With more Kenyans abroad looking to invest and bank their proceeds with local banks, a number of viable and versatile bank accounts have been set up. Nonetheless, many Kenyans in the diaspora have been lost on which is the most viable, affordable and efficient means of banking they can us.
To begin with, in any given instance, the most prominent among the sets of diaspora accounts offered in the local banking sector are Co-operative Bank’s diaspora accounts, which the bank runs under its Diaspora Banking package.
Interestingly, this year, the diaspora accounts at Co-op Bank were one of the key catalysts that saw Co-op Bank take home the prestigious Diaspora Offering award during the 2017 East Africa Banker awards which were held in mid-May.
In a series break-down featuring these accounts, we shall explore why they are top of cream, and tell you the requirements you need to operate them:
Co-op Bank’s Business Current Account:
This account allows Kenyans working abroad to carry out their everyday business and investment transactions. According to Co-op Bank, this account will allow you to transact both locally and abroad under a business name, partnership or even trading companies.
The minimum opening and cash balance is Ksh. 10,000, USD. 200, GBP 200 or EUR 200. You will get free monthly statements online. You will be charged Ksh. 300 per month account maintenance fee. When you transact, you will be charged Ksh. 35 for every transaction.
To open this account, you will need to have the following:
- Completed application form
- Certified copy of Kenya ID or Kenyan or Alien Passport
- Certified copy of Pin Certificate or Tax Number
- Certified Certificate of incorporation
- Certified Proof of Address
- Memorandum and Articles of Association or by laws (for co-operative societies)
- Board resolution to open an account
- Any other documents the bank may from time to time
Additionally, according to Co-op Bank, all these documents will need to be certified by the Co-op Bank diaspora agent near you, the Kenyan Embassy of High Commission, a Commissioner for Oaths, Public Notary, a Bank or an authorized Co-op Bank staff.
To open this account, you may contact Co-op Bank by CLICKING HERE!