Advice on opening foreign currency account - Ecobank vs Barclays

Member since 27 July 2015

veblenMember27 July 2015 13:15:28

I just arrived to Accra and I will be here for 1-2 years. I would like to open a foreign currency account, and Ecobank and Barclays are most convenient for me in terms of branch and ATM access. Can anyone advise me about which would have the least cost in fees?

At least at first, I would only use the account for electronic deposit of my salary and for ATM withdrawals. I can find a schedule of tariffs/fees for Barclays accounts on the internet (link), but I cannot find one for Ecobank.

I will stop at an Ecobank branch to ask about fees, but in the meantime: Can anyone offer advice/perspective on which would be better?

Thank you!

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hkann Ghana Expert

Member since 10 March 2010

hkannGhana Expert27 July 2015 14:06:40

1191

We have a foreign currency account at ecobank and do not pay any fees for that account. Not sure about Barclays but my husband doesn't think there are any fees there either.

veblen Member

Member since 27 July 2015

veblenMember27 July 2015 16:48:50

Thank you, HKann for the info! Really, are there no fees at Ecobank...even for salary deposits?

I just stopped into a Barclays branch to pick up an application form, and they said a US$ foreign currency account would have a flat 5 US$ fee per month. That does seem to line up approximately with the 15 GHC fee listed in the Barclays GH tariff guide link in my original post.

Barclays also said I needed a copy of my residence permit, which I don't yet have since I just arrived. Will Ecobank and others require this too?

antonellas Member

Member since 02 October 2014

antonellasMember27 July 2015 17:14:24

Please can I ask how is a foreign currency account. I just have a local currency one. What means to get the other?

hkann Ghana Expert

Member since 10 March 2010

hkannGhana Expert27 July 2015 17:19:23

1191

Yes, you will need a resident's permit and possibly a non-resident's ID card.
I just applied for a foreign currency account.

antonellas Member

Member since 02 October 2014

antonellasMember27 July 2015 17:39:22

I have resident permit and all, my question is what kind of benefit are for a foreign currency account?

hkann Ghana Expert

Member since 10 March 2010

hkannGhana Expert27 July 2015 18:13:52

1191

I suppose it depends on whether you receive money from abroad. Keeping foreign currency means you can change it when the exchange rate is favourable and it also doesn't usually depreciate like the cedi

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