6 Best Dollar Accounts in Kenya (Ultimate 2023 Guide)

Given the current dollar rate, more Kenyans are turning to dollar accounts to save money. In the past, opening dollar accounts was a long and complicated process. Today, you can open a dollar account right on your phone. 

With a domiciliary account, a type of bank account you can use to save, make, and receive payments in foreign currencies, it’s now easier to save and transact in dollars. 

Saving your money in dollars is one of the best ways to cushion yourself against the depreciating value of the Kenyan shilling. Additionally, a dollar account in Kenya makes international transactions on online platforms much easier. 

In this post, we’ll look at the best dollar accounts in Kenya and what you need to open them.

How to Open a Dollar Account in Kenya

Opening a dollar account in Kenya is a simple process that shouldn’t take more than a few minutes. The general requirements for opening a dollar account in most banks are similar to those for opening a typical bank account. 

You should expect to provide the following:

• An original, valid copy of your ID or passport
• A passport-sized photo
• Your KRA pin certificate
• Proof of address

These are the standard requirements, but specific banks have extra requirements. These requirements typically include card service costs, transaction costs, and a minimum opening balance.

The Best Dollar Accounts in Kenya

If you’re looking for the best bank to open a dollar account in Kenya, here are some of the options you have:

1. Absa Foreign Currency Account

Absa Bank, formerly Barclays, is part of Absa Group Limited, a South Africa-based financial services group.

You can sign up for an Absa foreign currency account and choose from three main currencies: Euro, Pound Sterling, and US Dollar. 

Here are some of the key benefits of opening a dollar account with Absa Bank:

• Negotiated exchange rates
• Access to mortgages in USD, EUR, and GBP
• Access to unsecured USD and EUR personal loans
• Safe, transparent international transfers and payments
• Safe, simplified online banking

To open a dollar account with Absa Bank, you must:

• Provide your Kenyan national ID
• Submit a photo or PDF of your signature on a white background
• Enable your front camera

For an Absa USD foreign currency account, there’s no minimum balance required and no charges applicable. You can earn interest of up to 2.5% per annum, paid monthly. 

2. Standard Chartered Foreign Currency Account

Standard Chartered also allows its customers to open foreign currency accounts for savings and transactions. Customers who wish to access foreign currency can open a Foreign Currency Account, which is available in three currencies: Pound Sterling, Euro, and US Dollar. 

When you open this dollar account, you’ll enjoy the following perks:

• No charges on all wire transfers into the account
• Free monthly eStatements and SMS and email transaction alerts
• Seamless transfers from your account
• Unlimited access to your account via digital banking

To open a Standard Chartered Foreign Currency Current Account, you must provide the following: 

• Original copy of your National ID or passport
• Selfie or portrait for SC Mobile users
• A passport-sized photograph for in-branch processes
• W-8 BEN/ W-9 BEN form (for US persons)
• W-9 BEN form (for US Green Card holders)

Before opening the account, you must also read and consent to the terms and conditions. You can contact the bank for more information about opening a foreign currency account. 

3. Sapphire Foreign Currency Account - I&M Bank Kenya

The Sapphire FCY Account from I&M Bank is a foreign currency account currently available in 8 major currencies, including the US Dollar, Pound Sterling, and Euro. 

For the Saphire FCY Account, you’ll need an account opening balance of USD/GBP/EUR 100 or the equivalent in other currencies. Cash deposit fees apply per tariff, and you can get a cheque book for USD 0.2 per leaf. 

However, there are no transaction ledger fees or account maintenance charges applicable. Your account statement will be emailed quarterly or at your preferred frequency. 

If you’d like to open an I&M Saphire FCY Account, here are the requirements: 

For Kenyan citizens:

• Your National ID or passport
• A photo taken at the branch, or you can carry a digital copy

For foreign nationals:

• Work permit/passport
• A photo taken at the branch or a digital copy

The Saphire FCY account is suitable for both individuals and companies and is a great way to save and transact in foreign currency. The other currencies offered include:

• Australian Dollar
• Canadian Dollar
• Swiss Franc
• South African Rand
• Japanese Yen

You can contact your nearest I&M Bank branch to inquire about other currencies. 

4. Co-operative Bank Transactional Account

Co-operative Bank facilitates diaspora banking through the Co-op transactional account. You can transact worldwide in USD, KES, GBP, or EURO using your Jamhuri personal account. 

The minimum balance for the account is:

• KES: 5,000
• USD: $100
• Euro: €100
• GBP: £100

Other features of the account include:

• No minimum operating balance
• Zero ledger fees
• Free internal standing orders
• Mailing charges
• Free online banking

To open the account, you’ll need to:

• Complete the application form
• Provide your Kenyan National ID or passport
• Provide proof of address
• Provide your KRA PIN certificate
• W-9 form if you live in the US
• Submit a passport photo

You should also be available to provide any other documents the bank may deem necessary. 

5. Diamond Trust Bank Prime Current Account

Diamond Trust Bank also offers foreign currency services for US Dollars, Pound Sterling, and Euros. The foreign currency account is suitable for people who earn a regular income in foreign currency. 

Some of the benefits of the account include:

• Monthly interest for balances over USD 5000
• No ledger fees
• Free e-statements
• Access to digital banking channels
• No minimum balance
• No minimum opening amount

The opening requirements for a DTB foreign currency account are:

• A copy of your national ID/ passport/military card/alien card
• Your KRA PIN certificate
• A copy of any utility bill

Both online and mobile banking are available to account holders. You can access online banking by visiting your nearest DTB branch or registering online from the bank’s official website. 

6. KCB Transactional Account

Another best dollar account in Kenya is the KCB Transactional Account. This account allows you to transact and manage your money easily and affordably. 

The KCB dollar account is available in seven currencies, including:

• US Dollar
• Euro
• Sterling Pound
• Australian Dollar
• Canadian Dollar
• Swiss Francs
• South Africa Rand

In addition, the transactional account comes with several perks like unlimited withdrawals, unlimited deposits, no minimum balance, and no monthly ledger fee is charged if you maintain a balance of USD 1000 or its equivalent. 

Here are the requirements to open a KCB Transactional Account:

• A valid national ID or passport
• Must reside abroad
• KRA PIN certificate
• Proof of address
• Colored passport photo
• KES 2000 opening balance
• Duly signed FATCA form for US citizens