7 Best Dollar Accounts in Ghana (Complete 2023 Guide)

Having a foreign account that allows you to hold your money in US dollars, British pounds, euros, and other foreign currencies is one of the best ways to hedge your wealth against the volatility of local currencies. 

Most currencies are traded against the US dollar and the pound sterling. So, even the slightest disruptions in the global economy adversely affect virtually all currencies. 

Unfortunately, in most cases, African countries end up on the receiving end. If you have your savings in Ghanaian cedi and the value goes down, it eats away at your interest, reducing the value of your cash and negatively affecting your investments. 

If you want to open a dollar account in Ghana, this post is for you. In this post, we’ll look at how to open a dollar account in Ghana, the requirements to qualify for one, and the seven best dollar accounts. 

What Are The Requirements for Opening a Dollar Account in Ghana?

The requirements for opening a dollar account in Ghana vary slightly depending on the bank. Here are some of the standard requirements you should expect:

• Identity information: You must provide your valid identification documents. Your proof of identity can be your national ID card, passport, or driver’s license. 
• Proof of address: Depending on the bank, you may also be required to provide proof of address, typically in the form of a bank statement or utility bill confirming your address. 
• Duly filled application form: You must fill out the specific bank’s application before creating a dollar account in Ghana. These forms typically ask for basic information like your contact details, personal information, and any other relevant information. 
• Tax Identification Number (TIN): Before opening a bank account in Ghana, you must provide your TIN. You'll have to apply for one if you don’t already have one. 
• Proof of Income: Depending on the specific bank, you may be asked to provide proof of income, especially if you intend to deposit a significant amount in your dollar account. Your proof of income could be your employment letter, tax returns, or pay stubs.
• Residence Permit: If you’re a foreigner in Ghana, you may be required to provide a valid residence permit or visa to open a dollar account. 

The requirements vary from one bank to another and may change from time to time, so it’s important to check for accurate, up-to-date information before applying for a dollar account.

The Best Dollar Accounts in Ghana

If you’re looking for the best dollar account in Ghana, there are factors to consider before settling for a specific bank. Different banks provide different features and benefits, so your choice should depend on your specific financial needs and personal preferences. 

Here are some factors to consider when selecting a dollar account in Ghana:

• Account fees and expenses
• Interest rates
• Minimum balance requirement
• Foreign exchange services
• Online banking services

So, which bank has the best dollar account in Ghana? Here are your top options:

1. GCB Foreign Currency Account

Ghana Commercial Bank is one of the top banks in Ghana that offers foreign currency accounts. If you’re looking to open a dollar savings account in Ghana, GCB is one of your top choices. 

GCB offers various foreign account types, where you can save and transact in US dollars, British pounds, and euros. The Foreign Currency Account (FCA) is a current account that both individuals and entities can open. 

The FCA by GCB helps is great for saving in dollars. You earn interest on the account provided the balance is above a specific threshold. Having the Foreign Currency Account also makes foreign business transactions more convenient. 

Here are some of the features of the dollar account:

• Balances on the account are easily transferable to other accounts at the prevailing exchange rate.
• Over-the-counter cash deposits are not allowed. 
• The account can be credited with cheques in foreign currency from other FCAs or from abroad. 
• Withdrawals can be done in the local currency at the existing exchange rate

Requirements for a GCB Foreign Currency Account include:

• Valid proof of identity (Passport/ID/Driver’s License)
• Two passport-sized photos
• Proof of postal and residential addresses using your employee’s reference letter, a utility bill, or your tenancy agreement
• Initial deposit amount

2. Zenith Foreign Currency Account

Zenith Bank also offers the opportunity to save and transact in foreign currencies through the Zenith Foreign Currency Account. The account comes with features like mobile and internet banking as well as access to debit cards, making banking more convenient.

