Foreign currency accounts may be established by eligible individuals and entities upon the fulfillment of the requirements applicable for specific accounts.
Eligible customers can choose to setup the accounts in USD, GBP or Euros. While an initial cash deposit of $/€/₤ 100 is required, additional funds can be deposited in foreign currency if it has been declared by customs, if funds are returned from travel expense or cheque drawn from non-resident foreign currency and transferable accounts or other FCY Accounts.
These accounts can be operated in person or through the bank state of the art e-channel services or electronic payment modes.
Some of the bank FCY account gives Prestige for the account holders to earn attractive interest rate on the deposit balance. For a better interest rate, the account holder can deposit money under time deposit, a minimum of USD 5000 or its equivalent in other FCY for at least three months’ period.
FDI Companies, International Organizations, Embassies, and Foreign NGOs are eligible to open this accounts. This account can be opened in USD, EUR, GBP or other acceptable tradeable foreign currency by NBE. Holders of FCY Accounts for Foreign Companies, International Organizations, Embassies and Foreign NGOs may use the account for all foreign payments without any restriction.
Resident of Ethiopian National, Resident of Foreign National who have temporary or permanent residence permit, and Not For profit Organizations are eligible to open this account. This account can be opened in USD, EUR, GBP or other acceptable tradeable foreign currency by NBE.
Non-Resident Foreign Nationals of Ethiopian Origin, Non-Resident of Ethiopian Nationals who have already been living and working abroad for more than one year, Ethiopian nationals in due process of leaving abroad for work for more than one year and who can produced authenticated documents to this effect and business entities owned by non-resident Ethiopian and located outside the Ethiopian territory for more than one year are eligible to open this account. This account can be opened in USD, EUR, GBP or other acceptable tradeable foreign currency by NBE.
Exporter of goods and services and merchants and/or entities licensed by the NBE to collect cash notes and credit card/debit card/prepaid card/payments for goods and services they sell; are eligible to open this account to retain their FCY proceed. This account can be opened in USD, EUR, GBP or other acceptable tradeable foreign currency by NBE.
