Commercial Bank of Ethiopia, CBE

It is a deposit account targeted for Ethiopians in Diaspora to open and use foreign currency account at home country.
Individuals and companies can open this account.
This account can serve as collateral to get credit in local currency from domestic banks in line with the opening bank's credit policy.
Deposit is made in one or more of the following currencies:
- US Dollar
- Pound Sterling
- Euro

Deposits that are made in other convertible currencies such as Canadian Dollar, Saudi Riyal, Japanese Yen, Australian Dollar and UAE Dirham shall be converted to any of the above stated three currencies at spot exchange rate based on the preference of the account opener.

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.

ELIGIBLE APPLICANTS

THE FOLLOWING ARE ELIGIBLE TO USE A DIASPORA ACCOUNT:

Non-resident Ethiopian nationals living and working outside Ethiopia.
Non-resident foreign nationals of Ethiopian origin.
Companies owned by the above-mentioned non-residents and located outside the Ethiopian territory for more than one year.
Ethiopian nationals living and working abroad or in due process of living abroad for work for more than one year and who can produce authenticated documents.

OPENING OF THE ACCOUNT

Persons residing abroad can open the account in person or by post in his/her name.
Applicants who could not be physically presented to open the account in the domestic banks can use the Ethiopian Embassies, Correspondent Banks or nearby remittance service providers to prove their identities.
Opening of a foreign currency account by Power of Attorney is not allowed. However, Power of Attorneys are allowed to withdraw from these accounts provided that the Power of Attorney explicitly empowers them to operate these accounts.
An individual may open current account in only one of the domestic banks whereas he/she may open fixed deposit accounts in more than one bank.

CLOSURE OF THE ACCOUNT

The following conditions may lead to closure of the Diaspora account:

Upon the request of the account holder.
When the account holder starts to live in Ethiopia after completion of his/her stay abroad.

REQUIRED DOCUMENTS

Application forms properly filled and signed by the applicant.
Ethiopians or foreign nationals of Ethiopian origin shall present valid passport and/or identification card.
For businesses, Certificates of ownership /entitlement for the organization and/or Articles and Memorandum of Association.

To download the application form for diaspora account click here. Application Form/Download

NON-RESIDENT FOREIGN CURRENCY ACCOUNT (NR-F/CY)

The balance of this account is kept in foreign currency. The account holders can withdraw money from this account in foreign currency upon presentation of travel documents (VISA and valid Air Ticket), without having a foreign exchange control permit. However, for the purpose of using the money here in Ethiopia, the account holder withdraws in local currency (Birr) only.

BENEFITS

Gives better services to the diplomatic community and members of international organizations by facilitating payment in both local and hard currencies.

ELIGIBILITY

Foreign Embassies, Legations and consulates.
United Nations Organizations or African Union
Official members of Diplomatic Corps, holding diplomatic passports and their equivalent working in different organizations and AU, except Ethiopian nationals
Staff members of Foreign Embassies, UN organizations, etc
DOCUMENTS REQUIRED

To openforeign currency account, an applicant must fulfill the following:
His/her salary must be fully paid from foreign sources
Payments should be from other NR or F/cy account holders
Permission is required from NBE
Deposits in local currency or local checks are not acceptable.

TO WITHDRAW FROM THE ACCOUNT
A valid passport or an I.D. card from the Ministry of Foreign Affairs..

NON-RESIDENT TRANSFERABLE BIRR ACCOUNT (NR)

This account is the same as that of foreign currency account, except that the balance is kept in local currency and withdrawal is made in Birr.

BENEFITS

Gives better services to the diplomatic community and members of international organizations by facilitating payment in both local and hard currencies.

ELIGIBILITY
- Foreign Embassies, Legations and Consulates.
- United Nations organizations or African Union
- Official members of Diplomatic Corps, holding diplomatic passports and their equivalent working in different organizations and AU, except with Ethiopian nationals
- Staff members of Foreign Embassies, UN organizations, etc.
  
  DOCUMENTS REQUIRED
  To open NR accounts the following requirments shall be fulfilled:
- The applicant's salary must be fully paid from foreign sources.
- Payments should be from other NR or F/cy account holders.
- Permission is required from NBE.
- Deposits in local currency or local checks are not acceptable.
  
  TO WITHDRAW FROM THE ACCOUNT
- A valid passport or an I.D. card from the Ministry of Foreign Affairs.
  
  NON-TRANSFERABLE BIRR ACCOUNT (NT)
  
  This account is a Birr account. The holder of this account can withdraw only in Birr and, upon presentation of a foreign exchange permit. To buy foreign currency from this account, he/she should have got a foreign exchange permit form (OFP) after presenting confirmed air tickets and passports.
  
  BENEFITS
  - Give better services to the diplomatic community and members of international organizations
  - Improve the means of payment for goods and services that the International Community may purchase in Ethiopia.