Foreign Currency Accounts (FCA)
These accounts are mainly funded with remittances from abroad and can be withdrawn in any NIB branch with no charge, i.e. if withdrawal is in Cedis. 2.5% charge is paid when withdrawal is made in said depositing currency. Generally, balances on such accounts can be freely transferred without restrictions. FCA can be opened in these foreign currencies: US Dollars, Euro and GBP. No physical cash can be paid into FCA. We pay interest on FCA balance above certain amount. Cheques can also be issued on this Account. Minimum balance to be maintained in this Account are: $100 /€60 /£50. No initial deposit is required to open this account. Transfer into and from these accounts, could be utilized to undertake the following transactions:
· Advance Payments
· Documentary Collections
· Establishment of letter of credit.
Foreign Exchange Account (FEA)
These accounts are funded internally from cash lodgments or credits from other foreign exchange accounts in Ghana or inward remittances. Generally, balances on these accounts cannot be freely transferred without the necessary supporting documentation. Cheques can be issued on Foreign Exchange Accounts. Minimum amount to open an FEA account are: $300 /€300 /£200. Minimum balance to be maintained in these accounts are: $100 /€60 /£50.
Home Bound Account
This product is designed for Ghanaians residents abroad with special emphasis on those who have not regularized their stay. It is a Cedi Account, however, if an applicant decides to open a Foreign Account under the same dispensation, the Bank has the right to do so under our existing procedure of opening Foreign Account.