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Foreign Currency Denominated and Other Nonresident Accounts - Non-Resident Transferable Ethiopian Birr (ETB) Account - Dashen Bank

Foreign Currency Denominated and Other Nonresident Accounts – Non-Resident Transferable Ethiopian Birr (ETB) Account

These types of accounts are opened for international institutions, embassies, foreign individuals who reside in Ethiopia, etc. 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 to delegate account operators in the Article & Memorandum of Association).

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) Dashen Bank’s prevailing selling rate will be applied if payments are to be made in foreign currencies.

d) Transfers from these accounts to foreign countries do not require permit approval.

e) Payment instructions for travel abroad can be made in cash notes, transfer to foreign accounts, etc.

f) Payments for imports require import permit approvals.