Frequently Asked Questions about US Bank Accounts

If you’re a freelancer or working remotely with a global company from Nigeria, getting paid is probably one of the major challenges you have to deal with. The popular systems don’t work or are too expensive and don’t give you the most value for your money and that’s why Cenoa exists!

This year, you can make your work life much easier by getting a US Bank Account from Cenoa within 24 hours.

In this blog post, we will cover everything from how to get a US Bank Account in your name and receive ACH and Wire transfers directly to your Cenoa wallet without stress! We will also answer every question you have relating to getting your account set up and getting support when you encounter any challenge.

Keep reading ⬇️

How to get a US Bank Account from Cenoa

If you currently use Cenoa for everyday transactions like exchanging USD for Naira & vice versa, or withdrawing USDT or sending money abroad, then you’ve probably seen the Get Paid button on your app home screen.

For the first timers, this button is the beginning of your journey to receiving USD payments from your clients on platforms like Upwork, Freelancer, etc., or from your employers.

Ready to create your own US Bank Account? Read this.

Frequently Asked Questions about US Bank Accounts

Let us answer some of the most asked questions about our US Bank Accounts. Can’t find a satisfactory answer here? Reach out to us on WhatsApp and we’ll answer your questions.

What is the transaction limit for US Accounts?

The standard limit per transaction is $4,000. However, there's no daily limit, meaning you can receive multiple transactions of $4,000 into your US dollar account.

That said, there are instances where you can receive above $4000:

• If the funds are sent from an account with your surname. That is from another account that you own, or from an account owned by a relative. The limit is $10k per transaction.
• If you are being paid by a company for a contract. In this case, all you have to do is to provide us with an invoice and a contract of engagement. This will enable you to receive the complete payment in a single attempt.

What is the minimum deposit for the US Dollar Account? (USD and EUR)

The minimum deposit for both personal and corporate dollar accounts is $10.

What are the charges for transactions?

The deposit fee for the US Dollar is currently 0.5%. Cenoa boasts of the cheapest deposit fees when it comes to global accounts, at least, 50% cheaper than others.

Can I send money to a Domicillary account

We currently don't have an integrated process for it, however, we have an OTC (Over The Counter) process, which comes with a fee of 0.35% plus $50 fixed fee, and this only applies to transactions from $6,000 upward. However, these fees are open to negotiation with our settlement partners

Can I send money to other international accounts?

Yes, you can send to dollar accounts domiciled in the US and Euro accounts in the EU.

How do I withdraw funds to my Naira bank account?

Sending money from your account to a Naira Bank Account is super easy on Cenoa. On the dashboard, click "Transfer," then select "Send to your bank account." Enter your bank details, and the amount to withdraw, and complete the transaction.

How long does it take to receive money in my Dollar/Euro account?

It takes 24-72 hours for the funds to reflect in your account. You can track sending progress of your transaction from the sender’s end and wait 24—72 hours for the transaction to reflect in your account.

How do I receive money into my US Dollar Account?

Share your full name, bank name, account number, routing number, and optionally, bank address with the sender. The funds should be reflected in your Cenoa wallet within 24-72 hours.

What happens if my account is inactive for 3 months?

If a US dollar account is inactive for 3 months, it will become dormant. To reactivate your dormant account, you can reach out to us via support@cenoa.com.

Can I get a card for my US Dollar Account?

A card is not available at the moment. However, we recommend the Redotpay card as you can fund it with a Cenoa wallet. We made a step-by-step guide to help you get started here.

How do I send money to an international account?

From your dashboard, tap “Send,” select the country (US), choose the currency (Dollars or Euros), enter the account number and routing number, and authorize the transaction. The recipient should receive the funds within 24-72 hours.

What KYC information do I need for my Dollar Account?

For a personal account, you need a valid ID (Passport, Driver’s License, or NIN) and proof of address. For a corporate account, each director needs a valid ID and proof of address, along with business documents (e.g., CAC documents).

Does Cenoa use Swift code?

We do not support swift codes for transactions. Cenoa supports only ACH/Wire transactions at the moment.

Conclusion

Need help with setting up your US Dollar Account? Reach out to us on Twitter or Instagram or contact our support team via support@cenoa.com.