Finance and Investment

Bank of Africa Foreign Currency Account – How it Works

The Bank of Africa foreign currency account helps businesses and individuals to transact business in foreign currencies. The account is available in major currencies like the US dollar, Great Britain Pound, Euro and renminbi.

The account can be a savings or current account to host and facilitate the inflow of funds from abroad.

The requirements for getting a Bank of Africa foreign currency account as a person is different from the requirements of businesses and organizations.

Bank of Africa Foreign Account Currency Requirements.

Requirement for Individuals;

Filled Foreign currency account opening form

Proof of Identity (Voters’ ID, Drivers’ License, etc)

1 passport size picture of the signatories to the account.

Proof of address: utility bill, directional map, etc.

Requirements for business and organizations;

Completed foreign currency account opening form

Board or Trusteeship Resolution to open account with BOA-Ghana

Filled Signature card

1 passport size Photos per signatory

1 Valid ID per signatory

Verification of Business Registration/Incorporation documents

Proof of address (Utility bill, tenancy agreement, directional map etc.) for Business and each signatory

Benefits of Bank of African Foreign Currency Account

Receive funds inflow from abroad

Make payments or transfer funds abroad.

Enjoy easy and convenient banking

What to know about BoA Foreign Currency Account

  • Currencies:  USD, GBP, EUROS, Renminbi.
  • Account cannot be credited with forex obtained locally.
  • The minimum opening amount is: $0.00 / €0.00, £0.00 for current and savings account.
  • Funds will be payable in GHS and or in hard currency at the bank’s discretion and at a fee

You can click here to apply for the BoA foreign currency account.

You can also open a secure digital USD and Euro accounts free on blockchain. The accounts can be used for transfers and payments, just like USD/Euro accounts with traditional banks.

Digital dollar or Euro account is not a replacement for banknotes, but the process eliminates the paperwork and restrictions of bank accounts.

The US Dollar Coin (USDC) and Celo Euro are stablecoins that are pegged to the USD and Euro; thus, a $1 or E1 of value is redeemable on a 1:1 basis for the USD or EURO.

Unlike most foreign currency accounts with banks, Digital dollar and Euro accounts bear interests. USDC gives you an interest of 11% per year while you earn 4% on Celo Euro.

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