Foreign Currency Account and Remittance

Foreign Currency Account

Quick facts on how Ethiopians and Ethiopian Origin living in the Diaspora can open the Foreign Currency Account in their country of origin.

Requirments

v Who can open the Foreign Currency Account?

1. All Ethiopian nationals and foreign nationals of Ethiopian origins living and working abroad outside Ethiopia for more than one year

i.e. a non-resident and holder of a valid Ethiopian passport for Ethiopian Nationals and identification card for Non-Resident Foreign Nationals of Ethiopian Origin (attesting that s/he is a foreign national of Ethiopian origin)

2. Business entities owned by by non- resident Ethiopians  and located outside the Ethiopian territory for more than one year.

v Types of Foreign Currency Account

  1. Interest Bearing Non- resident Fixed Foreign Currency Account

  2. Non- Interest Bearing Non- Resident Foreign Currency Account

Directive No. FXD/25/2006 Amendment to Directive No. FXD/25/2005

  • Establishment and Operation of Foreign Currency Account for Non-Resident Ethiopians and Non-Resident Ethiopian Origin. National Bank of Ethiopia, (28 August  2006) (PDF)

vHow to open the  Foreign Currency Account?

Persons living abroad may contact the opening bank in person, by post, e-mail, fax, telex, and or/ other electronics media authorized by the bank to open an account in his/her name.

vWhat are the types of currencies?

    A. The US Dollar

    B. Pound Sterling

    C. Euro

 

vWhat are the types of Permitted Accounts?

  1. Fixed account

  2. Current account

  3. Birr Account

v Where Ethiopians in the Diaspora get these services?

 

vvv Bank of Abyssinia

 Diaspora Account

 Ethiopians living abroad can open:

 a)     A Checking Account: It is a non-interest bearing account.

 b)  A Savings Account: Deposits and withdrawals are made using the Bank's form. It is an interest bearing account.

 c)    A Special Saving Account: It can be operated using special check. It is an interest bearing account.

 d)    A Non-Interest Bearing Account in Foreign Currency will, in future, be allowed for Ethiopians living abroad.

 Steps for opening of Special Savings Account

 

      1.Read Carefully the “Terms and Conditions"

      2. Fill the forms

            2.1   Account Opening Form

            2.2   Specimen Signature Form in two copies

            2.3   Check Requisition form

            2.3   List if Correspondent Banks with Bank of Abyssinia

 

      3. Sign as per terms and conditions

      4. Send the documents through snail mail to the following address; The Manager, Filwuha Branch (You can use other branches as indicated in Bank lists)

                Bank of Abyssinia

                P.O. Box 12947

               Addis Ababa, Ethiopia

For more information click here the for the website of the Bank.

For more information visit

http://www.bankofabyssinia.com/Information%20to%20Ethiopians%20in%20the%20Diaspora.htm

vvvCOMMERCIAL BANK OF ETHIOPIA 

Diaspora Account

TYPES OF DIASPORA ACCOUNT

I. FIXED (TIME) DEPOSIT ACCOUNT;-

  • It is an interest bearing account with agreed maturity date. The minimum maturity period is three months.
  • It is opened with an initial deposit of US Dollar 5,000 or its equivalent in any of the above stated currencies.
  • Interest on such accounts shall be payable only if they are maintained at least for the minimum period.
  • Interest income on such accounts is tax-free.

II. CURRENT ACCOUNT:-

  • It is operated by cheque book.
  • Withdrawals can be made at any time by writing a cheque.
  • It can be opened with an initial deposit of US Dollar 100 or its equivalent in any of the above stated currencies.
  • The maximum amount to be deposited shall not exceed US Dollar 50,000 or its equivalent in any of the above stated currencies.
  • Interest shall not be paid to a non-resident foreign currency current account.

III. NON-REPATRIABLE BIRR ACCOUNT

  • It may take the form of saving deposit account that can be used for local payments only.
  • Such account will pay double interest of the minimum saving deposit rate set by the National Bank of Ethiopia.

  • Money can neither be transferred from this account to abroad nor converted from the local currency to any foreign currency.

  1. Diaspora Accounts Detail

  2. Application form for foreign currency Account

For more information visit

http://www.combanketh.com/home.php?id=51

 

vvvLION INTERNATIONAL BANK

Diaspora Account

  • Interest bearing account opened for customers residing abroad.

  • It is operated using a cheque and this makes it easier for the above category of customers to write a cheque and send it to a payee in Ethiopia to withdraw money from the account.

  • The interest is calculated and capitalized every month.

  • Saving passbook is rendered unnecessary. Statement of the account is provided every three months.

Click on the links below for more information and forms:

For more information visit

 

Remittance Service

 

የውጭ ምንዛሪ ሂሣብ መክፈት

በሀገር ውስጥ የውጭ ምንዛሪ ሂሣብ መክፈትን በተመለከተ ጠቅለል ያለ መረጃ

በውጭ አገር የሚኖሩ ኢትዮጵያውያንና ትውልድ ኢትዮጵያውያን በሀገሪቱ ባንኮች የውጭ ምንዛሪ ሂሣብ እንዲከፍቱ በመመሪያ ተፈቅዶላቸዋል፡፡

በመመሪያው መሠረት ብቁ የሚያደርጉ መስፈርቶች፡

v      ማን የውጭ ምንዛሪ ሂሳብ ሊከፍት ይችላል?

