Which bank account do you need in Ghana? Find it, and what to bring

Every kind of account, and who it is for

• Savings account

  For a salary and everyday spending, and the right answer for most people.

  Pays some interest, charges low fees, and comes with a card and mobile banking. No cheque book.

  Watch for: Some limit how many withdrawals you can make in a month without a charge. Ask, if your salary will go in and out of it.

  Bring

  • Your Ghana Card - or the non-citizen Ghana Card if you are a foreign resident
  • A GhanaPost GPS digital address
  • Proof of address - a tenancy agreement or a utility bill
  • Passport photographs
  • The opening deposit - usually small; ask how much
  • A reference, at some banks - an existing customer who vouches for you. Ask which accounts waive it
  • Evidence of employment or income - a letter or payslips
  More about this account ➞

• Current account

  For a registered business, or if you pay or are paid by cheque.

  For money in and out constantly: a cheque book, higher transaction limits, and an overdraft if the bank offers one.

  Watch for: Higher fees, usually monthly, and little or no interest. A cheque that bounces is a criminal offence in Ghana, not just a charge.

  Bring

  • Your Ghana Card - or the non-citizen Ghana Card if you are a foreign resident
  • A GhanaPost GPS digital address
  • Proof of address - a tenancy agreement or a utility bill
  • Passport photographs
  • The opening deposit - usually small; ask how much
  • A reference, at some banks - an existing customer who vouches for you. Ask which accounts waive it
  • Your business registration documents - ask the bank for its list
  More about this account ➞

• Foreign Currency Account (FCA)

  For money wired to you from abroad, held in dollars, pounds or euros.

  Funded by transfers from abroad only, and can send money abroad too. Cash is not accepted over the counter.

  Watch for: Dollar notes or foreign money you earned in Ghana go to an FEA instead, and a bank will refuse the deposit rather than tell you beforehand.

  Bring

  • Your Ghana Card - or the non-citizen Ghana Card if you are a foreign resident
  • A GhanaPost GPS digital address
  • Proof of address - a tenancy agreement or a utility bill
  • Passport photographs
  • The opening deposit - usually small; ask how much
  • A reference, at some banks - an existing customer who vouches for you. Ask which accounts waive it
  • Evidence of where the money comes from - contracts or invoices for payments from abroad
  More about this account ➞

• Foreign Exchange Account (FEA)

  For foreign money earned in Ghana, or held as notes.

  Takes cash deposits in foreign currency, and can send money abroad.

  Watch for: Money wired from a client overseas belongs in an FCA. If you have both kinds, you may need both accounts.

  Bring

  • Your Ghana Card - or the non-citizen Ghana Card if you are a foreign resident
  • A GhanaPost GPS digital address
  • Proof of address - a tenancy agreement or a utility bill
  • Passport photographs
  • The opening deposit - usually small; ask how much
  • A reference, at some banks - an existing customer who vouches for you. Ask which accounts waive it
  • Evidence of where the money comes from - contracts or invoices for payments from abroad
  More about this account ➞

• Fixed deposit

  For money you can lock away for a set term at a set rate.

  Usually opened alongside a savings account at the same bank. A formalised susu product is the other option banks sell.

  Watch for: Compare the rate with inflation, not with zero. A deposit paying under inflation is losing you money.

  Bring

  • Your Ghana Card - or the non-citizen Ghana Card if you are a foreign resident
  • The opening deposit - usually small; ask how much
  More about this account ➞

• Student account

  Reduced fees and requirements while you are enrolled.

  A savings account on easier terms, for as long as you are a student.

  Watch for: Ask what it turns into, and what that costs, when you finish.

  Bring

  • Your Ghana Card - or the non-citizen Ghana Card if you are a foreign resident
  • A GhanaPost GPS digital address
  • Passport photographs
  • The opening deposit - usually small; ask how much
  • Proof that you are enrolled - a student ID or admission letter
  More about this account ➞

• Non-resident or diaspora account

  The accounts banks offer to people living outside Ghana.

  Several banks offer one, each with its own documentation route, and diaspora accounts often come with a foreign currency option.

  Watch for: You cannot fully open a Ghanaian account from a laptop overseas. Most want you, or someone you properly mandate, in person at some point. And an account nobody touches is frozen and charged as dormant.

  Bring

  • Your passport
  • Proof of your address abroad
  • A reference, at some banks - an existing customer who vouches for you. Ask which accounts waive it
  More about this account ➞