Finance and Investment

UBA Foreign Currency Account – How it Works

UBA Ghana offers foreign account services to individuals and corporate institutions. The dollar account is part of the UBA domiciliary account.

The Domiciliary Advantage Account is described as an account (savings or current) denominated in foreign currency – USD, GBP, EURO, CYN, CFA but operated in Ghana as Domiciliary Account.

Benefits of UBA Foreign Currency Account

Access to a unique FCY card linked to the Dom acct. Access to Visa Dual Currency Debit Cards (DCDC)

Check balances via U-Direct/Internet banking

Account can be used to settle payment for eligible transactions in foreign currencies, (Home remittances, school fees payment, Investments in securities and real Estate etc. )

Interest of 0.1% p.a. payable on account credit balance subject to a minimum balance of $1,000.00 or its equivalent.

DOM account balances can be used as collateral for Naira loans.

Features of the UBA Foreign Currency Account

You need a minimum opening balance of $100, or its equivalent in GBP, EURO, CYN or CFA

The account can be classified as either a Savings or Current Domiciliary Advantage account.

You can operate the account as Ordinary or Export Proceed Domiciliary account

Foreign cheques/instruments can be credited into the account

Requirements for a UBA Dollar Account

1 passport-sized photograph

A completed account opening form

Valid means of identification (either an Employers’ ID, Passport, National ID, Driver’s license or any other acceptable ID)

A utility bill not exceeding 3 months’ old

2 current account references

UBA Domiciliary Account holders can also enjoy internet banking services and secure transactions.

Create 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 (eEUR) are stablecoins that are pegged to the USD and Euro; thus, a $1 or €1 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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