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Introducing Leatherback USD Account For African Businesses

A USD account is a business account that is denominated in US dollars. Businesses that make these types of transactions regularly could boost their revenues by 5 to 15% by doing them through USD accounts with a supplier that has been carefully chosen.

Running a startup or an established business can be a challenging endeavor in Africa, as it is everywhere else since several difficulties might emerge alongside the significant chances for success.

As an importer, exporter, tour operator, travel agency, provider of services, consultant, or technology company owner that conducts business with business partners within and outside Africa or clientele across the globe, your revenues and expenses will both be denominated in US dollars.

In line with the mission of making cross-border payments fast and easy, with a particular focus on opening the window of African enterprises to the world, Leatherback is introducing a USD account for African businesses to ensure undeterred transactions and payment for products and services anywhere in the world.

It is noteworthy that the US dollar is touted as the world currency; as such, having a USD account in that regard bolsters the growth of any business without currency-related hindrances. For instance, when you have a USD account as a freelancer residing in Nigeria, you can receive US dollars from your account anywhere in the world without leaving Nigeria. So, this improves the input and output of every business.

In Africa today, thousands of startups are leveraging the internet to ace their businesses by pushing for an internationally-recognized account that would be easily assessed from anywhere to boost more profit. The market is global, so if you want to take advantage of the dynamics of the international market, then considering a Leatherback USD account might be the best way to go for your business in Africa.

Let's reiterate that Leatherback provides our customers with a multi-currency wallet that enables them to hold money in different currencies. Presently, Leatherback supports 15 local currencies of countries in and outside Africa, including the US dollars and GBP.

As an African business, this multi-currency feature is available to small and medium-scale enterprises in countries like Nigeria, Ghana, South Africa, Tanzania, Côte d'Ivoire, Uganda, Angola, and Egypt. Therefore, you can have a Leatherback USD account from any of these countries as you run your businesses to maximize profits.

What Are the USD Account Details?

You can use your USD account details to receive only US dollars. Therefore, the following are your necessary details:

• Account name (as it appears on your Leatherback account)

• Account number

• Routing number(s)

• SWIFT code (for international payments from other countries other than the US)

• Local US address (where necessary)

How Can A Leatherback USD Account Help You?

Leatherback USD accounts can help African small, and medium-scale businesses manage their currency risk by installing the right combination of technologies to get the best currency management solution for their specific company needs. To make these solutions a reality for our clients, we leverage our extensive market ties. What we have to offer includes:

1. Bank Accounts

We facilitate the setup of a USD account with preferred providers, and there are no monthly fees on your account as it is free of hidden charges. Also, you can pay US dollars to invoice directly from your USD account, which allows your business to have a real-time exchange rate while preparing an invoice for payment for international clients on your products or services.

2. Commission, Fees, And Transparency

Leatherback supports increased regulation of US  market participants, including authorised dealers and intermediaries. Customer transparency is critical, and we provide complete disclosure of deal economics to every customer on every transaction. Our commissions are available to everybody, and  no information will be delivered to get an indication.

Moreover, there are no fees on higher transactions, while we offer a flat fee on smaller transactions. In our capacity, we provide our customers with functions, including local and international payments.

As a business, Leatherback can help you streamline all your global transactions in one platform by ensuring seamless Multi-currency transactions. 

How Do I Receive USD In Africa On Leatherback?

Your USD account details cannot receive any other currencies than US dollars. Get account information in another currency or request that your sender signs up with Leatherback if you want to accept other currencies.

Moreover, we selectively support the SWIFT code of some countries so you can receive money in US dollars if you are in countries like Nigeria, South Africa, Egypt, Ghana, etc. Your sender should visit their bank to arrange a SWIFT transfer using the information for your USD account. It can take between four and five working days for this to get to Leatherback.

Some banks allow your sender to set up a SWIFT transfer over the phone or online, but they may need to visit the branch in person. They should select checking as the account type when configuring the SWIFT transfer.

What Information Should My Sender Use?

As earlier stated, you must provide your sender with details that include:

• Account number

• SWIFT/BIC code

• Your local address

You can always check your information either on account details in the app or browser or by downloading a USD account details PDF. We will have to refuse the payment if your sender omits the address from their SWIFT transfer. To receive the money back to them, it may take between three and ten working days, perhaps longer.

Conclusion

Leatherback USD accounts can be pivotal to the growth of African businesses if you tailor your business towards it. But it is essential to use a trusted platform to open the account, and Leatherback is the best among its equals.