Opening a USD bank account in Uganda requires a valid National ID (or passport for foreigners), proof of address (utility bill), passport-size photos, and a minimum opening deposit, typically around 10 to 200 USD.
Major banks like Absa, Centenary, Equity, and Standard Chartered offer these accounts for personal or business use.
Key Requirements and Steps:
a) Identification: National ID (for Ugandans) or Passport with a valid work/residence permit (for foreign nationals).
b) Proof of Address: Recent utility bill (water/electricity) or a letter from the Local Council (LC1).
c) Opening Deposit: Most banks require a minimum deposit, often starting around USD 200.
d) Documentation: Completed account application forms, passport-size photographs, and sometimes reference letters from existing bank customers.
e) Additional Documents for Non-Residents/Businesses: These systems help manage inventory, HR, and finances while ensuring compliance with URA (Uganda Revenue Authority) requirements.
Common Banks Offering USD Accounts:
1). Bank of Baroda
Bank of Baroda (Uganda) offers USD-denominated Savings and Current accounts.
Account Options.
- Baroda Premium Current Account (USD): Designed for high-volume transactions, requiring a minimum balance (e.g., USD 5,000).
- Baroda Savings Bank Account (USD): Suitable for savings in foreign currency with a minimum balance, often requiring an initial deposit of 100 units.
Process to Create an Account.
- Online Application: Visit the Bank of Baroda Uganda website to select the preferred USD account type.
- Fill Application: Complete the online application form for the respective account.
- Branch Visit: Visit a Bank of Baroda branch (e.g., Kampala Road) with required documentation to verify identity and activate the account.
NOTE: For further assistance, contact the bank at 0800 240 240 or email mktg.uganda@bankofbaroda.com.
2). Absa Bank Uganda.
To open a U.S. Dollar account with Absa Bank Uganda Limited, residents need a valid national ID, Ugandan passport, or driving permit with NIN, along with a passport-size photo.
The account requires a minimum initial deposit of USD 50, offers tiered interest, and charges a 1% fee on over-the-counter withdrawals.
Key Requirements for Personal Dollar Accounts:
- Identification:Valid National ID, Ugandan Passport, or Driver's License with NIN.
- For Foreigners:Passport, valid visa, work permit, dependent's pass, or certificate of residence.
- For Refugees:Refugee ID.
- Photos:Recent passport-size photograph.
- Initial Deposit:Minimum of USD 50.
Account Features:
- Fees:Zero monthly maintenance fees.
- Withdrawals:One free withdrawal per month; subsequent counter withdrawals incur a 1% fee (minimum USD 10).
- Interest:Tiered monthly/quarterly interest.
- Digital Access:Access to mobile app and internet banking.
NOTE: For business foreign currency accounts, additional documents such as a Certificate of Incorporation, Tax Identification Number (TIN), and Director's Resolution are required. Applications can be initiated online through the Absa Bank Uganda website.
Open USD account online3). I&M Bank
Known for its affordability and competitive interest rates making it the smart choice for the smart saver.
Enjoy the most competitive interest rates when you save with the US Dollar Savings Account.
Requirements for Dollar Savings Account:
- 1 Passport-size photo.
- Valid ID (National ID for Ugandans, Passport with work permits or residence permit for foreigners).
- Account Opening Balance $200.
Account Features:
- Minimum Account Opening Balance $200.
- Account Minimum Balance $100.
- Below Account Minimum Balance Fee $5.
- Access to mobile app and internet banking.
Account Benefits:
- Interest Payable Up to 2% p.a.
- Free cash deposits below $5,000.
- No Monthly Management fees.
- No Over the Counter Cash Withdrawals Fees.
- Access to Online Banking & Mobile Banking.
- Transaction SMS Alerts.
4). Equity Bank Uganda
Equity Bank Uganda offers USD-denominated accounts designed for individuals and businesses, including specialized Diaspora Savings and Current Accounts.
These accounts allow for international transactions, with features like no monthly maintenance fees, access to Visa debit cards, and mobile/internet banking.
Account Requirements:
- Completed application and Key Facts Document (USD).
- Copy of Ugandan National ID and Passport.
- Proof of address (e.g., utility bill, lease agreement, or driving permit).
- Notarized Email Indemnity Form.
- Recent passport-size photo.
Account Benefits:
- No monthly account maintenance fees.
- No minimum balance required to open or operate the Diaspora Current account.
- Access to funds via E-statements, Visa debit cards, mobile banking (*247#), and internet banking.
- Supports foreign currency deposits and withdrawals. .
Fees (As of January 2025):
- Cash Deposit Fees: $0 to $5,000 is free; above $5,000, charges are 0.3%.
- Withdrawal Fees: $0-$2,000 ($3), $2,001 - $5,000 ($5), $5,001+ (0.5%, max $30).
- Transfers: Charges apply for SWIFT/international transfers.
5). Centenary Bank.
Centenary Bank offers USD-denominated foreign currency accounts (CenteForeign Accounts) with current and savings options.
These accounts allow unrestricted cash/cheque deposits and withdrawals, ideal for foreign currency transactions, with services accessible via branches, CenteMobile, and VISA.
Requirements to Open:
- Passport size photographs.
- Valid National ID/Passport.
- Initial cash deposit.
- Opening can be done via the CenteMobile App (CenteOnTheGo).
Key Features of Centenary Bank USD Accounts:
- Account Types:Current and Savings (CenteForeign).
- Opening/Minimum Balance:USD 10.
- Fees:No monthly management fees.
- Interest:0.25% per annum.
- Access:Over-the-counter, agents, and mobile banking.
- Target:Individuals, businesses, and NGOs needing USD, GBP, or Euro accounts.
- Other Options:CenteForeign Fixed Deposit (minimum USD 10,000) for higher interest rates over 3–24 months.
Account Benefits:
- Interest Payable Up to 2% p.a.
- Free cash deposits below $5,000.
- No Monthly Management fees.
- No Over the Counter Cash Withdrawals Fees.
- Access to Online Banking & Mobile Banking.
- Transaction SMS Alerts.
6). Stanbic Bank Uganda.
Stanbic Bank Uganda offers USD-denominated accounts for personal and business use, allowing for international transactions, foreign exchange, and savings.
Options include the Everyday Account (available in USD), PureSave (for savings), and Diaspora Banking.
Accounts feature online opening, mobile/internet banking, and, for specific accounts, a $1.00 monthly fee, with minimum balance requirements.
Account Opening Requirements:
- Application:Can be opened online.
- Identification:Valid National ID (for Ugandans) or Passport.
- Documentation:Proof of address (e.g., utility bill) may be required.
Fees and Charges (USD):
- Monthly Management Fee:$0.
- Minimum Balance:There is no mention of a minimum balance fee, but it is a, pay-as-you-transact account.
- Withdrawals:Standard fees apply after any free limit for ATM withdrawals.
- Transfers:Charges apply for international or SWIFT transfers.
Account Benefits:
- No monthly management fees.
- Pay as you transact.
- Silver Visa Debit card which you can use at any major shopping centres, hotels, restaurants or anywhere you see the VISA sign worldwide.
- Access to our mobile and online banking.
- 24/7 support through our customer care centre.
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