Foreign Exchange Account (FEA) also known as Forex Account is a current account opened for individuals and companies with foreign currency funds which are locally generated.

Features

• Can be operated in the three (3) different currencies; British Pound (£), American Dollar ($),Euro(€)
• The account is fed mainly by locally generated foreign currencies.
• These foreign currencies can be paid over the counter into the account.
• Balances on these accounts cannot be transferred without supporting documents.
• This account does not attract interest irrespective of the balance.
• Withdrawals (subject to availability) are made in the same foreign currency in which the account was opened or in cedis.
• Withdrawals do not attract any fee irrespective of the currency in which withdrawals are made.

 

Benefits

• Customers can pay in cash (foreign currency) over the counter into the account.
• Customers receive their money in the foreign currency in which the account is opened.
• Customers can also opt for withdrawals in the local currency at the prevailing exchange rate.