Angola is the seventh largest country in Africa bordering Namibia, Congo and Zambia. The capital city is Luanda. Portuguese is the official language of Angola and the national currency is Kwanza( Kz or AoA). If you are looking to settle in Angola for long term or if you are a expat, it is better to open a bank account in Angola for your local financial transaction.
Angola is cash economy so not all VISA and Master cards are accepted in the local shopping centers. There are some shops and business centers which accepts Dollars in the capital city Luanda.
Using your international debit and credit card is not advisable since there are more case of card identity theft and loss of money is reported .
In the late 2020 Angola banking system has forced people to have local bank accounts for their financial transaction and for the expats to receive salary. So, every expat should have a local bank account if you are planning to work and stay in Angola.
What are the banks available in Angola ?
There are 23 banks operating in Angola, but we are going to list the top banks where you can open an bank account and operate.
- Banco Angolano de Investimentos (BAI)
- Banco Espírito Santo Angola (BESA)
- Banco de Fomento Angola (BFA)
- Banco BIC Angola (BIC)
- Banco de Poupança e Crédito S.A.R.L. (BPC)
- Banco Commercial Angolano
There are only few international banks available in Angola,
Choose the right bank according to your location and service required, it is recommended to have 2 banks in Angola as a fail safe method.
Below are the types of account available to open,
- Current account – for business and trading purpose
- Salary account – for workers
- Simplified account
- Pension account
What is a simplified account in Angola banking system ?
To gives a access of banking system to the people in a simplified way , Angola introduced a simplifies banking account which can be opened using minimum documentation. This will be very help full for the small time traders and low income people to have a bank account and enjoy the credit system of the bank.
What is the minimum amount required to open a bank account in Angola ?
The minimum amount required to open a account in 5000 Kz to 20000 Kz or equivalent USD depending on the account type and bank.
Some banks allows to have zero balance account, you have to check with the bank website or the bank personally.
You will also get a local debit card on the same day of the account opening which can be used for local transaction.
Portuguese is the official language used in bank communication, so if you are planning to visit the bank, kindly take a translator with you.
It is better to visit the banking website, since there is a English version available in the website which will give more information. Some banks provide online account opening facility to open a bank account.
What are the banking hours in Angola ?
Banks generally open from 8 AM to 12.30 PM and 2 PM to 3 PM on Monday – Friday. The banks follows the list of public holidays in the region.
What are the documents required to open a bank account in Angola ?
- Identification documents – Resident card , Passport .
- Proof of address – Rental or lease documents , utility bills .
- Work Permit – work visa in case of expat.
- Tax account number ( NIF)
- Two passport photographs .
- Local mobile number .
- Income source – pay slips or letter from employment.
- Business registration – incase of current account .
- Letter from employer stating direct deposit – for salary accounts .
- Individual Information Sheet for each participant (to be completed at the Bank Branch counter ).
You can upload scanned copies for online account opening or carry copy document of originals to the bank.
How to send money from Angola ?
You have many option if you want to send money to Angola, but to send money outside Angola there are very few options like Bank to Bank transfer, Western Union , or MoneyGram.
Most of the banks have a financial relationship with MoneyGram and Western Union to do their money transfer request. These services come with a huge tax and service charge and poor exchange rates, check with your bank before you transfer.
There are also few online providers like Fin.do, Xoom presently providing money transfer service through your VISA and Master card.
Due to strict banking regulation sending money outside of Angola is a tough process and you need a local support to transfer funds.
The rule and regulation of fund transfer changes periodically, it better to check with your local bank before you make a transfer.
Can a freelancer from other country open a bank account in Angola ?
You required a work visa or a resident permit to open a bank account in Angola, if you are a foreigner working on freelance project you can withdraw or send money through wire transfer methods using Western Union, Paypal or Paysera.