If you regularly receive money from abroad, shop online, or want to save in a stable currency, opening a Dollar (Foreign Currency) Account in Ghana is a smart move. Most commercial banks in Ghana offer this service, and the process is not too complicated once you know the requirements.
Here’s a simple guide to help you.
What is a Dollar Account?
A dollar account, also called a Foreign Currency Account (FCA), allows you to hold, save, and transact in US Dollars instead of Ghana Cedis. This is useful for:
•Freelancers or businesses receiving payments in USD
•Ghanaians with family/friends abroad
•People who shop online on sites like Amazon, eBay, or pay for services like Netflix
•Saving against cedi depreciation
Requirements to Open a Dollar Account in Ghana
To open a foreign currency account, you generally need the following:
1.Valid ID – Ghana Card, Passport, Driver’s License, or Voter ID.
2.Proof of Address – Utility bill (water, electricity) or digital address.
3.Passport Pictures – Usually 2 recent passport-sized photos.
4.Tax Identification Number (TIN) – Some banks may ask for it.
5.Minimum Deposit – Most banks require at least $50 – $100 to activate the account.
Step-by-Step Process
1. Choose a Bank
Popular banks in Ghana that offer Dollar Accounts include:
•Stanbic Bank
•Ecobank
•GTBank
•Absa
•Fidelity Bank
•CalBank
Tip: Check fees and minimum balance requirements before choosing.
2. Visit the Branch
Go to the bank with all the required documents (ID, proof of address, photos, etc.).
3. Fill Out Application Forms
Request the Foreign Currency Account application form, and fill it in with your personal details.
4. Deposit Initial Amount
Deposit the required minimum opening balance (usually $50–$100).
5. Get Your Account Details
Once approved, the bank will give you your account number and details. Some banks also issue a Dollar Debit Card (Visa/MasterCard) for online and international transactions.
Things to Note
•You can deposit only foreign currency (usually USD, GBP, EUR) into this account.
•You can withdraw in dollars or in cedis (based on exchange rate).
•Bank charges and maintenance fees vary — always ask before opening.
•Mobile Money cannot be linked directly, but you can transfer through your normal cedi account.
Final Thoughts
Opening a Dollar Account in Ghana is very useful for anyone dealing with international transactions or wanting to save in a stronger currency. With just a valid ID, proof of address, and a small deposit, you can set up your account in a matter of days.
