Opening a bank account online in Zambia is quick and easy. There is a variety of accounts you can open online including savings accounts, fixed deposit accounts, interest-checking accounts, student accounts, certificates of deposit, and checking accounts. The following are steps on how to open a bank account online in Zambia.
Contents
- 1 Choose a Bank of your Choice
- 2 Search for the Bank of your Choice Online
- 3 Choose the Type of Account you want
- 4 Fill in your Details
- 5 Wait for Approval
- 6 Deposit Money
- 7 Requirements for Opening a Bank Account Online in Zambia
- 8 How to Open a Foreign Currency Account Online in Zambia
- 9 Final Thoughts on Open a Bank Account Online in Zambia
Choose a Bank of your Choice
There are several banks in Zambia with which you can open a bank account online. All you need to do is conduct some research before choosing a bank that suits your banking needs. Banks to choose from include Indo Zambian Bank, First National Bank, Zambia National Commercial Bank (Zanaco), Absa, Stanbic Bank Zambia, and Standard Chartered Bank.
Indo Bank
The types of accounts you can open with Indo Bank are savings accounts (IZB Save Plus Account, IZB Privilege Savings, IZB Classic Savings, Tonse Savings, and Tisunge Savings), Fixed Deposit (IZB Kwacha Term Deposit Accounts), and Current Accounts (IZB Privilege Current Account, IZB SME Current, and IZB Classic Current Account).
First National Bank (FNB)
The First National Bank Zambia offers several types of accounts. The best personal banking and savings accounts available include the Copper Account, Smart Account, and Future Account. FNB Business Accounts include Business Cheque Account and the FNB Easy Account. On the other hand, FNB Investment accounts include Call Deposit Accounts and Fixed Deposit Accounts.
Zambia National Commercial (Zanaco) Bank
Zanaco Bank offers several account types including Current Accounts (Salary Account, Foreign Current Accounts) and Savings Accounts (Treasure Chest Account, Sure Save Account, Baby Blossom Account, Pensioner Account, Fixed Deposit Account, and Set Savings Goals Account).
Absa Bank
Absa Bank Zambia, formerly Barclays Zambia, offers several types of accounts including Premier Current Accounts (Ultimate Plus Account, Ignition Account, Premier Bonus Savings Account, Ultimate Account, Premier Plus Current Account, Prestige Current Account, and Prestige Plus Current Account), and Business Accounts (Business Current Account).
Stanbic Bank
Stanbic Bank offers several account types including Personal Accounts (Achiever Account, Executive Account, Hippo Account, PureSave Account, and Fixed Deposit Accounts) and Business Accounts (Business Current Accounts and Business Call Accounts).
Standard Chartered Bank
The Standard Chartered Bank Zambia allows you to open several types of accounts with them. These include Current Accounts (Foreign Currency Accounts, Smart Banking Current Account), Fixed Deposits (Fixed Deposit Account), and Savings Accounts (Diva Club Savings Account, Global Account, Marathon Savings Account, and Junior Millionaire Savings Account).
Search for the Bank of your Choice Online
After conducting your research and making a choice, go to the bank’s official website and get started with the application.
Choose the Type of Account you want
After choosing a bank of your choice, you will be prompted with more account options to choose from (personal, business, and corporate accounts). Select your preferred account type and proceed to open your account.
Fill in your Details
You will need to enter your details on the form that pops up after choosing the type of account you want to open. You will need to provide details such as personal address, email, phone number, and upload copies of your identity documents.
Wait for Approval
Online bank account opening requires manual approval by Bank personnel. You will receive a call within 24 hours confirming your application success.
Deposit Money
Following the successful opening of your account, you will be required to make your initial deposit on any branch near you or ATM to activate your bank account.
Requirements for Opening a Bank Account Online in Zambia
The requirements and steps followed when opening an account with any bank in Zambia depend on the type of account you intend to open. Business accounts have different procedures from personal accounts. The following are the basic requirements to open any account in Zambia:
- Must be 18 years and above. Account holders are required to provide a green national registration card. Those without can only apply through a relative or guardian who will open the account on their behalf.
- Identification Documents such as a Green National Registration Card (NRC), Driver’s License, Visa, or Passport. The NRC will help to prove your real identity. Non-Zambian residents will need to provide a travelling passport or foreign identity card.
- Work Permit or School Letter
- Two Passport Size Photos. These passport sized photos are needed for Bank profiling and they must be current.
- Proof of Address and Location. You will also need to provide a location, plot number, street name, and post address.
- Opening Account Balance. Every new bank account holder must pay a certain amount of money into their account to activate it. The deposit amount depends on the account type.
If you want to open a company bank account in Zambia (business bank account), you will need to provide your company’s profile, PACRA documents, ZRA Tax forms, identification documents for company owners, and your Company’s current address confirmation.
How to Open a Foreign Currency Account Online in Zambia
Foreign currency accounts protect you from unstable local currency and also facilitates international financial dealings at low conversion rates. Some Zambian banks such as the Indo-Zambian Bank, UBA Bank, Zambia National Commercial Bank, Absa Bank, First National Bank, AB Bank, and the Cavmont Bank offer foreign currency accounts. Foreign currency accounts are available in USD, EUR, GBP, or ZAR. With foreign currency accounts, you receive free e-Statements daily, weekly, or monthly depending on your preference. You can also open a fixed deposit account in foreign currency.
Requirements for Opening a Foreign Currency Account Online in Zambia
Some of the requirements for opening foreign currency accounts depending on the bank include the following:
- Application Letter
- A National Registration Card
- Tax Payer Identification Number (TPIN)
- Valid Driver’s License or valid passport
- Passport size photographs (two)
- Letter of Employment or Letter of Recommendation
- Proof of Address
- Residence Permit
- Visa (for non-Zambians)
Final Thoughts on Open a Bank Account Online in Zambia
Opening a bank account online in Zambia is straightforward and it takes little time if you have the necessary documents ready. You can choose to open your account online through the bank’s online platform or by downloading and installing the bank’s mobile banking app. Depending on your financial need, there is an account for just anything in Zambia.
