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How To Open a Dollar Account in Ghana In Few Steps

Opening a Dollar Account in Ghana

Has anyone suggested to you that you open a dollar account in Ghana? And you are possibly considering how to proceed? Then we are pleased to provide you with all the pertinent information you require.

What is a Dollar account?

How To Open a Dollar Account in Ghana
How To Open a Dollar Account in Ghana

A dollar account is a foreign currency account.
The Foreign Currency Account enables you to maintain foreign currency accounts (US dollars, Pounds, Euros, and Chinese Yen).

These accounts can be funded with travelers’ cheques, foreign currency cheques, or SWIFT transfers. Through the SWIFT transfer service, you can also withdraw cash or transfer funds to your accounts or other accounts located abroad at any branch in the country.

Requirements for opening a Dollar account.

You can open a dollar account in Ghana if you are a Ghanian or a resident (non-H Ghanian) if you meet the following requirements.

Application Qualifications:

SMEs, churches, non-governmental organizations, and multinational corporations.

Documents Required:

Consequently, all Registration Documents

Identification (Passport, Driver’s License, Voter Identification Card, and Utility Bill) of signatories and

IDs of all Executives

Photographs of each signatory’s passport and Board Resolution (excluding sole proprietorship business).

Initial deposit:

For Dollar Account – 1,000 US Dollars

Note that a single person can also open a dollar account by submitting proof that he/she owns one of the business types listed in (1) above, as well as personal information and the initial deposit (all stated above).

How To Open a Dollar Account in Ghana
How To Open a Dollar Account in Ghana

How much does it cost to open a Dollar account in Ghana?

According to data from the Bank of Ghana as of December 2014, three banks in Ghana will not require an initial deposit from you in order to open an individual dollar account.

They are; United Bank for Africa, Guaranty Trust Bank, and First Atlantic Bank.

Another bank that will virtually require no money from you before it opens a dollar account for you is the Royal Bank. Royal Bank allows you to open a dollar account with as little as a single dollar deposit.

If you wish to open a dollar account with Sahel Sahara Bank, you must deposit a minimum of twenty dollars. While Cal Bank requires $50 to open an individual dollar account, you can open an account with only $25.

From fifty dollars, we enter the zone of one hundred dollars, which is the standard amount most banks require to open a dollar account.

Before opening a dollar account for you, banks such as Fidelity Bank, Prudential Bank, ADB, Access Bank, Standard Charted Bank, and Ecobank require a minimum deposit of $100.

Other banks, including GCB, Bank of Baroda, and Universal Merchant Bank, may require a $200 deposit.

Benefits of opening a Dollar account in Ghana.

As a Ghanaian customer with a dollar account, you will enjoy the following advantages:

  • Customers can deposit cash (dollars) into the account over the counter.
  • Customers receive their funds in the account’s opening foreign currency (hence, the dollar).
  • Customers may also withdraw funds in local currency at the current exchange rate.
  • It is possible to pay for international transactions (using your dollar account).
  • It gives you more control over unstable currencies.
  • You can act as a referee for another individual.

Banks that accept dollar account in Ghana

In Ghana, numerous banks accept dollar accounts.

They include, among others, United Bank for Africa (UBA), Guaranty Trust Bank (GT Bank), First Atlantic Bank, Royal Bank, GCB, ADB, Access Bank, Prudential Bank, Fidelity Bank, Standard Charted Bank, and Ecobank.

How to open U.S Dollar account in Ghana.

In addition to proof of residential and postal address, the previously mentioned requirements include a minimum age of 18, a work permit (if you are a foreigner), and a minimum initial deposit.

Follow the steps below to create an account:

  • Visit one of the aforementioned Banks.
  • Request assistance from any Bank employee if you wish to open a dollar account.
  • Then, you will be directed to the customer service desk.
  • If others have been attended to, you patiently wait until it is your turn.
  • When prompted, relay your need to the customer service agent.
  • The requirements document will be provided.
  • Fill in the required fields with the appropriate information.
  • Submit your completed form to the agent when you are finished.

The remainder of the procedure will be handled by the agent.

You will be notified when it is finished.

We appreciate your time and hope you enjoyed our information-dense article. We wish you the best of luck!

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