BANKING SCHEMES

International Banking

Foreign Currency A/Cs for Ethiopians in Diaspora

These types of accounts are opened for Ethiopians living abroad (who live more than one year abroad) and Ethiopians by origin but with different nationalities that are referred as eligible Ethiopians. Opening of such accounts require the following: -

a) Filling account opening application of Dashen Bank.

b) Valid passport /work permit/residence permit (in the case of individuals).

c) Article & Memorandum of Association (in the case of institutions that are owned by eligible Ethiopians).

d) If institutions, delegation letter to open and operate account (person who sign delegation letter should be the one specifically empowered to delegate account operators in the Article & Memorandum of Association).

e) Documents indicated under item nos. b and c should evidence existence over one year.

Important points to be noted

a) Credits/deposits to these accounts are allowed only from sources abroad and from some of NR accounts in Dashen Bank (foreign currency or NR Transferable ETB or NRNT accounts.) Credits from NR accounts are not allowed if payments are from domestically owned properties (for instance rent.) Transfers can be done by SWIFT/Wire Transfers through foreign banks, foreign currency cash notes supported by customs declaration at the time of entering the country (airports or borders), foreign remittance service providers like Western Union and withdrawals by foreign payment cards.

b) Credits/deposits are not allowed from domestic accounts or by ETB cash notes.

c) Transfers from these accounts to foreign countries do not require permit approval. However, payments for imports require import permit approvals.

d) Transfers or payments from these accounts can be done to any account within Dashen Bank. Transfers to other bank accounts and all cash payments locally will be done only in Ethiopian Birr (ETB).

e) Fixed Time deposits will fetch interest as per the bank’s rate.