Localize your currency Esubalew D April 27, 2023
Foreign Currency Deposit Accounts
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Foreign Currency products and services
Foreign Currency Deposit Accounts

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Non-Resident foreign currency Account (NR/FCY)

The balance in this account is kept in foreign currency. A deposit to such account can be made from a transfer in hard currency, travelers’ checks, foreign cash notes, and a check drawn on a non- resident account. Holders of this account could draw foreign currency for travel purposes for their expatriate missions, transfers abroad, etc. A payment in Birr from this account is also possible.

Ø  Non-Resident Transferable birr Account (NR/T)

This account has same features and use as NR-FCY A/C except that it is denominated in Birr (local currency). It is possible to make payment in foreign currency for travel and other payments on the basis of supporting documents.

Ø  Non-Resident Non-Transferable (NR/NT): This is an account intended to facilitate payments locally in Birr and a foreign exchange permit should be obtained to make transfers in favor of beneficiaries residing abroad.

Non-Resident Accounts

Designated for international organizations, foreign nationals, Non-Governmental Organizations (NGOs), and staff members of foreign embassies. The non-resident accounts are denominated in foreign currency (FCY) and local currency (LCY) currency whose source of deposit is in FCY. 

Foreign Exchange Retention AccountsExporters of goods & services, recipients of inward remittances from abroad, local merchants or entities licensed by the National Bank of Ethiopia to collect foreign currency cash notes for sale of goods and services, and merchants and/or entities licensed by the national bank of Ethiopia to collect credit card/ debit card /prepaid card /payments for goods and service they sale can open this account. It allows account holders to retain a percentage of the earnings in accordance with National Bank directives.
Diaspora Demand
/ Current AccountA Foreign Currency account for Ethiopian Diaspora, from which money may be withdrawn without notice. It’s typically an active account catering for frequent deposits and withdrawals by Cheque (for MSME).
Diaspora Non-Repatriable
Saving AccountDiaspora Fixed Time Deposit High interest earning, time blocked, FCY denominated saving account for Ethiopian Diasporas. The deposit is opened, operated and the principal amount can be repatriated back in to a foreign country after the maturity period by the customer.