Ghana is a country with a robust economy that attracts many foreigners who come to invest. Likewise, many Ghanaians also live outside the country necessitating them to open a foreign currency bank accounts in Ghana. If you are planning to move to another country or have a business in another country, you may need a foreign bank account. You can open a foreign bank account in Ghana before moving to the country.
How to Open a Bank Account in Ghana as a Foreigner
If you are a foreigner and you are working or have an investment in Ghana, you need to open a bank account in Ghana. To open a bank account as a foreigner in Ghana, you need the following documents.
- An identification document like a passport
- A duly completed account opening form
- Proof of residence and postal address
- Two passport size photographs
- Work permit
- A letter of introduction from your home country bank
Foreign Currency Account in Ghana
A foreign currency account is an account that is used to transact in foreign currencies. With a foreign currency account in Ghana, you can maintain accounts in foreign currencies like in US dollars, Euro and even Pounds. There are various ways you can fund a foreign currency account like through a traveler’s cheque, SWIFT, or even lodging a foreign currency cheque.
On the other hand, you can withdraw cash or transfer it from a foreign currency account other offshore accounts through SWIFT. Foreign currency accounts do not accept cash deposits over the counter. Some of the banks that you can use to open a foreign currency account in Ghana include:
1. Bank of Africa
You can open a foreign currency account with the Bank of Africa in Ghana. You can open a current or a saving account that you can use to manage your funds from abroad. The account is available in currencies like dollar, British Pound, euro and renminbi.
You can use the account to send and receive funds from abroad, make payments and enjoy banking services. You can open an account with zero minimum balance in all currencies.
2. Standard Chartered Bank
With Standard Chartered foreign currency account, you can enjoy investments in mutual funds and bonds. You also get to borrow up to 70% of your foreign account balance at normal rates. You can access your offshore account online or through mobile banking at any time.
Some of the benefits of the foreign currency account include:
- It facilitates foreign business transactions
- You can access the account information from any branch network or any other platform
- The account earns interest if you maintain a specified minimum account balance
Bank Account for Work Permit Holder
Foreigners in Ghana are allowed to open and operate a domiciliary account. You can open a foreign currency account while in Ghana with a bank of your choice. To do so, you need to have a work permit. You can transfer funds freely with a Ghanaian bank if you are a foreigner. You will need to provide the bank with supporting documents in regard to the transfer of funds.
Cost of Opening an Account as a Foreigner in Ghana
If you are planning to open a bank account in Ghana as a foreigner, it will cost you at least $6 or $9 depending on whether the account is a personal account or a current account.
Ecobank Ghana Dollar Account
You can open a dollar account in Ghana with Ecobank. You can use the account while working away from home. You can combine two accounts, that one in your home country and that one in the country you work in. You can use it to pay bills and transfer funds easily and securely. You can choose to open a classic current account, advantage current account, or premier current account.
Final Word on Foreign Account in Ghana
If you work away from Ghana, you can open a bank account that can help you manage your personal finances. With a foreign currency account, you can hold money in dollar, euro and other currencies in your account. You can also send and receive money abroad in different currencies.