Have you been advised to open a dollar account in Ghana? Perhaps, are you trying to figure out what to do next?
If your answer is yes, then it is our pleasure to give you all the information you need about how to open a dollar account in Ghana easy and fast.
Dollar Account Vs Foreign Currency Account
A dollar account in simple terms, is a foreign currency account. The term “Foreign Currency Account” refers to a bank account in US Dollars, British Pounds, or Euros that is funded entirely through transactions from sources outside the country.
Simply put, a foreign currency account is a type of bank account designed to hold foreign cash rather than domestic currency.
Benefits of Opening a Dollar or Foreign Currency Account
Having a bank account in dollars, pounds, or euros offers significant advantages. Here are some examples:
- The account holder will have unrestricted access to the funds no matter where he may be physically located.
- A customer can also make a withdrawal in local currency at the prevailing exchange rate.
- Foreign exchange transactions can be paid for (using your dollar account).
- You’ll be able to exert more command over fluctuating currencies.
- For another person, you can play the role of referee.
Dollar or Foreign Currency accounts can be opened by Ghanians, residents or non-Ghanians in order to open a dollar account in Ghana, however, the following criteria must also be met;
Who is Qualified to Open a Dollar Account in Ghana?
- Small and Medium Enterprises
- Non Governmental Organizations (NGOs)
- Multinational companies
- All Registration Documents
- Current or valid ID (Ghana Card, Passport, Driver’s License, Voter’s ID plus Utility Bill) of signatories and Board Resolution (excluding sole proprietorship business).
- IDs of all Directors
- Two (2) passport photographs of each of the signatories
- Initial deposit (usually ranges from USD 100- 1,000 depending on the bank)
In addition, the requirement of a valid work permit (if you are a foreigner) and a minimum age of 18 years.
Banks or Places in Ghana to Open a Dollar Account
Numerous banks or financial institutions in Ghana provide support for opening dollar accounts. Visit this link to see a compiled list of Banks in Ghana that accept dollar or foreign currency accounts.
How to open U.S Dollar account in Ghana
- Visit any of the banks listed here
- Request for assistance from any Bank employee and show them your intention to open a dollar account.
- You will then be asked to see customer service personnel.
- The document requirements document will be given to you and you will be provided with a form to fill if you qualify.
- Fill in the required fields of the form and submit
- The remaining processes will be carried out by the bank or the personnel in charge
- You will be notified the moment the dollar or foreign currency account is opened.
Up to this point we are confident that you know and have all it takes to Successfully open a dollar account in Ghana. We value your interest and hope you find our post both interesting and informative.
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