Questions
Residents of
Ethiopia
Non-Resident
Ethiopian Individuals
Persons of Ethiopian Origin,
i.e. Non-Resident Foreign
Nationals of Ethiopian Origin
Can I open a foreign currency
account in any Authorized Bank
in Ethiopia?
Yes
Yes
Yes
What type of identification is required
to open a Foreign Currency account?
Passport
National ID
Driving License/Local ID card
Passport
Resident Card
National ID
Driving License/Local ID card
Passport
Ethiopian Origin ID Card
What types of Foreign Currency
(FCY) accounts are available for me
to open?
Current, Saving and
Time Deposit
Current, Saving and
Time Deposit
Current, Saving and
Time Deposit
What is the minimum balance
required to open a Foreign
Currency (FCY) account?
100 USD
100 USD
100 USD
Is it possible for anyone to transfer
funds to my account?
Yes
Yes
Yes
What types of currencies can I use
to open and maintain a Foreign
Currency account?
Any tradeable currencies acceptable by NBE
Any tradeable currencies acceptable by NBE
Any tradeable currencies acceptable by NBE
Is there a maximum limit on the
amount of funds I can transfer?
No
No
No
Is there a time limit on how
long I can maintain my balance
in a Foreign Currency account?
No
No
No
Are the interest rates on Foreign
Currency accounts negotiable?
Yes
Yes
Yes
Are exchange rates for Foreign
Currency transactions negotiable?
Yes
Yes
Yes
Can I open a Foreign Currency
account at any Ethiopian bank?
Yes
Yes
Yes
Is it possible to open multiple
Foreign Currency accounts?
Yes
Yes
Yes
Can I convert my Foreign
Currency account balance
to Ethiopian Birr at any time?
Yes
Yes
Yes
Can I use my Foreign Currency
account balance as collateral?
Yes
Yes
Yes
Can I use my Foreign Currency
account to make payments for
foreign services?
Yes
Yes
Yes
For what type of services payments can I use my Foreign Currency account?
travel, transportation, education, medical treatment, government services, and business services.
What is the maximum amount I can
withdraw from my Foreign Currency
account per trip?
10,000 USD in cash or via debit card per trip, with an additional 10% of your balance accessible through your debit card
What is the maximum amount I can
withdraw from my Foreign Currency
account for other services?
Based on the value of the provided invoices