There are a number of banks in Zambia for Zambians and foreign nationals based in the country to choose from. The banks include Indo-Zambian Bank, Zambia National Commercial Bank, Barclays Bank, First National Bank, AB Bank, UBA Bank and Cavmont Bank.

One of the services offered in most banks in the country include the option to open a foreign currency account.

Indo-Zambia Bank

Basic details and requirements

DetailsRequirements/charges
Account Opening RequirementsApplication letter, National Registration Card, valid driver’s licence or valid passport, two passport-size photos, letter of recommendation or letter of employment, proof of residential address (utility bill), residence permit or duly issued visa (if non-Zambian)
CurrenciesUS Dollar, Pound, Euro and Rand
Maintenance ChargesUSD5.00 per month
Minimum Balance RequirementUSD200/-
Minimum Balance ChargesUSD10/-
Cheque Book1st 50 leaves USD15/- thereafter USD25/- per 50 leaves
Monthly StatementFree – once a month thereafter USD5/- per occasion
Closure of accountUSD 10/-
Cash Deposits (At any IZB Branch)Free 3% of value if deposits in lower denominations(≤USD20)
Cash Withdrawal Charges (at any IZB branch)0.50% (Min USD5/-, Max USD50/-)

Website.

Zanaco

Basic details and requirements

DetailsRequirements/charges
Account Opening RequirementsApplication letter, National Registration Card, voter’s card, valid driver’s licence or valid passport, one passport-size photos, letter of recommendation or letter of employment, proof of residential address (utility bill), residence permit or duly issued visa (if non-Zambian)
CurrenciesUS Dollar, Pound, Euro and Rand
Maintenance ChargesUS$5.00, GBP4.00, EUR5.00, ZAR65.00
Minimum Balance RequirementNot required
Minimum Balance ChargesNo
Cheque BookYes
Debit cardYes
Monthly StatementFree
Closure of accountFree

Website.

First National Bank

Basic details and fees

DetailsRequirements/charges
Account Opening RequirementApplication letter, National Registration Card, valid driver’s licence or valid passport, two passport-size photos, letter of recommendation or letter of employment, proof of residential address (utility bill), residence permit or duly issued visa (if non-Zambian)
CurrenciesUS Dollar, Pound, Euro and Rand
Account openingFree
Monthly maintenance ChargesUS Dollar 15.00, Pound 9.00, Euro 12.00, Rand 180.00
Minimum Balance RequirementNo
Branch TransfersFree
Cash WithdrawalsFree
Cheque BookYes
Cheque DepositFree
Debit cardYes
Monthly StatementFree
Cheque PaymentsUS Dollar 10, Pound 6.00, Euro 6.00, Rand 85.00
Cash DepositsFree
Balance EnquiryFree
Payments OnlineUS Dollar 10.00 Pound 8.00, Euro 10.00, Rand 145.00
Branch PaymentsUS Dollar 30.00, Pound 25.00, Euro 30.00, Rand 430.00
Dishonoured PaymentUS Dollar 35.00, Pound 18.00, Euro 25.00, Rand 350.00

Website.

Barclays

Basic details and requirements

DetailsRequirements/charges
Account Opening RequirementsApplication letter, National Registration Card, valid driver’s licence or valid passport, two passport-size photos, letter of recommendation or letter of employment, proof of residential address (utility bill not more than three months old), residence permit or duly issued visa (if non-Zambian)
CurrenciesUS Dollar, Pound, Euro and Rand
Monthly maintenance ChargesUS Dollar 15, Pound 12.50, Euro 14.5, R215
Minimum Balance RequirementNot required
Minimum Balance ChargesNo
InterestNo
Cheque BookYes
Debit cardYes
Monthly StatementFree email statement
Closure of accountNo

Website.

Cavmont

Basic details and fees

DetailsRequirements/charges
Account Opening RequirementsApplication letter, National Registration Card, valid driver’s licence or valid passport, two passport-size photos, letter of recommendation or letter of employment, proof of residential address (utility bill), residence permit or duly issued visa (if non-Zambian)
CurrenciesUS Dollar, Pound, Euro and Rand
Monthly maintenance ChargesNo
Minimum Balance RequirementNo
Minimum Balance ChargesNo
Interest1 Month – 1.8%, 2 Months – 1.9%, 3 Months- 2.0%, 6 Months- 2.1%, 1 Year – 2.11%. You can negotiate for interest amounts $50,000 and above
Cheque BookYes
Debit cardNo
Monthly StatementYes

Website.

UBA Bank

Basic details and fees

DetailsRequirements/charges
Account Opening RequirementsApplication letter, National Registration Card, valid driver’s licence or valid passport, two passport-size photos, letter of recommendation or letter of employment, proof of residential address (utility bill), residence permit or duly issued visa (if non-Zambian)
CurrenciesUS Dollar, Pound, Euro and Rand
Monthly maintenance ChargesFree
Minimum Opening Balance$100 or equivalent in other currencies
Minimum Account Balance$20 or equivalent in other currencies
Minimum Balance ChargesNo
Interest
Cheque Book100 Kwacha equivalent for a 50 leaves cheque book
Debit cardNo
Monthly Statement23 Kwacha equivalent per page for a period over a month
Closure of accountFree

Website.

AB Bank

DetailsRequirements/charges
Account Opening RequirementApplication letter, NRC, valid driver’s licence or valid passport, Two (2) passport-size photos, letter of recommendation / letter of employment, proof of residential address (utility bill), residence permit or duly issued visa (if non-Zambian)
CurrenciesUS Dollar, Euro
Account openingFree
Monthly maintenance ChargesFree
Minimum Balance RequirementNot required
Incoming transfer chargesFree
InterestNo interest
Cheque BookYes
Debit cardYes
Monthly StatementFree email statement
Closure of accountFree

Website.

Conclusion

A foreign currency account protects your money against volatility risks. Zambian Kwacha has regularly experienced volatility. Moreover, foreign currency account facilitates international financial dealings without incurring loss due to conversion rates.

To open a foreign currency account, please visit the nearest branch of the bank of your choice.