As a customer of Equity Bank, you may have a Ugandan shilling (UGX) account and may want to convert it to a US dollar (USD) account. Unfortunately, changing your Equity Bank UGX account to USD is not possible. Instead, you will need to create a new USD account.
Why can’t you change your Equity Bank UGX account to USD?
There are several reasons why Equity Bank does not allow you to change your UGX account to USD. First, it is important to understand that UGX and USD are two different currencies, and each has its own value. The exchange rate between the two currencies fluctuates daily, depending on various economic factors. Therefore, if you have money in your UGX account and want to convert it to USD, you will need to use the prevailing exchange rate, which may not be favorable to you.
Secondly, Equity Bank has different account types for each currency. For example, the bank offers a USD account for customers who want to transact in that currency. This account has different features and requirements from the UGX account, and it is designed to cater to the needs of customers who deal in USD.
How to create a new USD account
If you want to transact in USD, you will need to create a new USD account with Equity Bank. The process of opening a new account is straightforward and can be done in three simple steps:
Step 1: Visit the nearest Equity Bank branch
To open a USD account, you will need to visit the nearest Equity Bank branch. Make sure you carry with you the necessary documents such as your national ID or passport, proof of residence, and a minimum deposit amount (USD 100).
Step 2: Fill out an account opening form
Once you are at the branch, you will be given an account opening form to fill out. Provide accurate information such as your name, address, and contact details.
Step 3: Deposit money into your new account
After filling out the account opening form, you will be required to deposit the USD 100 minimum amount into your new USD account. The minimum deposit amount may vary depending on the type of USD account you want to open.
Once you have completed these three steps, your new USD account will be activated, and you can start transacting in USD.
In conclusion, changing your Equity Bank UGX account to USD is not possible. If you want to transact in USD, you will need to create a new USD account with the bank. The process of opening a new account is simple and can be done at any Equity Bank branch. Remember to carry the necessary documents and the minimum deposit amount when visiting the bank. With a USD account, you can enjoy the benefits of transacting in a stable and widely accepted currency.