A foreign account is basically a bank account opened to save currencies other than local currencies such as cedis.
HERE ARE SOME BENEFITS OF OWNING A FOREIGN BANK ACCOUNT
1.The account holder will have unlimited access to the account irrespective of his country. this is a free service.
2. The account holder enjoys Reduced Exchange Rate & Better Conversion Costs
3. The account holder has options to choose from three currency dominations which are the USD, EURO, GBP
4. There’s usually moderate charges on transactions unlike local currencies
5. One transacts digitally and access his or her funds easily at a good convenience
6. One’s funds are kept confidential
7. An individual gets the opportunity to secure worthy investments
SO, WHO QUALIFIES TO OWN A FOREIGN ACCOUNT?
An individual, enterprises, religious bodies, schools, NGOs, multinational Corporations and many others are eligible to own a foreign Bank account.
REQUIREMENTS FOR OPENING A FOREIGN ACCOUNT
1. Identification Card, this could be a driver’s license, passport, voter’s ID card and Student’s ID card
2. Two passport photos ( excluding sole proprietorship, it’s required of to get two passport photos of each signatories)
WHERE DO YOU CREATE A FOREIGN ACCOUNT?
you can choose to go to a bank , a Credit Union office or their Website.
