Many people in Africa find it difficult to save money in dollar. This is because conventional banks ask if high amount of first deposit before they allow domiciliary account. Others, on the other hand, are afraid of the long queues they would face at those banks. To ease this stress, this article is centered on the legitimate ways to save dollars in Africa.
Apps That People Can Use To Save Dollars In Africa And Interest Rate
These apps below can help you save money in Africa without stress. Here they are:
1. Rise
Rise is an app that allows Africans to save and invest in dollars. It offers competitive interest rates on savings and provides various investment opportunities in global markets. For instance, you can invest in real estate, stocks, and fixed income assets. Rise also allows you to withdraw money in times of need. This platform allows your dollar to increase after a period of time.
2. Bamboo
Bamboo gives users access to over 3,000 stocks listed on the U.S. stock market. It enables you to save and invest in dollars with ease. The app provides a simple interface for buying and selling stocks, and it offers educational resources to help users make informed decisions. It offers an analytic geometry that shows the rise and fall in stocks. Bamboo is a platform that gives people a full time access to different information.
3. Trove
Trove allows you to invest in U.S., Chinese, and Nigerian stocks and bonds. It is a great platform for increasing your investment portfolio. Trove also provides market insights and tools to track your investments. You can use Trove to save money right here in Africa. It has an interest rate when you keep the money for a long time. Also, you can also buy Nigerian stocks too.
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4. PiggyVest
Just as the name implies, Piggyvest is like a piggy bank for dollars. While primarily known for saving and investing in Nigerian naira, PiggyVest offers Flex Dollar, which lets you save in dollars. The interest rates are competitive, and the app ensures your savings are secure. Piggyvest has a friendly user interface that allows users to enjoy the platform. It has an app in both Android and iOS store.
5. Chipper Cash
Chipper Cash provides a way to send and receive money across Africa and beyond. You can hold a dollar balance and save money in dollars. It also offers competitive exchange rates for currency conversion in Nigeria. It is an app that has a good user interface and experience. It is widely used in different countries of the world.
Benefits of Saving Dollars in Africa
Here are some benefits that saving dollars in Africa offer you:
1. Stability
The dollar is a stable currency. As a result, it will protecting your savings from local currency devaluation. When it comes to stability, the dollars gives you opportunity to earn a higher amount in naira.
2. Investment Opportunities
When you save in dollars, it opens up a wider range of investment opportunities. This is ranging from stocks to real estate. You can even deal with someone abroad without issues. Also, you can learn to invest in foreign currencies like the Japanese Yen.
3. Financial Security
In uncertain economic times, having a reserve in dollars can provide security. Saving, in general, gives you a hope during times of distress. When you are financially secure, you make decisions that are worth it.
4. Ease of International Transactions
Saving in dollars simplifies international transactions. You can make transactions with foreign currencies easier. You can also higher freelancers to handle projects knowing that you will make the required payments.
Conclusion
Saving dollars in Africa is a practical strategy for ensuring financial stability. It allows you to make transactions and partner with people online. When it comes to saving dollars in Africa, the risk associated are quite less. However, it is advisable that you make research regarding the best platform to use.