Foreign Currency

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Diaspora Deposit Products

Who is eligible to open Diaspora accounts?

  • Non-Resident Ethiopian
  • Non-Resident Foreign Nationals of Ethiopian Origin

What kind of Diaspora accounts are allowed to open?

  • Diaspora Current Account
  • Fixed or Time Deposit Account
  • Non-repatriable Birr Account

To open Diaspora accounts, what kinds of documents are needed?

  • Properly filled and signed application by account holder
  • Can be operate by power of attorney
  • Resident Permit/Certification
  • Valid passport and/or identification card
  • Certification of ownership entitlement for the organization and/or article and
    memorandum of association

What types of currencies are allowed to maintain the Diaspora accounts?

  • The US Dollar
  • Pound Sterling
  • Euro

Minimum foreign currency cash requirement to open Diaspora accounts?

  • For an individual USD 100 or its equivalent
  • For fixed time deposit USD 5,000 or its equivalent

How to credit Diaspora accounts?

  • The account holder
  • The spouse of the account holder upon presentation of marriage certificate
  • The employer upon presentation of valid employment agreement
  • The business entity owned by the account holder or share company upon presentation of documents ascertaining the shareholding

What’s in it for you?

  • Make local payments in Birr
  • Make foreign payments for import
  • Effect Transfer abroad
  • Withdraw for travel in cash notes
  • Convert into a Birr account at the prevailing exchange rate
  • Serve as collateral or guarantee for loans or bids
  • Can be withdrawn against a cheque written and a withdrawal slip

 

Retention Account

The Bank is authorized to facilitate retention accounts to exporters, service providers to foreign customers, resident companies, institutions, individuals, and government organizations other than diplomatic mission, who continually receives incoming foreign remittances.

What types of currencies are allowed to maintain the Retention accounts?

  • The US Dollar
  • Pound Sterling
  • Euro

FCY Saving Account

A foreign currency saving account is a type of bank account that allows you to deposit and hold funds in a currency other than your home country’s currency. This type of account allows you to save and transact in a foreign currency, which can be useful if you frequently travel or do business in another country. It can also be used as a hedge against currency fluctuations, as you can hold funds in a stable currency if your home currency is volatile. Keep in mind that foreign currency accounts may have different interest rates, fees, and risks compared to domestic currency accounts.

What types of currencies are allowed to maintain the Saving Diaspora accounts?

  • The US Dollar
  • Pound Sterling
  • Euro

Foreign direct investment (FDI)

Foreign direct investment (FDI) refers to the investment made by a company or individual in one country into business interests located in another country. It involves a substantial and long-term investment, typically resulting in the investor having significant influence or control over the foreign business.

FDI can take various forms, including the establishment of a subsidiary or associate company, the acquisition of a significant stake in a foreign company, or the creation of a joint venture with a foreign partner. The primary purpose of FDI is to gain access to new markets, resources, technology, or expertise.

FDI can bring several benefits to both the investing company and the host country. For the investing company, it provides opportunities for business expansion, diversification, and access to new markets and resources. For the host country, FDI can bring in capital, technology, management expertise, and employment opportunities.

What types of currencies are allowed to maintain the FDI accounts?

  • The US Dollar
  • Pound Sterling
  • Euro

 

—-Interested in Having One?

GET YOUR BANKING ACCOUNT IN EASY STEPS

1.

1.

Prepare Required Documents

Identification card: e.g. Passport, kebele id, driving license,…

Photo: – Two passport size photos

2.

2.

Visit our Nearest Branch

Once you have gathered your documents, visit your nearest branch.

3.

3.

Fill our Customer Application Form

Fill out the application form today and get ready to experience banking like never before.