Diaspora banking account is a service that allows Ghanaians living and working outside the country to perform domestic and foreign transactions through a bank in Ghana. We have identified six banks that have diaspora banking facilities.
Good to know
- Ghana’s banking sector is made up of the Bank of Ghana and a number of commercial banks. The Bank of Ghana has the responsibility for implementation of monetary policies.
- There are over 4 million Ghanaians in the diaspora.
Benefits and Features
|Bank||Benefits & Features|
|1||Guaranty Trust Bank||Foreign exchange account, foreign currency account, investment in money market instruments, e-Banking, a Relationship Manager who would manage the client’s account|
|2||EcoBank||Diaspora card , internet banking , international transfers, fre e-statements, free SMS and e-alerts, access in 33 countries|
|3||UBA Bank Ghana||Repatriation of income back to Ghana, ability to operate your account from your foreign base, transfer money from your account to 3rd party accounts in Ghana, pay your children’s school fees, medical and stipends, flexible loans for your projects at home|
|4||Stanbic Bank||No monthly service fee, minimum balance of GHC5 000 must be kept in the account (USD2 000, GBP1 000, EUR1 500 and ZAR12 000), fee of USD50 for the first 3 SWIFT transfers each year, free monthly statements, Gold Visa debit card, free SMS or email alerts, Executive teller/exclusive executive corner in selected branches when in Ghana, toll-free line in the UK and Ghana|
|5||GHL Bank||Swift transfers from the customers foreign account, direct cash or cheque lodgment to accounts from any GHLB branch by third party, funds transfer from account holder or third party via any bank in Ghana|
|6||GCB Bank||Account can be operated as either a Foreign Currency or Foreign Exchange account, MasterCard or Visa card locally or abroad, applicants can open more than one type of account eg, Cedis & USD accounts,Cedi, foreign investment options|
Guaranty Trust Bank
Guaranty Trust Bank, also known as GTBank or simply GTB, is a Nigerian multinational financial institution with operations in Ghana.
To open a diaspora account with GTB, you need the following:
- A completed account opening form.
- One Passport photograph showing full face forward.
- A copy of any of the following means of Identification of Signatory: valid Ghanaian passport, valid National Driver’s licenvse, valid National Identity Card, valid Voters Identity Card.
- Copy of any of the following (where applicable): duly filled banker’s confirmation form, utility bill issued within the last three months for the address stated on the form, bank or credit card or bank statement issued within the last three months showing customer address, one reference letter obtained from a current Banker or Banker’s confirmation, asigned email indemnity clause authorizing the bank to act on client’s electronic instructions (optional.
- I. Scanned copies should be sent to [email protected]
- II. Original copies should be sent to the following address:
Guaranty Trust Bank (Ghana) Limited
25A Castle Road Ambassadorial Area
Ridge, PMB CT416, Cantonments
EcoBank, whose official name is Ecobank Transnational Inc., is a pan-African banking firm with banking operations in Ghana and 35 other African countries. I
To open diaspora account with EcoBank, you need the following:
- Completed account opening form.
- 1 mandate card.
- A valid proof of Identity of each signatory (current driver’s license/ International passport) – duly notarised.
- Proof of address – utility bills for the 3 previous months/ certificate of residence/ tenancy agreement/ credit card statement – duly notarised.
- 2 passport photographs.
- Employer’s letter of introduction / payslip/ tax clearance certificate/ bank statement – duly notarised.
- National Health Insurance Card as form of ID .
- Student “Supplementary form” or “Admission form” as a form of identification for students individual account.
- Answer questions on “Know Your Customer (KYC) document”..
United Bank of Africa (UBA Bank) is a Nigerian bank with operations in 20 African countries, including Ghana, and offices London, Paris and New York.
To open a diaspora account with UBA, you need the following:
- Fill an on-line form or collect an account opening form from designated agents.
- Get either your current banker abroad or a UBA account holder to give a reference.
- Attach photocopies of information pages in passport, proof income, utility bill/ tenancy agreement.
- Send completed form to bank’s agent or mail the package to UBA Ghana.
- UBA does second level checks, establishes the account and mails back the welcome kit consisting of internet banking access PIN mailer. The customer bears the cost of mailing the welcome kit.
Stanbic Bank is a division of Standard Bank, a member of the Standard Bank Group, based in Johannesburg, South Africa with banking services in Ghana.
With Stanbic Bank, you need the following:
- ID or passport (original and color copy).
- Two color passport photos.
- Evidence of residential address (i.e. utility bill).
- A copy of the Printed Signature card embossed with your signature.
- All personal documents need to be verified by a notary public (ID and Evidence of residential address).
Ghana Home Loans Bank is a farily new bank. It started as a mortgage finance institution in 2006 and obtained banking license in June 2017.
For diaspora account opening, you need:
- Completed account opening form and email indemnity form.
- Initial deposit: GHS 500/ USD 200/ EUR 200/GBP 200.
- Two (2) current passport pictures of the account signatory.
- Valid Proof of Identification of the signatory (Ghanaian Passport, driver’s license, voter’s ID or foreign passport if place of birth is Ghana or residence or work permit if nationality is Ghanaian)
- Proof of Foreign Address as stated in the forms. The foreign address must be clearly stated on the preferred proof of address and written in English, current utility bill not exceeding 3 months, foreign bank statement, foreign driver’s license.
GCB Bank Limited, formerly Ghana Commercial Bank, is the second largest bank in Ghana by net profit and total assets.
This is what you need to open a diaspora account called GCB Link2Home Account:
- Two passport-sized photograph.
- 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), tenancy agreement, employer’s reference letter, initial deposit (amount to be determined by Bank from time to time).
With the growing Ghanaian diaspora, local banks are looking for innovative ways to allow Ghanaians to deposit money in local banks through diapora banking account. They are offering attractive packages with lower fees and significant returns. The deposits allow banks to expand their loan facilities for mortgages, auto loans, business loans, and personal loans.
It is important that you check with the bank you want to open account with for updated charges at the time of opening.
Ndesanjo is an experienced blogger and journalist. He was named one of 100 Influential Africans in Media Category. His mission is simple: making finance work for everyone.