Opening Accounts from Abroad — Your Practical Guide

Why This Matters

The biggest barrier to diaspora investment is not knowledge or capital — it is logistics. How do you open a bank account and securities custody account in Angola when you live in Portugal, Brazil, or the UK? This lesson provides the practical roadmap, based on current processes as of 2026.

What You Need

Required Documents

From Angola:

• Bilhete de Identidade (BI) — valid Angolan national ID. If expired, renew through your nearest Angolan consulate.
• NIF (Número de Identificação Fiscal) — Angolan tax ID. If you never had one, apply through AGT or via consular services.

From your country of residence:

• Proof of address — utility bill or bank statement (less than 3 months old), in your name, at your current foreign address
• Proof of income — employment contract, salary slips, or tax return from your country of residence
• Passport — valid Angolan passport (or dual nationality passport)

Additional for non-resident investment accounts:

• AIPEX registration may be required for large investments
• BNA documentation for foreign-origin funds entering Angola

Key Tip

Start gathering documents early. The most common delay is expired IDs or missing tax identification. Visit your nearest Angolan consulate (in Lisbon, London, Pretoria, Brasília, Houston) to sort documentation before approaching banks.

Three Paths to Account Opening

Path 1: In-Person During a Visit

The most straightforward approach. During your next trip to Angola:

1. Visit the branch of your chosen bank (BAI, BFA, BCGA) in Luanda
2. Bring all documents listed above
3. Open a bank account (specify: non-resident or diaspora account)
4. Request securities custody account opening at CEVAMA through the same bank
5. Sign brokerage agreement
6. Make initial deposit (transfer or cash)

Timeline: 5-10 business days for full activation Advantage: Face-to-face resolution of any issues Disadvantage: Requires a trip to Angola

Path 2: Remote Opening via Bank’s Diaspora Services

Major Angolan banks have diaspora banking units:

BAI Diaspora: BAI has offices or correspondent relationships in Portugal, South Africa, and other countries. Some account opening steps can be initiated remotely.

BFA International: BFA’s connection to Portuguese banking (historically through BPI/CaixaBank) facilitates remote account setup for Portugal-based Angolans.

Process:

1. Contact the bank’s diaspora or international department (by email or phone)
2. Submit scanned documents for pre-verification
3. Bank prepares account opening documentation
4. You sign and return (some banks accept authenticated digital signatures; others require notarized physical signatures sent via courier)
5. Make initial deposit via international wire transfer
6. Account activated

Timeline: 2-4 weeks Advantage: No trip required Disadvantage: More back-and-forth, potential delays with postal services

Path 3: Via Angolan Consulate

Some banks partner with Angolan consulates to facilitate account opening:

1. Contact your nearest Angolan consulate
2. Ask about banking partnerships and account opening services
3. Complete forms and document verification at the consulate
4. Consulate forwards authenticated package to the bank in Angola
5. Account opened and you are notified

Timeline: 3-6 weeks Advantage: Consulate can authenticate documents, reducing courier needs Disadvantage: Dependent on consulate-bank partnership availability

Choosing Your Bank/Broker

For Portugal-based investors: BFA or BCGA may offer the smoothest process due to Portuguese banking heritage connections.

For South Africa-based investors: Standard Bank Angola leverages the Standard Bank Group’s pan-African network.

For UK/US-based investors: BAI’s broader international footprint may be most accessible.

Worked Example: Fernanda in London

Fernanda, 32, lives in London. She has a valid Angolan passport but her BI expired in 2024. She wants to invest GBP 500/month in Angola.

Step 1 (Week 1-2): Visit Angolan consulate in London. Renew BI (apply and collect, 2-3 weeks). Confirm NIF status.

Step 2 (Week 3): Contact BAI’s international department via email. Request diaspora account opening package.

Step 3 (Week 4): Receive document checklist from BAI. Prepare: renewed BI, NIF, UK proof of address (council tax bill), employment contract, passport copy.

Step 4 (Week 5): Submit all documents. BAI reviews and prepares account agreements.

Step 5 (Week 6-7): Sign agreements (notarized at Angolan consulate or UK solicitor). Return via tracked courier.

Step 6 (Week 8): Account activated. Transfer initial deposit of GBP 2,000 (~Kz 2,200,000) via international wire.

Step 7 (Ongoing): Monthly transfers of GBP 500 via Wise, Western Union, or bank wire to fund investments.

Total setup time: Approximately 8 weeks. After initial setup, monthly investing is straightforward.

Key Takeaways

• Three paths: in-person visit, remote via bank diaspora services, or via consulate
• Start with document preparation — expired IDs and missing NIF are the top delays
• Major banks (BAI, BFA, BCGA) all offer diaspora account services
• Choose your bank based on your country of residence and their international reach
• Budget 4-8 weeks for the full account opening process
• Once set up, ongoing transfers and investing become routine

Common Mistakes

Starting without valid documents — Do not contact the bank before your BI and NIF are sorted. You will waste time going back and forth.

Choosing the wrong transfer method — International wire transfers through traditional banks can cost $30-50 per transfer. Fintech options may be cheaper. Compare before committing.

Expecting developed-market service levels — Response times may be slower than your UK or Portuguese bank. Be patient and persistent.

What’s Next

With your accounts open, the next critical question is: how do you get money from your foreign bank account into your Angola investment account cost-effectively? The next lesson covers currency conversion and remittance optimization.

Next Lesson: Currency and Remittance Strategy — Getting Your Money There

Learn more about CEVAMA custody accounts and BODIVA trading.