Have you been thinking about opening a foreign bank account in Tanzania? We understand that you’re weighing your options by looking for one with convenience and, of course, the best rates.

In this article, we’ll explain why you need a foreign bank account and how to get one without any opening balance or rigid requirements. Keep reading to find out more

Why Should You Get a Foreign Bank Account in Tanzania?

If you live in Tanzania, you definitely need a foreign bank account more than you know. Here are a couple of reasons why you should open one today;

1. Easy withdrawals and spending during travels

A foreign bank account is an excellent way to easily access your money when traveling abroad. Asides from being able to easily withdraw money in the local currency of the country you’re visiting, you can also get an accompanying virtual USD card to spend from. This way, you’re never stranded in the world.

2. Receive payments from foreign employers and clients

If you work for multinational companies, you’d want to be able to receive payments from them without any hassle. With your foreign account, you don’t need to worry about conversions or restrictions, especially since you’d get a legitimate account with all the required banking details.

3. Send money abroad

Whether you have a loved one schooling abroad or you need to purchase goods from your international supplier, having a foreign account can help you reduce the costs involved.

Since you won’t be paying with Tanzanian shillings, you don’t have to worry about conversion costs and how much can be lost from them. Simply send the exact amount needed from your account balance.

You can also use this account when you’re abroad, and you need to send money to Tanzania.

4. Protection against political and economic instability

A foreign bank account can provide protection against political and economic instability in Tanzania. If there is a sudden change in government policy or economic conditions, having funds in a foreign bank account can help ensure your assets remain safe.

Requirements for Opening an International Bank Account in Tanzania

If you visit a bank branch, you’d be required to provide certain documents for identification. However, this might include a referee and a minimum opening balance. This is why we recommend using Grey.

In addition to opening your international bank account without leaving your home, you don’t need a referee or a minimum account opening balance to get an account.

So, if you’d like to open a Dollar, Euro or Pounds account with Grey, here’s all you need;

• A government-issued valid means of identification e.g., a passport
• Stable internet connection
• A selfie video of yourself
• Your contact details

Unlike traditional banks, the best part is that you won’t be subject to account or card maintenance fees with Grey.

How to Get a Foreign USD, GBP, or EUR Bank account in Tanzania

Wherever you are in Tanzania, you can open a Grey Dollar, Euros, or Pounds account in minutes. Once you have all the requirements listed above, simply follow these steps.

• Log in to your Grey account. If you haven’t opened one yet, sign up for free here
• Once you log in on the dashboard, tap' Accounts' on your screen’s left side.
• Scroll to the account you’d like to open and click on ‘Request Account.’ For this example, we’ll be using EUR

• Your account will be automatically generated and ready to use. This means, you can start carrying out transactions with your new foreign account.

What Can I Do with My Foreign Account on Grey?

When you open a bank account online with Grey in Tanzania, you can;

• Receive payments from anywhere in the world.
• Get a virtual debit MasterCard to make payments and shop globally
• Send money abroad to your loved ones or clients with unlimited transfers.
• Get an IBAN and routing number for official or business needs.
• Convert your foreign currencies into Tanzanian Shillings and withdraw to either Mpesa or an actual bank account at lower rates.
• Reliable banking with available customer support to help you whenever you need it
• Enjoy a mobile app to ensure 24/7 on-the-go-banking

And so much more.

Opening a foreign account has so many benefits, and with Grey, the list is endless.  So join the over 250,000 users making international transactions with their Grey foreign account today. Sign up for free.

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