Wakili Current Account

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Target Market:

Tailor made and suitable for law firms which are required by law to maintain 2 types of current accounts, for clients and office administration. Both accounts will benefit from similar terms and conditions.

Waivers

  • No charge on withdrawal or deposit of Kenya shillings over the counter
  • No charge on internal transfers from one account to the other within BOA
  • No charge on incoming wire transfers
  • No minimum operating balance requirement
  • No charge on bi-weekly or monthly statements
  • Free processing of salaries for staff with accounts in BOA
  • Free mail box in the banking hall
  • No charge on interim statement

Concessions

  • Reduced charge on monthly ledger fees for both Kshs and foreign currency current accounts of Kshs 15 per item minimum Kshs 500 per month
  • Lower charges on bankers cheques at Kshs 200
  • Low opening balance
    • USD, EUR and GBP 100
    • Kshs 10,000
  • Preferential exchange rates for foreign currency conversions in all major currencies
  • Reduced charges on SWIFT transfer sent abroad at Kshs 1,500
  • Lower charges on cheque books, Kshs 500 (50 leaves) Kshs 750 (100 leaves)

Premium Deposit Rates

For all law firms, preferential higher rates for deposit will be offered with room for negotiation on all call and fixed deposits. The indicative rates will be regularly advised to the law firms. This has the following advantages:

  • Law firms will be aware of the indicative rates applicable beforehand
  • Law firms would at an instant be able to estimate the interest and withholding tax the deposit would accrue before hand, and thus advice their clients accordingly
  • Simplifying the rate negotiation process thus saving time

Frequently Asked Questions

Who can open a Wakili Current Account?

The Wakili account is tailor-made and suitable for law firms which are required by law to maintain two types of current accounts, for clients and office administration.

How much is opening balance?

The opening balance on this account is Kshs. 10,000 or USD, EUR and GBP 100.

Can we operate using both local and foreign currency?

Yes. You can be able to transact using both local and foreign currency. You will also get preferential exchange rates for foreign currency conversions in all major currencies.

How much do we need to pay to maintain account?

Holders of this account benefit from a reduced charge on monthly ledger fees for both Kshs. and foreign currency accounts of Kshs. 15 per item, minimum being Kshs. 500 per month.

How much interest will be earned on account?

The bank will pay interest monthly on cleared available balance in each account for both Kshs and foreign currency.

How much is minimum operating balance for se accounts?

This account does not have a minimum operating balance requirement.

How much will be charged for wire transfers both locally and internationally?

There are no charges on incoming wire transfers. There are also reduced charges on transfers sent abroad on SWIFT platform at only Kshs. 1,500.

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