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The short answer
In your first 90 days abroad, do five things in order: open a local bank account, get your tax or social insurance number, start a credit file, build a small emergency fund in local currency, and keep your Nigerian accounts active with BVN and NIN linked. The Nigerian side matters because accounts without both BVN and NIN can be restricted, and since 1 May 2026 the phone number linked to your BVN can be changed only once, so keep that SIM working.
Days 1 to 14: get paid and get a number
A local bank account
Everything else depends on this. Rules differ by country, but newcomers usually have more options than they think. In the UK, the Treasury lists nine large banks that are legally required to offer fee-free basic bank accounts. In Canada, the Financial Consumer Agency says people who are not citizens, or who live outside Canada, can open an account with proper identification, and that one option needs only a document with your name and date of birth plus someone who can confirm your identity. See opening an account before you have an address.
A tax or social insurance number
- US: the Social Security Administration says only noncitizens with work authorisation from DHS generally get an SSN, and suggests waiting about 10 days after arrival before applying. People who need a tax number but cannot get an SSN apply for an ITIN on IRS Form W-7.
- UK: apply for a National Insurance number if you will work; your employer and HMRC use it.
- Elsewhere: Canada (SIN), Ireland (PPSN), Australia (TFN) and others have their own number; apply early because payroll and banks ask for it.
Cash you carried in
Many people arrive with savings in cash. Pay it into your new account early, with a note of where it came from, because banks may ask about the source of larger deposits. On the Nigerian side, TheNigeriaLawyer's June 2026 summary of new CBN foreign exchange guidelines says foreign currency cash of up to $10,000 can be carried without declaration, while amounts above $10,000 and up to $50,000 must be declared in full at exit. Your destination country has its own declaration rules at arrival; check its customs pages before you fly. Keep the declaration form and any bank receipts for the money: they are the simplest proof of source if a bank asks later.
Days 15 to 45: start a credit file and protect your money
- Register at your address wherever that feeds credit files (in the UK, the electoral register; Experian says it usually shows within about 30 days).
- Put at least one bill, such as a phone contract or utilities, in your name and pay by direct debit.
- Check your free credit report once something is reporting; see building credit from zero.
- Turn on two-factor security on every new account and never share one-time codes.
- Learn the scams aimed at newcomers: fake landlords, job offers that ask for fees, and urgent calls from people claiming to be officials.
Days 30 to 90: build a cushion
An emergency fund is the one thing that stops a late salary or a deposit dispute becoming debt. Start with a modest target in local currency, enough for one month of rent and food, and add to it each payday. For how much and in which currency, see how big an emergency fund should be.
| Example monthly budget | Amount |
|---|---|
| Take-home pay | £2,400 |
| Rent and bills | £1,250 |
| Food and transport | £500 |
| Money sent home | £250 |
| Emergency fund | £250 |
| Everything else | £150 |
| Total | £2,400 |
Example only. The point is that the emergency fund is a fixed line, paid before discretionary spending.
Throughout: keep your Nigerian accounts alive
Your Nigerian accounts are easier to keep than to reopen from abroad. Three rules matter:
- BVN and NIN. A CBN circular reported by BusinessDay in December 2023 requires Tier 2 and Tier 3 accounts to carry both BVN and NIN, and placed funded accounts without them on Post No Debit or Credit from 1 March 2024. Link both before you leave if you have not.
- Your BVN phone number. The Guardian reported in May 2026 that from 1 May 2026 the phone number linked to a BVN can be updated only once in a lifetime. Keep the Nigerian SIM active, or plan the one change carefully.
- Dormancy. Accounts left unused can become inactive and then dormant. A small transaction every few months prevents that; if it has already happened, see reactivating a dormant Nigerian account.
A one-page checklist
| By day | Done when |
|---|---|
| 7 | Local account open, salary details given to employer |
| 14 | Tax or social insurance number applied for |
| 30 | Registered at address; one bill in your name |
| 45 | Two-factor security on all accounts; scam warnings read |
| 60 | Emergency fund started |
| 90 | Nigerian accounts checked: BVN, NIN, phone number, recent activity |
Where Pryme fits
A Pryme Personal Account can be opened from abroad and holds naira, USD, GBP and EUR with local account details for each, so money for family at home and your own naira savings stay in one place. Naira deposits are held by a licensed Nigerian microfinance bank. See the multicurrency account and how we secure it, with an authenticator app instead of SMS codes.
Questions people ask
What should I do first when I move abroad?
Open a local bank account, because salary, rent and most other set-up steps depend on it. Then apply for your tax or social insurance number.
Do I need to keep my Nigerian bank account when I move abroad?
It is easier to keep than to reopen. Make sure BVN and NIN are linked, keep the BVN phone number working and use the account every few months.
Can I change my BVN phone number from abroad?
Since 1 May 2026, the BVN-linked number can be updated only once in a lifetime, according to reports of the CBN rule. Plan any change carefully.
How much emergency money should a new migrant keep?
Start with one month of rent and food in local currency and build from there. The right figure depends on your job security and costs.
Sources
- GOV.UK: Basic bank accounts · accessed Oct 2026
- Financial Consumer Agency of Canada: Opening a bank account (modified 23 Oct 2026) · accessed Oct 2026
- SSA: Social Security numbers for noncitizens · accessed Oct 2026
- BusinessDay: CBN declares no transactions on accounts without BVN, NIN from March 2024 · accessed Oct 2026
- Guardian Nigeria: Concern over CBN's lifetime limit on BVN phone number changes, 2 May 2026 · accessed Oct 2026
- TheNigeriaLawyer: New FX guidelines, CBN allows $10,000 cash without declaration, 5 Jun 2026 · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.