If you regularly receive remittances from offshore sources, this dollar account from Zenith is a perfect option. It’s available in three currencies: US dollars, pound sterling, and euros. Other perks that come with Zenith FCA account include:

• Cheque book issuance
• Enhances easy payments for purchases of goods and services
• It gives the flexibility to transact business in foreign currency
• You can easily withdraw or transfer funds offshore without restrictions

Here are the requirements to open a dollar account with Zenith Bank:

• Duly filled account opening form
• One passport photo of the authorized signatories
• Valid Identification (Driver’s License, National ID, Voter’s Identity Card)
• A public utility receipt 
• Visitation Report (Residence)

3. Standard Chartered Foreign Current Account

Standard Chartered is another top bank in Ghana that allows you to save and transact in foreign currencies through the SC Foreign Current Account. 

The account is available in multiple currencies, including the US dollar, British pound, and euro. One of the major advantages of the Standard Chartered Foreign Current Account is access to foreign investments such as Bonds and Mutual Funds. Additionally, you can borrow up to 70% of your Foreign Currency Account at the existing rates. 

Other features of this dollar account in Ghana include:

• A cheque book
• No minimum operating balance
• Receive free eStatments daily, weekly, or monthly, depending on your preference.
• Enjoy various Visa card products, allowing global point-of-sale (POS) and online transactions.

To open a dollar account in Standard Chartered Bank, you must provide the following:

• Valid National ID or Passport
• Portrait Selfie (for mobile banking)
• One passport-sized photo (for in-branch application)

4. Bank of Africa Foreign Currency Account

You can also open a dollar account in Ghana through the Bank of Africa. The bank allows you to open a savings or current account that you can use to transact in foreign currencies. The currencies offered are the US dollar, the British pound, the euro, and the Renminbi.

You can open your Bank of Africa foreign currency account at zero minimum balance and start saving or transacting immediately. However, you cannot credit the account with forex obtained locally. 

Here are the requirements for opening the account:

• A duly filled opening form
• Valid ID (The Ghana Card)
• One passport-sized photo of the account signatories
• Proof of address, e.g., utility bill

5. UBA Domiciliary Advantage Account

The United Bank of Africa is another excellent option if you’re looking to open a dollar account in Ghana. The UBA Domiciliary Advantage Account is a savings or current account denominated in foreign currencies, including the US dollar.

To open a UBA Domiciliary Advantage Account, you’ll need a minimum opening balance of $100 or its equivalent in EURO, GBP, CFA, or CYN. If you’re interested in opening this dollar account, here are the requirements:

• A duly filled account opening form
• Valid Identification (National ID, Voter’s card, or Driver’s License)
• Two current account references
• One passport-sized photo
• A utility bill not older than three months

When you open a dollar account with UBA, you’ll also enjoy these benefits:

• Access to a unique FCY card linked to the domiciliary account
• Access to internet banking
• Earn 0.1% interest per annum on balances at least $1,000 or its equivalent
• You can use your domiciliary account balances as collateral for Naira loans

6. Guaranty Trust Bank Ghana Domiciliary Account

You can also use GTBank Ghana to open a foreign currency account that allows you to save and transact in US dollars, euros, British pounds, and Chinese yen. You can fund your GTBank FCA account via traveler’s cheque, SWIFT inflows, or lodgement of foreign currency cheques. 

With a GTB foreign currency account, you get access to 24/7 e-banking, and you can make cash withdrawals in foreign currencies from any GTBank branch. 

To open a dollar account in Ghana with GTBank, you need the following:

• A completed foreign currency account form
• A copy of any Identification document (International passport, Driver’s License, National ID)
• Two completed reference forms
• One passport-size photo
• A utility bill issued within the last three months

7. FBN Bank Domiciliary Account

FBN Bank’s Domiciliary Account is an account you can use to save and transact in US Dollars, British Pounds, or Euros. An FBN Domiciliary account makes personal and business transactions more convenient. 

For this account, you’ll need a minimum opening balance of $100, £100, or €100. However, you won’t be required to maintain a minimum balance. Additionally, there are no restrictions on the number of withdrawals you can do in a month. This dollar account also has a guaranteed FCY deposit.

Here’s the required documentation to open this dollar account:

• A completed account opening form
• Valid National ID
• A completed specimen signature card
• One passport photo
• Proof of address

The benefits of a dollar account in Ghana cannot be overemphasized, and dozens of banks allow you to save and transact in US dollars and other major currencies.