Piggyvest app: How to Invest or save in dollars with the App
In this post, I will show you how to save and invest dollars with the Piggyvest app.
Do you want to save and invest in dollars in order to beat Naira fluctuation? Or rather are you looking for ways to save, invest or earn dollars in Nigeria? Then, you are in the right place
As we know, Naira has been falling against Dollars and it is still likely to fall. Hence, it is better to always find a way to earn, save or invest in dollars. One of such ways to achieve this is through Flex Dollar in Piggyvest.
When you sign up on Piggyvest through this link, you get a welcome bonus
But before I dive deeper, let me explain what the Piggyvest app is all about for those who may not know.
What is Piggvest App is about
Formerly called piggybank, Piggyvest was launched in 2016 as the first online savings and investment platform across West Africa. Their mission is ‘to give everyone the power to better manage and grow their finances.
Among different ways to save and invest on the app, the Piggyvest Flex Dollar account is something you should try out.
You can read my full review on Piggyvest here
Piggyvest Products and Features
On the Piggyvest app, there are some cool products and features customers can enjoy. The endpoint is to grow customers’ money through different savings and investment methods. Such include:
- Piggybank: Piggybank lets you save money either daily, weekly or monthly which can be withdrawn 4 times a year.
- Flex Naira: This is like a savings account and wallet
- Safelock: A fixed deposit type of account
- Investify: Lets you invest in available investment opportunities
- Flex Dollar: This is a savings account in Dollars with interest every month
Piggyvest Flex Dollar
So how can you invest or save in dollars with the Piggyvest app? It is through the Piggyvest Flex Dollar account.
Flex dollar lets you benefit not only from naira depreciation but also get a 7% interest p.a would save in dollars. This is the beauty of Piggyvest Flex Dollar.
For instance, if you bought 100 dollars many months ago at the rate of 420 Naira and is now 550+. Right now, you would have gained a lot of profit.
One thing to note is that Piggyvest uses a black market rate and not an official dollar-naira rate. This means that the price you will buy dollars to save in this account will likely be higher than what most banks offer.
Also, you cannot buy dollars from elsewhere and transfer them to this account. You have to buy it on the Piggyvest app
Read: How to get Piggyvest Referral bonus
How to invest or save in dollars with Piggyvest app
To start saving dollars with Piggyvest Flex dollar, follow these steps:
- Download the app through this link and create an account (if you don’t have one yet)
- Thereafter, tap Savings Icon
- Next, tap Flex Dollar
- Tap on Fund my Flex Dollar to buy dollars
- Enter the amount and select a funding source. Either through Piggy Flex wallet or your linked card
Piggyvest Alternatives App to Save and Invest in Nigeria
Binance: Binance is not just an exchange platform where to trade cryptocurrency, you can also save and invest in dollars through Binance Earn. So, If your risk appetite is low, save in USDT or BUSD and you will get 10%. However, you can push and invest or stake in BTC, ETH, BNB and a lot of coins that are less stable and can give you either more profit or loss.
When you sign up on Binance through this link, you get a welcome bonus.
- Chipper Cash App: Chipper Cash lets you send and receive money, pay bills and invest in foreign stocks in dollars. Invest in foreign stocks such as Netflix, Tesla, Apple, Microsoft and Google. Since you are investing in stocks, you can make more profit or loss depending on the stock performance.
- Branch App: Branch is another alternative to the Piggyvest app. You can save/invest, pay bills, free bank transfer and get a loan. Although you can’t save in dollars on the Branch app but Naira, you should consider it for its high-interest rate of 20% on investment.
Currently, the Piggyvest flex dollar interest rate is 7% per annum.
To know the current Piggyvest Flex Dollar rate, go to Piggyvest Flex dollar under Savings.
Tap on Fund my Flex Dollar to get the current rate to buy dollars. Additionally, tap on Convert to Naira to know the current rate to sell dollars on Piggyvest.
Flex Dollar is not a domiciliary account. It is a type of Piggyvest savings accounts that lets you to save and grow your wealth in Dollars
You cannot transfer dollars externally to your Flex Dollar account. However, you can transfer dollars to Piggyvest users for free.
The way to withdraw your dollars from Flex Dollar is to convert to naira. To do this, tap Convert to Naira. Then enter the dollar amount you want to convert to naira.
Yes, it is advisable to save, invest and earn in dollars to beat naira devaluation and inflation. One of the ways to achieve this is through Piggyvest Flex Dollar
Final Thoughts: Piggyvest app: How to Invest or save in dollars with the App
One of the ways to save and earn more money in dollars in Nigeria is through saving your money in Piggyvest Flex dollars. When Naira value falls, you earn more.
Of course, Dollar to Naira rate may not increase for sometimes but you will still be earning 7% p.a interest on your money. So you still gain.
Start saving and investing!
Give this a try and share your experience. I’m eagerly expecting!
Also, drop your comment below
One of my friends that have used the flex dollar account said a fee is collected whenever a withdrawal is made. Is that correct?
Piggyvest charges a small fee only if you want to withdraw your dollars to a dollar-denominated bank account. This is normal and not everybody has this type of account.
So, the easiest option which is totally free is to use the Convert to Naira option to withdraw. Then, your money will reflect in your Flex account and you withdraw to your Naira bank account for free.
Will I get credited on my flex naira if I convert my dollar to naira?
If I save on my flex dollar account with the current exchange rate of 700+, and it increases to maybe 900 naira to a dollar. That’s a hike in profit. Will I be able to withdraw my funds with the recent exchange rate and it’s profit?
The short answer is Yes.
Long answer: It depends on the rate you see on Piggyvest at that time. Because the hike is usually from black market and not the CBN official rate, the price elsewhere wont be the same with Piggyvest dollar rate. However, it should be close to the current black market rate