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The short answer
Holding pounds or dollars makes sense when you have a real future cost or income in that currency, such as UK or US study fees, a planned move, dollar-priced costs in Nigeria or income paid in dollars. Otherwise it adds two conversions and exchange-rate risk against your euro costs. If you do hold them, use an account that keeps each currency separately and converts only when you choose.
Many Nigerian families think in dollars and have relatives in the UK, so keeping some pounds or dollars feels natural even while living in Italy. Sometimes it is sensible planning. Sometimes it is an expensive habit. The test is simple: what will this money be spent on, and in what currency?
When it makes sense
- A known cost in that currency: a child's UK university fees, US exam fees, a family member's dollar-priced costs in Nigeria.
- Income that arrives in it: fees from a UK client, a dollar payment from a Nigerian payer's domiciliary account.
- A planned move to the UK or US in the next few years.
- Deliberate diversification, accepting that the value in euros will rise and fall.
When it costs you
If your income is in euros and your costs are in euros, buying pounds or dollars means converting twice, once in and once back, with a margin each time, and carrying the risk that the currency weakens against the euro while you hold it.
Where you can hold them from Italy
| Where | Currencies | Points to check |
|---|---|---|
| Italian bank foreign-currency account (conto in valuta) | Varies by bank; ask | Monthly fee, conversion margin, extra-SEPA charges on incoming transfers |
| Nigerian domiciliary account | USD, GBP, EUR at banks such as GTBank, UBA and Fidelity | Opening from abroad, transfer charges, $10,000-a-day outward transfer limit |
| Multicurrency account with a regulated provider | Varies | Whether each currency has its own account details, and how conversions are priced |
In Italy, a foreign-currency transfer arriving into a euro account is converted by your bank at its rate. On one Banco BPM group tariff (June 2025), an incoming extra-SEPA transfer in a foreign currency costs €15.00 plus 2 per mille (minimum €3.50) and carries a four-business-day value date when converted. Receiving dollars into a dollar balance avoids that conversion, but check the account's own fees.
Nigerian domiciliary accounts
The CBN's FX Manual 2026, as reported by TheCable, lets individuals pay into domiciliary accounts without disclosing the source of funds and transfer up to $10,000 a day abroad. Remittance-app money sent to Nigeria is paid in naira, not dollars, so a domiciliary account is funded mainly by SWIFT transfers or by payers who hold foreign currency. For opening one from Italy, see opening a Nigerian domiciliary account from Italy; for the currency choice, see euro or dollar domiciliary account.
Building a balance for a known cost
If you know you will need pounds or dollars on a date, such as UK university fees in two years, you can convert in stages rather than all at once. Converting a quarter of the target every six months spreads the exchange-rate risk: you will not catch the best rate, but you avoid putting everything through on the worst day. Keep each conversion in a balance in that currency, so it is not converted back by default.
Italian tax and reporting
If you are tax resident in Italy, accounts held outside Italy, including Nigerian and UK accounts, generally go in the quadro RW of your return and can attract IVAFE; see IVAFE on Nigerian bank accounts. Large foreign-currency balances can have other Italian tax consequences, so ask a CAF or commercialista if you hold significant sums.
Remember that a dollar or pound balance in Nigeria and one in Italy are not the same thing for access: money in a Nigerian domiciliary account still has to travel by SWIFT, with charges, before you can spend it in Italy.
What to check first
- Name the cost or income the currency is for, and when.
- Estimate the round-trip cost: two margins plus transfer fees.
- Decide how much exchange-rate risk you can live with.
- Pick an account that holds the currency without forcing conversion.
- Keep records for your Italian return.
Where Pryme fits
A Pryme account holds euros, pounds, dollars and naira, each with local details, so money that arrives in pounds or dollars stays in that currency until you Swap. The app shows the rate and the fee before you approve. Outside Nigeria, our foreign-currency services are provided through regulated partners. See multicurrency accounts and Swap.
Questions people ask
Should I keep dollars if I live in Italy and earn euros?
Only if you have a real dollar cost or income. Otherwise you pay two conversion margins and carry exchange-rate risk.
Can I have a pound or dollar account in Italy?
Some Italian banks offer foreign-currency accounts, often in dollars. Check the monthly fee and conversion charges.
Do I declare foreign currency accounts in Italy?
If you are tax resident, accounts held abroad generally go in the quadro RW and can attract IVAFE.
Is it cheaper to receive dollars into a dollar account?
Usually, because it avoids your bank converting to euros on arrival. Incoming SWIFT charges may still apply.
Sources
- Banca Aletti (Banco BPM group): foglio informativo, servizi accessori conto Wealth Management Private, consumatori (16 Jun 2025) · accessed Oct 2026
- TheCable: CBN FX Manual 2026, what changes (3 Jun 2026) · accessed Oct 2026
- GTBank: Domiciliary Accounts · accessed Oct 2026
- Fidelity Bank: Diaspora Banking · 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.