What To Look Out For When Opening A Diaspora Bank Account

ABC Bank

A diaspora bank account is meant to serve those living and working abroad but still do banking back home.

It is advisable to open a diaspora bank account with your local bank if you're working overseas and still want to do business home or wish to come back home and do business in future. 

Read ; 12 Banks With  Diaspora Services In Kenya

What To Look Out For Before Opening A Diaspora Account In Kenya 

There are some various factors to look out for in a diaspora account before you can actually consider opening one. Here are some of the things to look for according to ABC Bank, one of the best lenders regulated by the Central Bank of Kenya (CBK); 

What to look out for when opening a diaspora account 

  1. Consistent and reliable ; Being far away, you need a Bank that meets your financial needs and resolves your issues efficiently and effectively especially when you are far away. Issues raised and resolved speedily and to the customer’s satisfaction.  
  2. Communication channels ; Is your bank reachable and what are the channels of access? Being out of the country has a lot of challenges such as time difference and expenses of calling. Your bank should be able to be reached on multiple channels such as whatsapp, calls, emails. They should also be reachable at various times due to time difference and assist efficiently.
  3. Product offering; Are their product 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 a savings accounts with good interest rates and affordable fees.
  4. Accessibility of funds ; Do they have digital channels such as Internet and Mobile banking that allows customers to access their accounts anytime and anywhere? Have they partnered with Money Transfer Operators?
  5. Competitive Exchange rate ; Most people in the diaspora deal with foreign currency therefore having a competitive foreign exchange rate helps you when it comes to converting funds locally.
  6. Security;  Being abroad means that most customer communications are done online and transactions are conducted electronically maybe through internet or mobile banking. A lot of fraudsters take advantage of this. Ensure that your Bank has put in place security measures that ensure your money is protected.
  7. Affordable; Being that this is not an account you use daily, ensure that the account is affordable to maintain and that it does not have exorbitant fees charged.
  8. 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.
  9. Efficiency; The speed of which transactions are done e.g. salary processing or in case of an emergency you are able to access your funds immediately. 
  10. Relationship management ;The Bank should create a rapport with the client to understand what the client financial needs and provide solutions customized the client’s needs Also to ensure that there is no lapse in communication and service delivery.

ABC Bank is a relationship bank that has a strong base of diaspora clients. 

ABC Bank offers a range of diaspora banking products that are tailor-made specifically for their diaspora customers.

  • Their current and savings accounts are all interest earning, so that your money works for you round the clock.
  • Enjoy the convenience of managing your transactions through their robust mobile app and Internet Banking platform.
  • They offer a variety of reasonably priced loan facilities
  • Their interest rates on fixed, flexi-fixed and call deposits are simply amazing; comparable to the best in the market.
  • Super competitive forex rates
  • They offer a wide array of remittance/money transfer options
  • They work with great partners to offer various investment products – whether property, stocks,  bills or bonds, you can trust us to offer you amazing deals with limited hassle.
  • They have developed a unique bouquet of affordable, accessible insurance products to cater for unforeseen bumps in the road of life e.g. death of family members in Kenya or the repatriation of a loved one who passes on outside the country.
  1. Their team is available to you 24/7 and offers warm, personalized service. They tend to go out of their way for their customers a great deal, for example, purchasing air tickets for customers that need  help, or delivering Valentine’s gifts for loved ones. 

ABC Bank Diaspora Customer Care Contacts 

For more info check out https://www.abcthebank.com/diaspora-banking-products/ or reach out via 

  • Call 0701 700 700
  •  or talk2us@abcthebank.com 
  • or diaspora@abcthebank.com 


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