Finance and Investment

How to open a Dollar Account at Cal Bank

Cal Bank offers foreign account services. If you intend to open a foreign account at Cal Bank, then this guide will provide you with all the details you need to get started.

The Cal Bank dollar account is part of the foreign account services of the bank. It helps you to transact business in USD, or in the current case of the slump of the Ghanaian cedi, use the dollar account as a store of value.

The account is open and available to businesses and individuals who meet the eligibility requirements. The Cal Bank dollar account allows you to make purchases directly from your account online.

What are the requirements for a Cal Bank dollar account?

 You need to provide the following details and documents to open a dollar account at Cal Bank;

A valid national identification document (either a passport, Ghana car, voters’ ID or drivers’ license.)

Proof of residential and postal address (either your Utility bills, tenancy agreement or building papers, or a digital address)

A passport-sized photograph

A minimum deposit of $50

A work permit (if you’re a foreigner in Ghana)

Must be 18 years and above

Steps to open a Cal Bank dollar account

Use the Cal Bank branch locator to find a branch near you

Visit the bank and speak with any of the customer service personnel

Complete your dollar account registration form

Attach all other relevant documents and submit

Cal bank will send you notification when the process is successful

Go ahead and do business with your dollar account

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

You need a minimum amount of $50 to open a dollar account in Ghana.  This is the initial deposit required to keep the account active.

So always make sure you have enough money to run your dollar account, especially in the amidst of the free fall of most local currencies.

How long does it take to get a dollar account in Ghana?

how to open dollar account Ghana

Opening a dollar account with Cal Bank in Ghana takes about three (3) working days to finalize the processing and get the account running.

The 3 days is inclusive of the day you filled and submitted the application forms. In a maximum of 3 days, your account should be available for use.

You can also create a secure digital dollar and Euro account online for free on blockchain. This way, you eliminate the paperwork and tall requirements by traditional banks.

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

Foreign currency accounts with traditional banks don’t earn interest but deposits in a USDC account gives you an interest of 11% per annum, while Celo Euro (cEUR) holdings accumulate an interest of 4% per year.

So you kill two birds with a stone; while the dollar goes up against The Ghana cedi, you still earn interest on your holdings.

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