Requirements For Opening A Bank Account In Ghana
Are you planning towards creating a bank account in Ghana, and you are wondering what would be required of you in passing through the process? Then we are happy to provide you with the following information
WHAT IS A BANK ACCOUNT?
A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded. Each financial institution sets the terms and conditions for each type of account it offers, which are classified into commonly understood types, such as deposit accounts, credit card accounts, current accounts, loan accounts, or many other types of accounts.
A customer may have more than one account. Once an account is opened, funds entrusted by the customer to the financial institution on deposit are recorded in the account designated by the customer.
TYPES OF BANK ACCOUNTS IN GHANA
Each financial institution has its names for the various accounts it offers to customers, but we can talk about, savings accounts current accounts joint accounts, fixed deposit accounts, recurring deposit accounts, and salary accounts among others, with each depending on the purpose of the account is to serve as well as the various transactions intended to be carried out on the account from time to time.
WHAT IS REQUIRED FOR A PERSON TO CREATE A BANK ACCOUNT IN GHANA?
The requirements vary slightly depending on the bank you are working with, but most of them remain almost the same for all banks across the country, for GCB, you require;
- Two passport-sized photographs
- valid photo identity (Passport / Driver’s License / Voter ID / SSNIT Biometric card ).
- Proof of residential and postal addresses (a copy of any of the following):
Utility bill (water or electricity)
Employer’s reference letter
- I initial deposit (amount to be determined by Bank from time to time).
For the initial deposit, it varies depending on the bank and the type of account you intend to create, business accounts might require certain documents backing the legibility of the business in question.
For a current account, the initial deposit for individuals is GHÂ¢20.00, and for enterprises. GHÂ¢50.00 Balances above GHÂ¢100.00 will attract interest. To apply the customer completes and submits a standard application form.
For a savings account, the initial deposit for an individual savings account opening is GHÂ¢10.00 with the minimum operating balance set at GHÂ¢5.00. To start earning interest one’s balance should be above GHÂ¢50.00.
Note that you have to be 18 years or more of age to be eligible for a bank account in Ghana.
Again, For foreigners, they need to provide
- A valid form of identification such as a passport.
- Proof of residence.
- Tax Identification Number
- Passport Pictures
- Work and residence permit.
- A letter of introduction from your banking institution in your home country
Some banks may request a reference letter from an account holder of the bank to which you are applying in Ghana and/or a letter of reference from your employer.
HOW WILL A BANK ACCOUNT BENEFIT YOU?
The bank account is beneficial in numerous ways for an individual as well as joint people, among them are;
Convenient for frequent personal and business transactions.
- Free ATM card for individuals.
- Withdrawals may be made to the last pesewa
- Monthly statement of account (upon request).
- Instant mini-statements available from ATMs.
- Access to e-products and services
- Accountholdersr can apply for credit facilities.
- Regular payments can be set up through standing instructions and direct debits.
To finalize the creation, visit any of the numerous banks in Ghana with your necessary documents and information, then
- Ask that you want to create a bank account, you will equally tell the kind of account you want, and you will be given a form to fill with your credentials.
- After filling the form(s) submit it to the customer care agent, who will now continue with the process, including verifications of your particulars.
You will then be notified when the process is complete.