Foreign Currency Account
If you're a business owner or executive who frequently travels overseas for business or makes and receives payments in a foreign currency, then our business Foreign Currency Account may be what you need. It is easier and cheaper to manage compared to setting up an account in a foreign country. It eliminates the cost of converting currencies. You can withdraw cash or make transfers from your account or other accounts anywhere in the world.
What does it offer you:
- Money can be paid into your account from anywhere in the world.
- You can also transfer money overseas, subject to current CBN rules and regulations on such transactions.
- It enables you to do business transactions internationally.
- We pay interest on deposits of USD10 000 and above (equivalent in other currencies).
How much it will cost you:
- You need a minimum account opening balance of $500 for business accounts.
- You only pay a fee of 1% of the amount of each transaction.
What you need to apply:
- A filled in account opening form.
- Two completed reference forms.
- Referees must be corporate account holders and not officers of the company or related companies
- Referees who maintain the account with the bank must have done so for a minimum of six months
- You are also eligible to open a domiciliary account after six months.
- Two signature cards filled in by each signatory to the account
- Two recent clear passport photographs of each signatory to the account with their names written on the back
- Current international passport or current driver's licence of each signatory
- Proof of residential address (e.g. utility bill issued in the last six months)
- Resident permit (where applicable)
- Customer address verification form.