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.