How to Save Dollars on PiggyVest ( 2023)

Are you still surfing the internet on how to save dollars on PiggyVest? If yes, then you’ve actually found your way to the right page.

Saving money in naira on PiggyVest is great, but at the same time, saving money in dollars is greater.

The very reason why it’s idealistic for anyone who wants to save money on PiggyVest to save it in dollars is because it yields a more positive result- more money.

It’s not new that the rate at which dollars keep rising against the Nigeria note (Naira) isn’t small and it’s highly recommended you save your money in dollars rather than saving in Nigeria currency.

According to businessday.ng, the Nigerian currency (Naira) ends the year 2022 with a 23.65% fall against the dollar, which doesn’t sound good.

This shows that the value of Nigeria’s currency is depreciating every time because it’s likely to continue falling until this current year (2023) runs out.

However, it will be of great advantage for you to save your money in dollars instead of naira.

Why Choose PiggyVest?

PiggyVest is an investment platform founded in 2016 and can boast of having over four million users.

Overview of PiggyVest

PiggyVest is a fintech company founded in 2016 that offers a range of savings and investment products to its users. The platform provides a secure and convenient way for people to save and invest their money, with features such as flexible savings plans, automatic savings, and investment portfolios. PiggyVest is registered with the Securities and Exchange Commission (SEC) and is a member of the Nigerian Deposit Insurance Corporation (NDIC), which provides insurance for deposits up to a maximum of NGN 500,000.

The reasons you may need to choose to save dollars with this company could be found below:

1 PiggyVest Is Highly Secured

PiggyVest is a company that makes use of the highest level of internet security and is secured by two hundred and fifty-six (256) bits of SSL security encryption to make sure all their customers’ information is protected from any means of fraud.

2. You Get Paid For Saving Money With Them

With PiggyVest, you are endowed with the opportunity to earn at least 5%-15% on whichever savings plan you choose.

The savings plans are SafeLock, Piggybank, Flex naira, Target savings, Investify, etc.

3. Automated Savings

You don’t really need to stress yourself unnecessarily. PiggyVest made it easy for you to save and invest easily.

You only need to link your bank details to your PiggyVest account and set the days and the amount you want them to automatically deduct from your commercial bank account e.g Access Bank to your PiggyVest account.

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How To Save Dollars On PiggyVest

As you’ve known, this article is a tutorial on”how to save dollars on PiggyVest” therefore it’s essential you follow every guideline given in the article.

Flex Naira is a savings account, one of the features of PiggyVest which allows you to save money in dollars with monthly interest. Easily, the money in your Flex naira account can be converted into dollars.

To start saving in dollars on your Piggyvest Flex Dollar account, follow the procedures below:

Download and install the Piggyvest app on your smartphone (If you don’t already have one)
Create an account on the platform
Log in to your account after creating the account
On the homepage, tap on the “Savings” icon
Tap on “Flex Dollar”
Tap on the “Fund my Flex Dollar to buy dollars” option on the page
Enter the amount in dollars you wish to buy
Select the funding source. (Either through your Piggyvest wallet or a linked bank card.)
Your funds will be deposited into the Flex account in Dollars.

How Do I Fund My Flex Dollar Account On PiggyVest App?

A very important thing you must know on how to save dollars on PiggyVest app is the guidelines needed to follow to fund your PiggyVest account.

Understand that when funding your flex dollar PiggyVest account, the naira which is in either your wallet or bank e.g would be converted to dollars and the required amount you can fund your flex dollar account is nothing less than one dollar.

There are two ways in which your flex dollar account could get funded. They are;

Funding directly from your flex naira wallet.
Through your bank card.

Download PiggyVest App

The very first step you need to follow on how to save dollars on PiggyVest app is to download PiggyVest App from any app store.

Note: The most recommended platform to download PiggyVest App is Google Play Store for android users, Apple store for iOS users, or any other trusted app store.

After it’s been downloaded, open it and create an account with a strong password. Once you’ve successfully created your account, login in.

While logged in, click on the “Savings” icon, and after that tap on “Flex Dollar”.

You will see an option on the page which says “Fund My Flex Dollar”, tap on it and enter the amount you wish to buy. After that, select the funding source, this could be either from your PiggyVest wallet or through your debit card, follow the prompt, and your flex account will be deposited in dollars.

Interest Rate For Dollar Savings

On your dollars savings just like other savings plans, there’s an interest rate.

User’s who save dollars to their flex dollar can get as much as a 7% interest rate yearly on their savings, the interest rate is usually determined by the market behavior which means you may possibly experience fluctuations.

The interest will sometimes go higher and lower. This is to say there’s no fixed interest rate.

How To Withdraw Funds From Flex Dollar Account

Another crucial thing you must learn in this topic- how to save dollars on PiggyVest app is”how to withdraw funds from a flex dollar account.

Your funds wouldn’t stay in PiggyVest forever, no matter how huge the amount you want to accumulate from your interest, you would one day want to make a withdrawal. So how can you withdraw your funds from the PiggyVest flex dollar account?

You have two options to save dollars to your flex dollar account and at the same time, you can withdraw your funds through the same option (in naira or dollars).

If you decide to withdraw in dollars, it will be disbursed to your US domiciliary account and if it’s in naira, the exchange would be made using the current market buying rate.

To get paid in naira, PiggyVest will not charge you a dime but getting it paid in dollars will attract certain charges.

Is it Safe to Save & Invest in PiggyVest?

PiggyVest is a secure and convenient platform for saving and investing your money. The platform implements a number of measures to protect users’ personal and financial information and provides users with options to minimize the risk of investment losses.

To minimize the risk of investment losses, PiggyVest offers a range of investment portfolios, each with a different level of risk. Users can choose a portfolio that matches their investment goals and risk tolerance. PiggyVest also provides users with a comprehensive overview of each investment portfolio, including its historical performance, risk profile, and expected returns.

PiggyVest is duly registered as PiggyTech Global Limited – RC 1405222. They currently own a licensed Microfinance Bank, which they acquired in 2018.

PiggyVest is also a registered cooperative with the name, Piggytech Cooperative Multi-purpose Society Limited. All funds deposited on Piggyvest accounts are warehoused and managed by AIICO Capital, the leading asset management company in Nigeria. They are registered and licensed by the Securities and Exchange Commission (SEC).

Frequently Asked Questions FAQs

We’ve come to the end of how to save dollars on PiggyVest app, however, I would want you to also go through these questions which are frequently asked by both old and new users

1 Question- PiggyVest Flex Dollar Account, is it a domiciliary account?

Answer- No, it isn’t. It is a PiggyVest feature that enables users to only save money in dollars which will attract a 7% annual interest rate.

2. Question- Is it possible to transfer dollars to my PiggyVest flex dollar account?

Answer- No, this is not possible. You’re only allowed to transfer dollars from one PiggyVest account to another without charges.

3 Question- Is there a way to know the flex dollar current dollar rate?

Answer- Yes, you can know it by going to your flex dollar account, tap on funds on “fund my flex dollar icon”, and tapping that will display the current buying rate.

Conclusion On How To Save Dollars On PiggyVest App

To earn extra income, you don’t necessarily need to invest in a commercial bank. Instead, you could make use of this opportunity to save on PiggyVest and gain 7% per annum.

However, as with any investment, there is always a risk involved, and it is important to understand that investment returns are not guaranteed. Before investing your money in PiggyVest, be sure to carefully consider your investment goals, risk tolerance, and personal circumstances.

However, for you to make money on PiggyVest through your savings, you need to follow every given guideline above.

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