 1.  በውጭ ከአንድ ዓመት በላይ ነዋሪ የሆኑ ኢትዮጵያውያን የኢትዮጵያዊነት ማረጋገጫ ፓስፖርትና የኢትዮጵያ ተወላጅ የሆኑ የውጭ ሃገር ዜጐች/ተወላጆች መሆናቸውን የሚገልጽ የትውልድ ኢትዮጵያዊነት መታወቂያ ያለው/ያላት፣

 2.  በውጭ ከሚኖሩ ኢትዮጵያውያን ወይም ትውልድ ኢትዮጵያውያን ባለቤትነት የሚንቀሳቀሱ ሕጋዊ የንግድ ድርጅቶች፣

v vስንት አይነት የውጭ ምንዛሪ ሂሣብ በሀገር ውስጥ ለመክፈት ይቻላል?

  1.  ወለድ የሚያስገኝ የጊዜ ገደብ ተቀማጭ፣

  2.  ወለድ የማያስገኝ የተንቀሳቃሽ ሂሣብ ተቀማጭ፣

  ለበለጠ መረጃ ተያያዥ መመሪያዎች በውጭ አገር የሚኖሩ ኢትዮጵያውያንና ትውልድ ኢትዮጵያውያን በሀገሪቱ ባንኮች የውጭ ምንዛሪ እንዲከፍቱ እና እንዲያንቀሳቅሱ ለመፍቀድ የወጣ መመሪያ ኤፍ ኤክስ ዲ/31/2ዐዐ6/ ፣

v vየባንክ ሂሣብ እንዴት መክፈት ይቻላል?

1.  ሂሣብ መክፈት የሚፈልጉ ግለሰቦች እራሳቸው በግንባር በመቅረብ ወይም በፖስታ፣ በኢ-ሜይል፣ በፋክስ፣ በቴሌክስና በሌሎች የኤሌክትሮኒክስ መገናኛ ዘዴዎች በመጠቀም መክፈት ይቻላል፡፡ ኤምባሲ በመቅረብ አስፈላጊው ቀድመ ሁኔታ በማማላትን ፊርማን በማረጋገጥ፡፡

v vሂሣቦች የሚከፈቱበት የገንዘብ አይነት?

1.  የአሜሪካ ዶላር

2.  የእንግሊዝ ፓውንድ እና

3.  ዩሮ ናቸው፡፡

 

vv   ከውጭ ወደ ሀገር ውስጥ ገንዘብ የመላክ አገልግሎትን በተመለከተ የወጣ መመሪያ (የኢትዮጵያ ብሔራዊ ባንክ መመሪያ ቁጥር ኤፍ. ኤክስ ዲ/3ዐ/2ዐዐ6)፣

 

vv በውጭ አገር የሚኖሩ ኢትዮጵያውያን በሀገር ውስጥ የውጭ ምንዛሪ እንዲከፍቱ የሚፈቅደውን መመሪያ በሚመለከት የተዘጋጀ መግለጫ፡፡

 

vv የማመልከቸቻ ቅፅ (PDF)

 

 ከውጪ ወደ ሀገር ውስጥ ገንዘብ የመላክ አገልግሎትን

vv ከውጪ ወደ ሀገር ውስጥ ገንዘብ የመላክ አገልግሎትን በተመለከተ የወጣ መመሪያ የኢትዮጵያ ባሄራዊ ባንክ መመሪያ ቁጥር ኤፍኤክስ ዲ30/2006

Quick Facts To Open The Account (Commercial Bank)

There are two short ways of applying to open foreign currency account in the commercial bank of Ethiopia.

1. Online application through the Website (www.combanketh.com)

A.    Download the Diaspora accounts application form, print it, fill and sign it correctly.                   Application form for foreign currency Account

B.    Scan, the signed application form, your passport /Ethiopian origin ID if you are a foreign citizen/ and your resident ID.

C.    Send it through e-mail (cbeftnrt@ethionet.et) directly to attention International Department of the commercial bank of Ethiopia.

D.    The department of the bank will open the account and communicate you the account number so that you could wire your initial deposit either through SWIFT or other sending mechanisms.

E.    Wire the money to your directly to your account number with in two weeks period from date that the bank communicate let you know the number.

F.    When you need to transfer money to the account any time, you will just wire the money directly to your account number.

G.   The bank will send you your bank statement through your address.

2. Application through Embassies:

A.    Download the Diaspora accounts application form and print it, or collects the copy of it from the embassy, fill and sign it. Application form for foreign currency Account

B.    Get copy of your passport/Ethiopian origin ID if you are a foreign citizen/ and your resident ID.

C.    Forward the signed application form along with the above documents to the embassy for authentication.

D.    Send all the above documents by yourself through post office or drop them with the embassy so that the embassy could send it to the bank.

E.      Within two weeks time, the bank will open the account and send your account through the embassy or through your own address.

F.     Wire the money to your account number with in two weeks period.

G.    When you need to transfer money to the account any time, you will just wire the money directly to your account number.

H.    The bank will send you your bank statement through your address or through the address of the Embassy.

 

 

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