What a foreigner need to open an ABSA bank account

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Are you a foreigner in need of an ABSA bank account? Are you wondering what might be required to apply for one? Well, worry no more for we got you covered.

First, it is wise to mention that ABSA is an Africa based financial service. The Bank offers personal and business banking, corporate and investment banking, international banking, premium banking, wealth and investment management.

ABSA have numerous bank branches in Kenya, Botswana, Zambia, Namibia, Ghana, Nigeria, Uganda, Tanzania, Mozambique, Seychelles, South Africa and in Mauritius.

Opening a bank account in a foreign country can be very challenging, especially if you do not know how the process works. Therefore, to help you out, all the required details and documents needed will be noted down for you.

So, what you need as a non-resident to open an ABSA account:-

1.    A valid copy of your passport. The passport is used to verify who you say you are a foreigner. It allows the Bank to match your face and your name.

2.    A complete letter of Authority in respect of Bank. It should contain details of your existing bankers whom ABSA might call to verify your identity.

3.    A utility bill as proof of address. The utility bill is used to verify your name and your current residential address.

4.    All relevant application form. These are forms that you will require to fill when applying.

5.    If you are an international student in need of a student account, you have to be between the ages of 18 to 27 years. You must be a full-time student studying either postgraduate, undergraduate or qualification of one year or more. You may be required to prove your enrollment at a qualified school together with the four above requirements.

Students account come with various benefits like a free transaction fee.

Apart from a student account, you may want to apply for a premier banking account, Absa One Current Account, Ultimate Account or Prestige Banking Account which allows exclusive access, extended banking hours, preferential pricing and monthly rewards.

To open any of the above accounts, you will still require the first four specified requirements.

Opening an ABSA bank account can be done online by filling an application form and presenting all the required details and documents.

Benefits of opening a non-residential bank account in ABSA

•    You will have access to a full range of services and facilities just like those of an international bank.

•    You will have diversification on your banking portfolio.

•    You will have a secure place for your cash and banking that you can easily access no matter your location in the world.

•    Your account will be run in a stable banking environment.

Takeaway

Getting things done in a foreign country can be challenging. Opening a bank account can even be more problematic. But, with the tips you have learnt today, you can be sure you will easily be able to apply for an ABSA bank account.

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About Author

Anthony Kiratu is the Founder of Finsolutions. He is a financial analyst with over 5 years experience in research, investment advisory, valuation and financial modelling. Anthony is a member of the Institute of Certified Investment and Financial Analysts and Institute of Certified Public Accountants of Kenya. He is passionate about development of African Capital Markets through training of investors and dissemination of information for sound financial and investment decision making process. He is also a part-time lecturer in the Certified Investment and Financial Analyst course in the subjects of International Finance, Portfolio Management, Equity Investment Analysis, and Fixed Income Securities. Email: anthony@finsolutions.co.ke Contact: +254 780216631

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