Opening a bank account in Rwanda is straight-forward. Whether you’re doing so for business, international money transfers, or just to store your cash, here’s the process.
Choose a Bank
You have many options when it comes to banking in Rwanda. But the most popular banks are Bank of Kigali, Equity, I&M, and BPR. You will conveniently see their ATM’s around town for easy money access. They are all professional institutions with just minor differences in operations and pricing. Do some research to determine which best meets your objectives. Account names may be different from what you’re used to (checking accounts may be known as Current or Transactions accounts).
Bring Your Documents
To open a bank account internationally (and depending on your country of origin) you’ll likely be asked for specific documents. Americans, generally would only need to bring their passports, social security numbers and make a minimal deposit to open a basic checking account. Check the documents required from your bank of choice.
Have Patience
It may be worth mentioning that you’ll need to exercise patience. Banks are normally busy and there’ll likely be customers waiting in line to be serviced. It can sometimes feel like lines aren’t moving, or there isn’t clear guidance as to where to go. But be prepared and dedicate the time necessary to get it done.
If you’re visiting Rwanda, we’d love to meet you. Let us be your guide and mentor, and let’s experience Kigali as the locals do.
Murakoze! and hope to see you soon.