A number of business banks are reintroducing charges on overseas foreign money accounts after beforehand suspending the fees as a consequence of regulatory stress.
Purchasers have been notified of those new costs by textual content messages and emails. The charges, which range relying on the foreign money kind and account steadiness, can go as much as $20.
For instance, some holders of greenback accounts have been charged a $5 charge for balances over $100, in accordance with reviews by Citi Enterprise Information.
The reintroduced charges on overseas foreign money accounts come on high of the present 3% cost on withdrawals.
Earlier this 12 months, some business banks started the method of closing private overseas foreign money financial savings accounts, directing purchasers to switch their funds to e-wallets or present accounts.
Nevertheless, the Ghana Affiliation of Banks clarified that this info was incorrect.
The banks’ resolution to reintroduce these charges is a response to the Financial institution of Ghana’s latest regulatory adjustments.
The brand new directive by the BoG requires banks to extend their money reserve ratio, which means they have to maintain a bigger portion of overseas alternate reserves in cedis.
This adjustment has imposed vital prices on banks, which are actually passing a few of these bills on to depositors.
This shift is inflicting frustration amongst account holders, with many reconsidering their overseas foreign money accounts because of the rising charges and the present alternate fee.
Regardless of the dissatisfaction, banks are advising purchasers to be affected person as they work with stakeholders to handle these challenges and discover a viable resolution.