Finance and Investment

UMB Foreign Currency Account (USD, Pound & Euro)

UMB Ghana offers foreign currency accounts to individuals and businesses. The account is available in US dollar, British Pound and Euro.

It is a current account designed to assist you with receipt of off-shore generated funds. It can also be used for payments and transfers.

Features and Benefits of UMB foreign currency account

Fed with funds from capital transfers and Foreign Exchange earned from sources other than the following:

Export of goods and services originating from Ghana

Agency Commission

Discount on imports into Ghana

Funds can be converted to local currency.

Account not subject to transfer documentation with respect to cross border outward transfers.

Facilitates foreign exchange business transactions and travel

Can be used as collateral for loans.

Also Read:

a. 5 essential reasons your business profile must be on Google

b. Best banks for foreign currency accounts

UMB Foreign Account Requirements

To open a USD, Pounds or Euro account at UMB, you need to meet these requirements;

Submit a completed of account opening form

Have a valid National ID or passport

Submit two passport size photographs.

Show a proof of Address.

Add a proof of ID for each signatory (valid national ID such as passport, driver’s license, voters ID or national ID).

Let UMB assist you with your foreign currency needs and sign up for a UMB Foreign Currency Account today.

Application for online USD and Euro accounts

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 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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