The benefits of having a foreign currency account cannot be overemphasized. If you live in a developing country, I bet you’re probably thinking about having a foreign account to hedge you eroding wealth.
A foreign currency account allows you to hold your money in foreign currencies like the US Dollars, Euros, Pounds or the Chinese Yen.
Most currencies in the world are pegged against the US dollar and the Pounds Sterling, so a slight disruption in the world economies affect the values of almost every currency as we see today.
Unfortunately, African countries are always at the receiving end. For instance, the Ghana cedi which used to trade for 1 USD to GH 6.02 in January 2022, is now trading at 1 USD to GH 10.08 at the time of writing. According to Bloomberg, the cedi is the worst performing currency in the world, haven lost 35% of its value in 2022.
The Ghana cedi is on a free fall, eating away all your interest on savings, investment and completely devaluing your cash-in-hand or at the bank. So, having a foreign account in Ghana or Nigeria is a much better store of value than Treasury bills, MFund etc.
In previous post, I shared how to open a secure digital Dollar and Euro accounts alternatives for free. In this article, I have put together, the best banks for foreign currencies in Ghana.
How do I put money in a foreign account in Ghana?
There are a number of ways you can fund a foreign currency account. You can put money in your dollar, euro or pounds account through SWIFT, a traveler’s cheque, or lodging a foreign currency cheque.
This is because, foreign accounts don’t accept cash deposits over the counter. In terms of withdrawal from a foreign currency account, you can withdraw cash through SWIFT or other offshore accounts.
1. Standard Chartered Foreign Currency Account
The Standard Chartered foreign account allows to borrow up to 70% of your foreign account balance at normal rates. You also get the access to foreign investments such as Mutual Funds and Bonds.
You can get SC foreign account through its online and mobile banking application
2. GCB Foreign Currency Account
The GCB forex account is a current account open for individuals and companies with foreign currency funds, which are locally generated.
This account can be operated in only British Pound (£), American Dollar ($), Euro (€), and does not attract interest irrespective of the balance.
Unlike most banks, you can pay for foreign currencies over the counter into your GCB Forex account.
3. Ecobank Foreign Currency Account
The Ecobank Diaspora Savings Account, is a high yield, feature-rich savings account available in US Dollars, British Pounds, the Euro, Naira and Cefa.
It is an account geared towards accumulating funds either towards specific saving goals or simply as a backup for future events, while earning interest.
You can use the account to pay bills or transfer funds easily and securely, while working away from home.
4. Bank of Africa Foreign Currency Account
You can open a foreign currency account with Bank of Africa in Ghana, at zero minimum balance. The account is available in US dollars, British Pound and Euro.
You can also use their current or saving account to send and receive fund abroad, make transfers and payments. Look at the requirements and open an account.
5. UBA Domiciliary Advantage Account
The UBA Domiciliary Advantage Account describes an account (savings or current) that is denominated in foreign currency like the USD, GBP, EURO, CYN, CFA but operated in Ghana as Domiciliary Account.
You need a minimum of $100 or its equivalent in GBP or Euro to open a foreign account at UBA Ghana. If you maintain credit balance of $1000 or more, your account with earn an interest of 0.1% per year. Most banks don’t pay interest at all.
Look at the requirements and open an account.
6. ABSA Foreign Currency Account
The ABSA foreign account allows you to make payments and collect instruments like cheques, international payments via SWIFT or domestic payment – ACH and other payment switches.
You can receive only offshore foreign currency funds. To qualify for this account, you must have a current account. Look at the requirements and open an account.
7. FBN Bank Domiciliary Account
This account allows you save in US Dollars, Pound Sterling or Euro; with your money valued at the prevailing exchange rate.
You need a minimum opening balance of $100, £100, or €100. The account help facilitates your international personal and business transactions. Look at the requirements and open an account.
Cal Bank Dollar Account
Cal Bank offers businesses and individuals access to its dollar account services. You can use the account to make and receive payments, and transfer money.
You will need a minimum opening amount of $50 to get a dollar account at Cal Bank. Check out the offer and open a dollar account with them.