Some Ghanaians have considered the need for dollar accounts in Ghana for particular business objectives as the country’s economy continues to expand. All transactions on these accounts will be made in US dollars rather than Ghanaian cedis. For instance, if you make $5,000 from your business, you can deposit it into a dollar account without worrying about changing it back to cedis or about fluctuations in the currency rate between Ghana and the United States.
In this article, we will go over the best banks and locations that can make it simple and convenient for Ghanaians to open dollar accounts in Ghana. But before we begin, what exactly is a dollar account?
What is a dollar account
The US Dollar Bank Account is a current account that offers the facility to hold US dollar currency.
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Requirements for Opening a Dollar Account in Ghana
The following documents are required for opening a dollar account in Ghana:
- All Registration Documents
- ID (Passport, Driver’s License, Voter’s ID plus Utility Bill) of signatories and
- 2 passport photographs of each of the signatories and Board Resolution(excluding sole proprietorship business).
- Initial deposits vary from bank to bank.
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Benefits of Opening a Dollar Account
Dollar accounts offer Ghanaians who reside abroad, such as in the US, a simple alternative to pricey wire transfer services for sending money home.
When you travel abroad, dollar accounts also make it easy to access your money.
There is also no chance of currency rates changing between the moment you transfer money and the time it gets to its destination.
Below are other benefits of opening a dollar account:
- You can use the money for business purposes, such as buying supplies and hiring workers.
- You can use the money for personal purposes, such as making necessary purchases and paying bills.
- You can send money between accounts instantly with TransferWise and avoid international transfer fees.
- It’s easier than opening a foreign bank account and offers more services than sending cash via Western Union or MoneyGram
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Find below the list of banks with which one can open a bank account in Ghana:
- United Bank for Africa (UBA)
- Guaranty Trust Bank (GT Bank)
- First Atlantic Bank
- Cal Bank
- Fidelity Bank
- Prudential Bank
- ADB
- Access Bank
- Standard Charted Bank
- Ecobank
- GCB
- Universal Merchant Bank (UMB)
- Societe Generale
- National Investment Bank (NIB)
- Stanbic Bank
- Zenith Bank
- Bank of Africa (BoA)
- UT Bank
- HFC Bank
- Barclays Bank
- First Capital Plus Bank.
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Banks with Best Deposit Requirements for Dollar Accounts
The banks in Ghana have deposit requirements for opening dollar accounts, which interested customers are expected to fulfil before they finally get to open one.
According to the Bank of Ghana’s reports as of the end of 2014, if you want to open a personal dollar account at one of three specific banks in the country, you won’t need to provide any sort of initial deposit.
These three banks are UBA (United Bank for Africa), GT Bank (Guaranty Trust Bank), and First Atlantic Bank. However, as the economy keeps growing and innovations evolve, things could change along the line.
According to the reports, Cal Bank requires a minimum deposit of $50 if you wish to open a dollar account with them.
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If you want to open a dollar account at a major bank like Fidelity Bank, Prudential Bank, ADB, Access Bank, Standard Chartered Bank, or EcoBank, you will need at least $100 to get started.
Meanwhile, banks like GCB and Universal Merchant Bank (UMB) will require at least $200. Also, Societe Generale and the National Investment Bank (NIB) required a deposit of $300 to open a dollar account for you.
Conclusion
The banks in Ghana are included on this page to assist you in opening a dollar account there. Every bank has its own requirements for opening a dollar account, as you are also aware.Currently, opening a Dollar account with some banks does cost 500–1000 Ghana Cedis. The customer always has a choice.
Remember that creating a bank account is crucial to your capacity to maintain your financial stability.
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However, several banks provide various services, and some also focus on particular business sectors.Therefore, take into account the following factors while choosing where to open your bank account:
- Which services does the bank provide?
- Does creating an account have any fees attached?
- Are there easily accessible ATMs in my area?
- Is there a nearby customer service location?
- You should pay attention to these areas, and if you have what you need, everything will be good.
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