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Foreign Currency Denominated and Other Nonresident Accounts - Non Resident Foreign Currency Accounts - Dashen Bank

Foreign Currency Denominated and Other Nonresident Accounts – Non Resident Foreign Currency Accounts

These types of accounts are opened for international institutions, embassies, foreign individuals, etc who reside in Ethiopia. Opening of such accounts require the following: –

a) Written authorization from National Bank of Ethiopia. Authorization letter will indicate name of opener and applicable type of currency.

b) Filling account opening application of Dashen Bank.

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

d) Article & Memorandum of Association (in the case of institutions).

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

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 accounts.). 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) These accounts are non-interest bearing.