More Kenyans are earning online, investing globally and receiving remittances so opening a USD (dollar) account has become more popular in 2025. Whether you’re a freelancer, importer, student or digital entrepreneur, a dollar account can help you save on currency conversion losses and make international transactions easier.
Here’s how to open one, the benefits and what to consider before getting started.
What Is a Dollar Account?
A dollar account is a foreign currency bank account that allows you to hold and transact in United States Dollars (USD) instead of Kenyan Shillings (KES). It’s ideal for:
Receiving payments from platforms like PayPal, Wise, Upwork, Remitly
Paying for goods/services in USD (e.g., international software or imports)
Protecting your savings from local currency fluctuations
Requirements to Open a Dollar Account in Kenya
Most Kenyan banks offer foreign currency accounts. The documents you’ll need are:
Copy of your National ID or Passport
Recent passport-size photo
KRA PIN certificate
Proof of address (utility bill, lease or letter from local authority)
Minimum opening balance (ranges from USD 50 to USD 500 depending on the bank)
Banks Offering Dollar Accounts in Kenya
| Bank | Minimum Opening | Monthly Fees | Notable Features |
|---|---|---|---|
| Equity Bank | USD 100 | USD 5 | No charges on incoming wires |
| NCBA Bank | USD 100 | USD 5 | Debit card available |
| Co-operative Bank | USD 100 | USD 5 | Linked to mobile app |
| Absa Bank Kenya | USD 200 | USD 5 | Visa forex card available |
| Standard Chartered | USD 500 | USD 10 | Priority banking & global transfers |
Note: Terms may change, always confirm with the bank.
How to Fund and Use Your Dollar Account
Receive international transfers (from PayPal, Wise, Western Union, etc.)
Fund via KES account and convert to USD using the bank’s forex rate
Link to PayPal or global e-commerce platforms
Use a USD debit card to pay for services like web hosting or international subscriptions
Things to Watch Out For
Exchange rate spreads – Banks often give less favorable USD-KES rates
Maintenance fees – These can drain your balance if you’re not transacting regularly
Withdrawal limits – Some banks require notice for large USD cash withdrawals
Not all ATMs accept USD cards – Check on usage locally and abroad
Who Should Open a Dollar Account?
Freelancers or remote workers earning in dollars
Import/export businesses
Students studying abroad
Kenyans with diaspora remittances
Digital marketers, developers and online traders
In Brief
Opening a USD account in Kenya in 2025 is easier than ever—and better if you deal in foreign currency regularly. Just compare bank rates, check fees and know how to fund and use the account.