Deciding what type of account to open while in the diaspora can be a little overwhelming. This is because your needs change when you are abroad. We highlight some of the key things to look out for when opening a diaspora account below:
- Consistency and reliability. Being far away, you need a bank that meets your financial needs and resolves your issues efficiently and effectively to your satisfaction.
- Communication channels. Is your bank reachable and what are the channels of access? Being out of the country means encountering challenges such as time difference and calling expenses. Your bank should be reachable on multiple channels such as WhatsApp, calls, emails. The platforms should also be available 24/7.
- Product offering. Are their products customized for a diaspora client? Most people in the diaspora do not use their local accounts for their daily transaction needs but mostly for savings and investments back home. The bank should have savings account options with competitive interest rates and affordable fees.
- Accessibility of funds. Does the bank have secure digital channels such as Internet and Mobile banking that allow customers to access their accounts 24/7? Have they partnered with Money Transfer Operators to enable you fund your account conveniently and cost effectively?
- Competitive Exchange rate. Does you bank offer competitive exchange rates to help you stretch your earnings? Do they keep you abreast of developments in currency markets?
- Array of products. Your diaspora account should be able to meet your financial needs holistically to avoid having to deal with many different entities e.g. insurance, property.
- Relationship management. The Bank should create a rapport with the client to understand the client’s financial needs and provide solutions customized to the client’s needs.
For more info check out www.abcthebank.com/diaspora-banking-products/ or reach us via 0701 700 or talk2us@abcthebank.com or diaspora@abcthebank.com