For many Kenyans living abroad, managing finances back home can be a daunting task. Opening a diaspora bank account is not just a necessity; it’s a strategic move that can simplify your financial dealings and enhance your connection to your roots.
Whether you’re sending money to family, saving for investment opportunities, or planning for future trips, having a dedicated account can make all the difference.
But how do you navigate the often convoluted process that differs from country to country? This step-by-step guide is designed to demystify the journey, offering you clear, actionable insights that will help you successfully open a diaspora bank account.
Step-by-Step Guide: Opening a Diaspora Bank Account for Kenyans Abroad
To open a diaspora account, you’ll need to provide a Kenyan ID or passport, proof of address abroad (utility bill, bank statement, etc.), a colored passport photo, your KRA PIN, and possibly proof of source of foreign currency.
Some banks also require specific forms like FATCA/W9 for US residents and an email indemnity form.
Here’s a more detailed breakdown:
1. Required Documents:
Kenyan Identification: A copy of your Kenyan National ID (both sides) or a valid Kenyan passport (including the biodata page).
Proof of Address Abroad:
- Utility bill.
- Bank statement.
- Pay stub.
- Driver’s license.
- Lease agreement
Colored Passport Size Photograph: One recent colored passport size photograph.
Kenyan KRA PIN Number: Your Kenya Revenue Authority PIN.
- Proof of Source of Foreign Currency (for foreign currency accounts):
Pay stub. - Bank statement.
- Employment contract.
Account Opening Form and Indemnity Form: Download and complete the required forms from the bank’s website.
FATCA & W9 (for US residents): These forms are required for US residents and can be found on the bank’s website.
Email Indemnity Form: Some banks require this form to be signed and submitted.
2. Banks Offering Diaspora Accounts:
- KCB:
- Stanbic Bank:
- Family Bank:
- Equity Bank:
- Absa Bank:
- National Bank of Kenya (NBK):
- Standard Chartered Bank:
3. Opening an Account:
- Online: Some banks offer online account opening through their websites or mobile apps.
- In-Person: You may need to visit a branch to complete the application process.
- Email: Some banks allow you to submit scanned documents via email.
- Self Onboarding: Some banks have a self onboarding channel for diaspora banking.
4. Specific Bank Procedures:
KCB, Stanbic Bank, Family Bank, Equity Bank, Absa Bank, NBK, and Standard Chartered Bank.
5. Important Notes:
- Check with the specific bank: Requirements and procedures may vary between banks, so it’s essential to check with the bank you’re interested in for the most accurate information.
- FATCA/W9: US residents should be aware of the FATCA/W9 requirements.
- Email Indemnity Form: Some banks require this form to be signed and submitted.
- Proof of Residency: Most banks require proof of residency in your country of residence.
Your journey towards financial independence starts here, making it easier than ever to stay connected to your roots while building a secure financial future.
Choose which Bank above and contact them. Some of these Banks have Diaspora Representatives. You can also email us for recommendations.
