How To Open A Dollar Account In Ghana
Has someone suggested the idea of opening a dollar account in Ghana to you? And you are possibly thinking about how you go about it? Then we are glad to provide you with all the necessary information you need to know about it.
WHAT IS A DOLLAR ACCOUNT?
A dollar account is a form or type of foreign currency account.
The Foreign Currency Account allows you to maintain accounts in foreign currencies (US dollars, Pounds, Euros, and Chinese Yen).
You can fund these accounts through travelers’ cheques, lodgement of foreign currency cheques, or SWIFT inflows. You can also withdraw cash or make transfers to your accounts or other accounts offshore via the SWIFT transfer service across all branches nationwide.
REQUIREMENTS FOR OPENING A DOLLAR ACCOUNT
Being a Ghanian, or a resident (non-H Ghanian), you can open a dollar account in Ghana, if you meet the following requirements.
Small and Medium Enterprises, Churches, NGOs, and Multinational companies.
- Documents Required:
All Registration Documents, thus
ID (Passport, Driver’s License, Voter’s ID plus Utility Bill) of signatories and
IDs of all Directors
- passport photographs of each of the signatories and Board Resolution(excluding sole proprietorship business).
- Initial deposit:
For Dollar Account – USD 1,000
Note that a single individual can also open the dollar account with documents to ascertain that he/she owns any of the business types in (1.) above, as well as the individual particulars and the initial deposit (all stated above).
HOW MUCH DOES IT COST TO OPEN A DOLLAR ACCOUNT IN GHANA?
According to figures from the Bank of Ghana as of December 2014, three particular banks in the country will require no money from you as the initial deposit to open an individual dollar account for you.
They are United Bank for Africa (UBA), Guaranty Trust Bank (GT Bank), and First Atlantic Bank.
Another bank that will virtually require no money from you before it opens a dollar account for you is the Royal Bank. With as little as one dollar as a deposit, you can open a dollar account with Royal Bank.
Sahel Sahara Bank comes in next, Sahel Sahara will require that you deposit at least 20 dollars if you want to open a dollar account with them. While Cal Bank will require 50 dollars to open an individual dollar account for you.
From 50 dollars we move to the 100 dollar zone, which is a common figure most banks require to open a dollar account.
Banks such as Fidelity Bank, Prudential Bank, ADB, Access Bank, Standard Charted Bank, and Ecobank all require you have at least 100 dollars as a deposit before they open a dollar account for you.
Other banks such as GCB, Bank of Baroda, and Universal Merchant Bank, may demand a deposit of 200 dollars.
BENEFITS OF OPENING A DOLLAR ACCOUNT IN GHANA
Being a customer with a dollar account in Ghana, you will enjoy the following benefits:
- Customers can pay in cash (dollar) over the counter into the account.
- Customers receive their money in the foreign currency( thus, the dollar) in which the account is opened.
- Customers can also opt for withdrawals in the local currency at the prevailing exchange rate.
- You can pay for international transactions(using your dollar account).
- It gives you more control over unstable currencies.
- You can serve as a referee for someone.
BANKS THAT ACCEPT DOLLAR ACCOUNTS IN GHANA
Many banks accept a dollar account in Ghana.
They are United Bank for Africa (UBA), Guaranty Trust Bank (GT Bank) and First Atlantic Bank, Royal Bank, GCB, ADB, Access Bank, Prudential Bank, Fidelity Bank, Standard Charted Bank, and Ecobank among others.
HOW TO OPEN A DOLLAR ACCOUNT IN GHANA
The already discussed requirements, including proof of residential and postal address, are at least 18 years old, a work permit ( thus if you are a foreigner), and the minimum initial deposit.
Follow these steps to open your account:
- Visit any of the above-discussed Banks.
- Ask any employee of the Bank that you want to register for a dollar account.
- You will then be directed to the customer care table.
- If there are people already attended to, you wait patiently until it is your turn.
- Relay your need to the customer care agent when called upon.
- The requirements document will be given to you.
- Appropriately provide the right information to where you are required to fill.
- submit your form to the agent when you are done.
- The rest of the process will be carried out by the agent.
- You will be duly notified when it’s complete.
Thanks for your time, hope you enjoyed our information full packed article. We wish you all the best!