Guide showing procedure and process for opening a dollar account in Zambia. You should have your bank within minutes, procedure is not different from opening local based bank account. Before you learn how to open a dollar account in Zambia, take note of these things. Foreign currency account Zambia grant access to foreign notes. Some of the best Banks in Zambia, that offer foreign accounts include FNB, Indo Zambia Bank, Standard Chartered, among others. Advantages of having foreign account, been it grants account holders choice of choosing either to receive local or foreign based currency.
You receive free e Statements daily, weekly or monthly depending on your preference. Access to your account via online and Mobile Banking. Banks in Zambia offer accounts in USD, GBP, EUR and ZAR. Come with Visa card on the USD account that allows for ATM, point of sale and online transactions worldwide. 9 easy steps for opening a Dollar account in Zambia:
Here’s how to open foreign currency account in Zambia
- Choose bank of choice: (FNB, Indo Zambia Bank, Standard Charted Bank, Zanaco, Stanbic Bank, UBA, etc)
- Collect account opening forms: Visit any bank you wish to open Dollar account with and collect form. You can also visit there website to download forms online.
- Fill in your full details: Include your full names, maiden name type of account your wish to open. Purpose of account and preferred currency of your account (Dollar, Euro, GBP or ZAR)
- Select type of account: Individual, Joint Account holders, Corporate/Non Corporate Business Accounts. Remember Dollar accounts are not interest bearing.
- Two Passport size photos (current): Provide passport sized photos importantly needed for Bank profiling.
- Copy of National registration card: This document must be original copy not fake. For non-Zambian residents, provide traveling passport, driving license or foreign identity card and Must be 18 at least years and above.
- Proof of residence: Equally important, you’re required to provide a valid location, plot number, street name and postal address.
- Current residential bill for water or electricity: New account holders must provide current bill not more than 6 months old. Or have an individual who already has an account sign an account opening endorsement form.
- Prepare minimum deposit: Opening account balance of 30.00 USD to USD 5,000 – Kwacha equivalent in Euro, GBP and ZAR (varies with your Bank).
! Important facts about Dollar account
- Each account takes only one major foreign currency. (One account can not hold different foreign currencies)
- Anytime money gets deposited, its instantly converted into Dollar currency.
- Most Dollar accounts in Zambia offered by local banks are not interest bearing.
- You can not withdraw Dollar through the ATM machines Hence anytime you need foreign currency you must go in the bank.
- Its a good account for those receiving money from abroad.
- Great for business and international transaction
- You’re required to know the current exchange rates before transacting
- Some banks have a huge minimum bank balance for foreign accounts (up to $1,000 Dollars per month)
- Conversation charges apply and may vary according to the banks terms and conditions
For instance foreign currency account in Zambia for dollar, automatically converts any other currency that’s deposited at the current exchange rate of Kwacha. Depending on the foreign exchange rate for each day, released through Bank of Zambia. You can earn more or less, if Kwacha appreciates.
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