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, First National Bank, AB Bank, UBA Bank, Cavmont Bank and Absa (formerly Barclays).
One of the services offered in most banks in the country include the option to open a foreign currency account. This means you can, for instance, open a Zanaco dollar account in Zambia in addition to your Kwacha account. One of the benefits of having a foreign currency account is that it protects you from unstable local currency.
Contents
- 1 Indo-Zambia Bank Foreign Currency Account
- 2 Zanaco Bank Foreign Currency Account
- 3 First National Bank Zambia Foreign Currency Account
- 4 Absa Foreign Currency Account
- 5 Cavmont Bank Zambia Foreign Currency Account
- 6 UBA Bank Zambia Foreign Currency Account
- 7 AB Bank Zambia Foreign Currency Account
- 8 Conclusion
Indo-Zambia Bank Foreign Currency Account
Basic details and requirements
| Details | Requirements/charges |
|---|---|
| Account Opening Requirements | Application 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) |
| Currencies | US Dollar, Pound, Euro and Rand |
| Maintenance Charges | USD5.00 per month |
| Minimum Balance Requirement | USD200/- |
| Minimum Balance Charges | USD10/- |
| Cheque Book | 1st 50 leaves USD15/- thereafter USD25/- per 50 leaves |
| Monthly Statement | Free – once a month thereafter USD5/- per occasion |
| Closure of account | USD 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/-) |
Zanaco Bank Foreign Currency Account
Basic details and requirements
| Details | Requirements/charges |
|---|---|
| Account Opening Requirements | Application 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) |
| Currencies | Zanaco Dollar account, Pound, Euro and Rand |
| Maintenance Charges | US$5.00, GBP4.00, EUR5.00, ZAR65.00 |
| Minimum Balance Requirement | Not required |
| Minimum Balance Charges | No |
| Cheque Book | Yes |
| Debit card | Yes |
| Monthly Statement | Free |
| Closure of account | Free |
First National Bank Zambia Foreign Currency Account
Basic details and fees
| Details | Requirements/charges |
|---|---|
| Account Opening Requirement | Application 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) |
| Currencies | US Dollar, Pound, Euro and Rand |
| Account opening | Free |
| Monthly maintenance Charges | US Dollar 15.00, Pound 9.00, Euro 12.00, Rand 180.00 |
| Minimum Balance Requirement | No |
| Branch Transfers | Free |
| Cash Withdrawals | Free |
| Cheque Book | Yes |
| Cheque Deposit | Free |
| Debit card | Yes |
| Monthly Statement | Free |
| Cheque Payments | US Dollar 10, Pound 6.00, Euro 6.00, Rand 85.00 |
| Cash Deposits | Free |
| Balance Enquiry | Free |
| Payments Online | US Dollar 10.00 Pound 8.00, Euro 10.00, Rand 145.00 |
| Branch Payments | US Dollar 30.00, Pound 25.00, Euro 30.00, Rand 430.00 |
| Dishonoured Payment | US Dollar 35.00, Pound 18.00, Euro 25.00, Rand 350.00 |
Absa Foreign Currency Account
Basic details and requirements
| Details | Requirements/charges |
|---|---|
| Account Opening Requirements | Application 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) |
| Currencies | US Dollar, Pound, Euro and Rand |
| Monthly maintenance Charges | US Dollar 15, Pound 12.50, Euro 14.5, R215 |
| Minimum Balance Requirement | Not required |
| Minimum Balance Charges | No |
| Interest | No |
| Cheque Book | Yes |
| Debit card | Yes |
| Monthly Statement | Free email statement |
| Closure of account | No |
Cavmont Bank Zambia Foreign Currency Account
Cavmont Bank has been acquired by Access Bank.
Basic details and fees
| Details | Requirements/charges |
|---|---|
| Account Opening Requirements | Application 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) |
| Currencies | US Dollar, Pound, Euro and Rand |
| Monthly maintenance Charges | No |
| Minimum Balance Requirement | No |
| Minimum Balance Charges | No |
| Interest | 1 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 Book | Yes |
| Debit card | No |
| Monthly Statement | Yes |
UBA Bank Zambia Foreign Currency Account
Basic details and fees
| Details | Requirements/charges |
|---|---|
| Account Opening Requirements | Application 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) |
| Currencies | US Dollar, Pound, Euro and Rand |
| Monthly maintenance Charges | Free |
| Minimum Opening Balance | $100 or equivalent in other currencies |
| Minimum Account Balance | $20 or equivalent in other currencies |
| Minimum Balance Charges | No |
| Interest | |
| Cheque Book | 100 Kwacha equivalent for a 50 leaves cheque book |
| Debit card | No |
| Monthly Statement | 23 Kwacha equivalent per page for a period over a month |
| Closure of account | Free |
AB Bank Zambia Foreign Currency Account
| Details | Requirements/charges |
|---|---|
| Account Opening Requirement | Application 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) |
| Currencies | US Dollar, Euro |
| Account opening | Free |
| Monthly maintenance Charges | Free |
| Minimum Balance Requirement | Not required |
| Incoming transfer charges | Free |
| Interest | No interest |
| Cheque Book | Yes |
| Debit card | Yes |
| Monthly Statement | Free email statement |
| Closure of account | Free |
Conclusion
A foreign currency account such as a dollar account in Zambia protects your money against volatility risks. Zambian Kwacha has been depreciating. Moreover, foreign currency account facilitates international financial dealings without incurring loss due to conversion rates. To open a foreign currency account in Zambia, please visit the nearest branch of the bank of your choice. Fortunately, it is also possible to open bank account online in Zambia.
