In the name of God, the compassionate the merciful
Today we are pleased to bring to the notice of our readers both in Ghana and outside some important foreign currency (dollar) accounts offered by some international banks operating in our country Ghana, through mypublisher24.com media house.
A dollar account outside of the US refers to a bank account that allows individuals or businesses to hold, send, and receive US dollars, even if they are not located in the US. Some of the key features of such accounts include:
- Access to US dollars from anywhere in the world
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Ability to send and receive US dollars internationally
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Conversion to and from US dollars at up-to-date exchange rates
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Flexible account management options
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Ability to hold and manage multiple currencies, including US dollars
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Access to international payment networks such as SWIFT
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Ability to receive payments from overseas clients or customers
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Ability to make international payments and transfers
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Access to currency exchange services
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Ability to manage accounts online or through mobile banking apps
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Access to customer support and assistance
Having a dollar account outside of the US can be beneficial for individuals and businesses that engage in international transactions, trade, or commerce, as it allows them to manage their US dollar holdings and make international payments more easily and efficiently
It also offers the convenience of conducting transactions in US dollars without the need to convert currencies, which can help to avoid exchange rate fluctuations and associated costs.
These accounts may come in the form of savings accounts, current accounts, fixed deposit accounts, or investment accounts, offering varying levels of access and flexibility depending on the financial institution and specific account type.
In brief, having a dollar account outside the US can be a convenient and practical way to manage funds in US dollars while conducting international transactions or diversifying currency holdings. Note that all these dollar accounts can only receive or transfer dollar currency at a maximum amount of $10,000 and any amount more than this would be viewed as money laundry unless proper arrangements are made to prove otherwise.
Some of the foreign accounts (dollars) currently available in Ghana include:
Dollar savings accounts: are offered by various banks such as Standard Chartered Bank, Stanbic Bank, Ecobank, and Access Bank.
Foreign currency account: offered by GCB Bank, which allows you to hold multiple foreign currencies including USD.
US Dollar Fixed Deposit Account: This is offered by Fidelity Bank Ghana, where you can deposit your dollars for a fixed period at a competitive interest rate.
Dollar Current Account: This is also offered by Zenith Bank Ghana, which allows you to make transactions in USD and receive or transfer funds internationally.
Dollar investment accounts: are offered by Databank Financial Services, which allows you to invest in dollar-denominated securities and mutual funds.
And Allah knows best! “Praise be to Allah in whose favour good deeds are accomplished” (ibn Majah 3803)
YAHAYA ILIASU MUSTAPHA
The writer is an Islamic Banking and Finance patron and advocate in Ghana and beyond.
Email: yahaya0246873726@gmail.com
https://www.facebook.om/Yahaya.iliasu.94
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