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An Overview of Opening a Bank Account in Liberia
Different jurisdictions are governed by a different set of rules and legal structures for banking and taxation. Enterslice assists you in understanding the intricacies of every country’s legal structures. It is essential to have a firm grasp of the financial and legal implications before doing business in a country. In Liberia, the majority of banks require an initial financial deposit to secure an account opening. The amount of initial deposit varies from bank to bank and it also depends on variable rates of currency exchange. Let’s understand the banking structure and the process to open a bank account in Liberia in detail.
Types of Bank Accounts in Liberia
Current Account
A current account can be opened by everyone whether self-employed, employed, artisan, or a member of the diaspora. A Regular current account is a Demand Deposit Account (DDA). A DDA is meant for Individuals and joint individuals where funds deposited are payable on demand either in person or by a cheque issued by a third party, bank draft, electronic fund transfer, direct debit, etc. In a current account, there is no restriction on the deposit amount or withdrawal frequency or amounts from the funded account. Cheque lodgement is allowed. Third-party transactions are allowed. Internet and mobile banking facilities are available. Access to Master Card and Visa Card id granted for ATM, Internet, and POS Transactions. For opening a current bank account, a minimum of $350 is required to be deposited. There is no requirement for a minimum operating balance so it can go down to zero. The consumers are provided with credit facilities.
Necessary papers Required to Open a Current Bank Account
If you’re an employee, then the following necessary papers are required to open a bank account
- Any valid ID such as a passport, driver’s license, national ID or voter card.
- Employee ID such as a low KYC account opened without any passport, driver’s license, national ID, voter card, etc.
- Letter of introduction from the employer.
- Passport size photograph
- Utility Bill
If you’re self-employed, then the following necessary papers are required to open a bank account
- Any valid ID such as a passport, driver’s license, national ID, or voter card.
- Passport-size photograph of each of the business owners.
- Utility Bill.
- Certificate of incorporation, registration, CBN license for business enterprises.
- Two references from current account holders.
Savings Account
A wide range of savings accounts is available to fit your needs. Whether you want a basic account or one bursting with options, you can find the right account that suits your needs. Third-party transactions and cheque deposits are allowed. There is no bar on the number of withdrawals. Attractive interest rates are provided to the customers. Accessibility to digital products and services is granted. A minimum of LRD 1000 or $25 is required for opening a bank account. A minimum of LRD 300 or $5 is required as an operating balance. One can open a bank account with or without an ID.
necessary papers required to open a savings bank account
For opening a savings bank account with ID, the following necessary papers are required
- A valid ID such as a passport, driver’s license, national ID or a voter card
- Passport-size photographs
- Utility Bills
For opening a savings bank account without ID only a passport-size photograph is required.
Unique Savings accounts are available for students. If you’re a secondary school student, then the following necessary papers are required to open a savings bank account
- A valid ID such as a passport, driver’s license, national ID or voter card.
- A passport-side photograph of the child and parent.
- Birth certificate of the child.
- Evidence of secondary school admission or secondary school student’s ID.
If you’re a student of a tertiary institution, then the following necessary papers are required to open a savings bank account
- Evidence of admission such as a school ID, admission letter, and student biodata form.
- A passport-size photograph.
For opening a savings bank account for Employees, the following necessary papers are required
- A valid ID such as a passport, driver’s license, national ID, or voter’s card.
- Employee ID
- Letter of introduction from employer
- A passport-size photograph
- Utility bill
For opening a savings bank account for a self-employed person, the following necessary papers are required
- A valid ID such as a passport, driver’s license, national ID, or voter’s card.
- Passport-size photograph.
- Certificate of incorporation, registration or CBN License.
- Two references from current account holders.
For opening a savings bank account for your child, the necessary papers are required
- Valid ID such as a passport, driver’s license, national ID, or voter’s card.
- Passport-size photograph of child and parent.
- Birth certificate of the child.
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Download PDFWhat is the procedure for opening a bank account in Liberia?
Choose how to apply
The first step is to choose the mode of opening a bank account. A bank account in Liberia can be opened either physically or remotely.
Choose the type of bank account you want to open
The second step towards opening a bank account is to choose the type of bank account you want to open depending upon your needs.
Assemble the requisite necessary papers
Once you have decided which bank account you want to open, then check on the requisite necessary papers required to open that particular bank account.
Fill out the Application Form
The next step is to fill out the application form of the bank you want to open your account in. Then submit the application to the bank for verification along with the necessary papers assembled. If you apply online, you can get the acknowledgment within seconds but it takes 2-5 business days for verification of the information and opening of the account.
Fund your account
After your account is opened and you are granted access to operate it, you need to deposit a minimum amount to start operating the account.
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