Stockholm Ethiopian Embassy- Foreign Currency bank Account

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

Interest Bearing Non- resident Fixed Foreign Currency Account
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.

Procedure Manual For Opening and Operating Non-Resident Foreign Currency Accounts for Non-Resident Ethiopians and Non-Resident Foreign Nationals of Ethiopian Origin
(National Bank of Ethiopia, 16 July 2004, PDF)

vWhat are the types of currencies?

A. The US Dollar

B. Pound Sterling

C. Euro

vWhat are the types of Permitted Accounts?

Fixed account
Current account
Birr Account

v Where Ethiopians in the Diaspora get these services?

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

Comercial 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.

For more information visit

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

Lion 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:

Diaspora Accounts Detail
Current Accounts Form (CA-025)
Saving Account Form (SA-014)
Joint Accounts Form (SA-015)
Cheque Requisition Form (CA-007A)

For more information visit

http://www.anbesabank.com/Diaspora_account.php

A Brief Directive of the Remittance Service for Non-resident Ethiopians and Non-resident foreigners of Ethiopian Origin. (Provision for International Remittance Service 2006, PDF)