Kenyan billionaires operate different accounts from the ones the poor and average Kenyans operate. People like Evans Kidero, Raila Odinga and Uhuru have their money saved in local banks in terms of dollars.
The reason why they opt for his option is, in case of inflation, their money won’t be affected. They ensure that the money is in dollar denominations, or counted in terms of pounds.
When these people mess the economy and inflation rate shoots up, the value of their money won’t be affected.
It’s uncommon for an average Kenyan to open a dollar account, but it’s good to operate one. In case you wish to have this type of an account, here is where to open it.
CO-OPERATIVE BANK
Foreign Currency Account
Details
This is a bank account that enables customers to maintain value in foreign
currency giving them flexibility to convert to Kenya Shilling when the
market is in their favour.
Benefits
- Foreign currency accounts available for the three major currencies;
Euro, USD and GBP - Customers can open either a saving or current account depending on
their need - Customers can receive incoming swift to their foreign currency account
without any extra charge - Very competitive charges
EQUITY BANK
Foreign Currency Accounts
Equity Bank offers accounts in all major currencies Euro, dollar and pound
Features
- Opening balance USD 100, EUR 100 and GBP 100
- Ledger fee of USD10 for balances below USD 2,000
- Ledger fee of Euros 6 for balances below Euro 2,300
- Ledger fee of GBP 3.50 for balances below GBP 1,400
Benefits
- Cheque book free
- Interim statement is free
- No charges on cash deposits
BARCLAYS BANK
Personal Foreign Currency Current Account
Barclays offers Personal Foreign Currency Current Accounts in US Dollars (USD), Euro (EUR) and British Pounds Sterling (GBP). You can access the funds in your account at branches and through cheques. A minimum balance to open the account is applicable.
No interest is paid on the credit balance in your Personal Foreign Currency Current Account. A debit interest is calculated daily on overdrawn balances on this account and debited monthly.
You may apply for this account along with another applicant, where you may request that both parties be required to sign any instructions to debit the account or any of the parties sufficing for the transaction to be accepted. In addition, you may request for other parties to operate your Personal Foreign Currency Current Account on your behalf. We call such a nominated person an authorised signatory.
This account type cannot be linked to a Barclays Debit Card but you may request for a cheque book to access your funds externally. You will receive your free statements each month on the 30th day of the month.
NIC BANK
DIASPORA account
Account Details
- No monthly fees.
- Account is available in 10 major currencies.
- Access to a dedicated Relationship Manager.
- An NIC VISA debit card.
- Eligibility for a loan after maintaining your account for at least 6 months.
- Transact via our online banking platform and NIC NOW mobile application
- Earn competitive interest for all accounts in local and foreign currency.
- Eligibility for diaspora loans.
You will have access to NIC online platform that will enable you transfer funds to anyone in Kenya through MPESA, RTGS (same day) transfers to any bank in Kenya and SWIFT transfer to any bank worldwide.
I&M BANK
Sapphire Foreign Currency
I&M Bank offers accounts in 8 major currencies- US Dollars, Great Britain Pounds, Euros, Australian Dollars, Swiss Franc, Canadian Dollars, Arab Emirates Dirham and Chinese Yuan. US Dollars, Great Britain Pounds and Euros foreign currency transaction accounts are eligible for cheque book facility.
There are no account maintenance charges or ledger fees. Interest is paid on the account balances and quarterly account statements are issued free of charge. Monthly minimum balance requirements and cheque book charges apply.
Account holders are eligible for the services of the Call Centre as well as E-Mail Banking and SMS Banking services. Earn IMBA Reward Points every time you transact.
