As the Ghanaian economy continues to grow, some citizens have thought of the need for dollar accounts in Ghana for specific business purposes. These are accounts where all transactions will be done in U.S. dollars instead of Ghana cedis. For example, if you earn $1,000 from your business, you can put that money into a dollar account and not have to worry about converting it back to cedis or worrying about fluctuations in the exchange rate between Ghana and the United States.
If you are a Ghanaian and you want to open dollar account in Ghana, we will detail in this article the top banks and places that can help you do so easily and conveniently.
Benefits of Opening a Dollar Account
Dollar accounts are an easy way for Ghanaians living abroad, such as the United States, to send money back home without having to use expensive wire transfer services. They also provide convenient access to your money when you’re traveling overseas.
Additionally, there is no risk of exchange rates fluctuating between the time you send money and the time it arrives at its destination.
Below are other benefits of creating a dollar account:
- You can use the money for business purposes, such as buying supplies and hiring workers.
- You can use the money for personal purposes, such as making necessary purchases and paying bills.
- You can send money between accounts instantly with TransferWise and avoid international transfer fees.
- It’s easier than opening a foreign bank account and offers more services than sending cash via Western Union or MoneyGram
List of Recommended Banks For Dollar Account Opening
Find below the list of banks to which one can opens bank account in Ghana:
- United Bank for Africa (UBA)
- Guaranty Trust Bank (GT Bank)
- First Atlantic Bank
- Cal Bank
- Fidelity Bank
- Prudential Bank
- Access Bank
- Standard Charted Bank
- Universal Merchant Bank (UMB)
- Societe Generale
- National Investment Bank (NIB)
- Stanbic Bank
- Zenith Bank
- Bank of Africa (BoA)
- UT Bank
- HFC Bank
- Barclays Bank
- First Capital Plus Bank.
Financial Institutions with Best Deposit Requirements for Dollar Accounts
In Ghana, banks have deposit requirements for opening dollar accounts to which interested customers are expected to fulfill before they finally get to open one.
According to the Bank of Ghana’s reports as of the end of 2014, if you want to open a personal dollar account at one of three specific banks in the country, you won’t need to provide any sort of initial deposit.
These three banks are, UBA (United Bank for Africa), GT Bank (Guaranty Trust Bank), and First Atlantic Bank. However, as the economy keeps growing and innovations evolving, things could change along the line.
Next, according to the reports, CalBank, necessitates a minimum deposit of $50 in order to create the account with them.
Banks like Fidelity Bank, Prudential Bank, ADB, Access Bank, Standard Charted Bank, or Ecobank, require a deposit of at least $100 to get started.
Meanwhile banks like GCB and Universal Merchant Bank (UMB) will require at least $200. Also, Societe Generale and National Investment Bank (NIB) required 300 dollars as initial deposit.
Given in this article are the banks in Ghana to help you open a dollar account in Ghana. As you know as well, every bank has its own requirement for opening a dollar account. Currently, some banks do require about 500 to 1000 Ghana Cedis to open a Dollar account. The choice is always with the customer.
Also take note that opening a bank account is important for your financial stability.
However, different banks offer different services and some also specialize in certain types of businesses. So when you’re deciding where to create your bank account, consider the following:
- What types of services does the bank offer?
- Are there any fees associated with
- opening an account?
Does it have ATMs near me that I can easily access?
- Is there customer service available near me?
These are certain areas to take note and you will be fine after conducting a good research on what you really need.
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