Lilongwe, May 13, 2022– Standard Bank Plc today proudly announces launch of the Diaspora Account to facilitate remittances for Malawians living abroad and wishing to invest back home.
Available in United States Dollar, Euro, South African Rand and British Pound sterling currencies, the Diaspora Account is supported with Malawian investment options, and carries no monthly fees.
Standard Bank’s Head of Consumer and High Net Worth (CHNW) Charity Mughogho said the account offers competitive exchange rates and can be opened with a passport by simply clicking here to download and complete the application documents.
“The account comes with the option of either having a Malawi Kwacha account or keeping savings in a foreign currency denominated account (with four currency options). The account carries no management fees with same day delivery of inward telegraphic transfers. It also allows customers to choose between a single or joint account that comes with a debit card which can be activated for use internationally,” she said.
Mughogho said diaspora account holders will be assigned to a dedicated account manager and would not be required to maintain a minimum book balance and will enjoy a number of bundled free services such as mobile and internet banking, e-mail alerts, same-day inward telegraphic transfer settlements and online purchases together with a streamlined account management service.
The CHNW Head said Standard Bank’s sister company, Standard Bank Bureau de Change will allow diaspora account holders to exchange their foreign currency into Malawi Kwacha at competitive rates. This option can be facilitated between the foreign currency account and Malawian Kwacha account upon instruction from the customer, she added. She said in coming up with the Diaspora Account, Standard Bank wanted to address challenges Malawians living abroad face when they want to invest back home or make important remittances to relations and causes.
She said the new account is line with Standard Bank’s purpose of offering innovative financial solutions designed to contribute to the country’s economic growth.
Mughogho said “The new diaspora account goes in line with our purpose which is that Malawi is our home and we driver her growth. As Standard Bank we are giving diaspora clients the option to build their dream house without the stress of monitoring the project, as the bank works with accredited property developers to manage the project for you. If you already own a home, you can opt to access equity release to free up capital tied in an existing house. Equity release financing goes up to 70% of the home value. The funds accessed through equity release are available for use at the discretion of the account holder and can go towards property development or a new business,” said.
She said other services available with the diaspora account include funeral cover, travel insurance, vehicle insurance, loan protection cover and home owners insurance which are under the Bancassurance portfolio.
In addition, diaspora account holders will have access to their cash from anywhere in the world using Standard Bank’s 247 digital application, which will also provide full account management at the touch of a button and with no additional cost.
“Standard Bank is well aware of the many frustrations and challenges that Malawians in the Diaspora face when they seek to open a Malawian bank account, get the best exchange rates, send money back home and manage their account for future needs. This new account and bundled offers go some way in creating sustainable solutions to the need of Malawians living and working throughout the world. As they look to contribute to the economic growth of the nation and also put in place assets for an eventual return back home. Standard Bank is available to support Malawians living in the diaspora through every step of the journey,” Mughogho said.
Completed account opening documentation needs to be supported with a certified copy of the applicant’s demographic page of their passport, scan of a passport sized photo or digital equivalent, certified copy of residential permit and certified proof of income. The full application can then be emailed to diasporasupportcentre@standardbank.co.mw
