previously customary to do in person, are now presented in a scenario that offers new possibilities.

These are linked more than anything to a matter of practicality and comfort since, by doing it online, the purchase of dollars can be made at any time.

Another aspect by which the purchase of dollars online acquires a greater magnitude is related to the moment that is crossed globally, that is, to the framework of the pandemic and the delicate epidemiological situation.

Within this context, banking institutions practically do not have branches open to the general public, so the different types of procedure must be carried out through other means, such as by telephone or virtual.

One of these operations is precisely that of buying and selling currencies. Usually, the most commonly used means to carry out such an operation is the website of the bank in question.

However, some institutions also have applications enabled for this, which makes the process even easier and faster.

What's the first thing to know to buy dollars online in the Philippines?

First of all, the most advisable thing is to know precisely what are the values that the dollar handles today in relation to the buy dollars online in Nigeria and the exact moment of projecting the operation.

This may be appropriate in terms of strategic approaches and organization of the personal economy. In a context in which the economy is not characterized precisely by its stability, monitoring how the value of this currency evolves should be the starting point for this type of operation.

For those people who intend to buy dollars online for the first time and who, therefore, do not have experience in the field, it is important to know that you must have an account enabled for the currency in question.

In the event that you do not have it, obtaining it does not imply great difficulties. All you have to do is contact the banking institution and ask for one to be enabled (usually a maintenance cost).

What are the requirements that must be met to buy dollars online in Nigeria?

In addition to what applies to the link established between each bank and its client, when carrying out foreign exchange operations it is necessary to take into account that there are certain guidelines to be met that fall within the framework of the national economy and the criteria it establishes.

One of the most important is that, at the moment, there is a monthly limit of U$D200. In other words, you can buy dollars online in the Philippines  a smaller figure but it is not possible to exceed it.

Within this limit, which is of a personal nature, all consumption in dollars that are made with cards, whether debit or credit, is also considered.

Finally, it should be known that every purchase of dollars involves the collection of the Country Tax and the withholding for earnings and personal property. The first consists of 30% of the total value, while for the second it is 35%.


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