Ethiopia - Open Diaspora Foreign Currency Account

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Procedure

Apply In-Person:

1. Application form for opening Diaspora Foreign Currency Account in Ethiopia is available in the respective banks.
2. Ministry of Finance and Economic Development has the control over all banks in Ethiopia contact link
3. Applicant must fill-in all the necessary details in the application form.
4. Applicant must make sure to carry documents that are listed under the “Required Documents” section of this page (Both photocopies and originals).
5. Applicant must attach the photocopies of the documents (whichever is necessary) along with the application form.
6. A particular amount has to be deposited for opening Diaspora Foreign Currency account. The amount depends on the bank.
7. This procedure can be completed within a two weeks and the applicant can collect their bank passbook by visiting their banks or the passbook will be sent to the applicant via post.
   

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Required Documents

• Application forms properly filled and signed by the applicant.
• For Ethiopians or foreign nationals of Ethiopian origin individuals, valid passport and/or identification card.
• For businesses, Certificates of ownership entitlement for the organization and/or Articles and Memorandum of Association.
• A Duly Signed Account Opening form for Foreign Currency Bank Account.
• Two specimen signature card.
• Two Recent Passport Photos.
• Identification card i.e Ethiopian Original ID, Voters Card or passport.
• Utility bill for resident.
  

Office Locations & Contacts

Location: Addis Ababa
Address: Ministry of Finance and Economy Development, Addis Ababa, Ethiopia
Contact link

Eligibility

• Applicant must be 18 years and above.
• Applicant must be an Ethiopian in Diaspora and must have an origin ID.
  

Fees

Fee of 53 Birr is charged for this service.

Validity

Valid until the customer maintains minimum deposit amount in the bank.

Documents to Use

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Sample Documents

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Processing Time

Two weeks.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.gIn the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

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Required Information

• Full name of applicant
• Sex, Age and marital status
• Nationality
• Education background
• Risk assessment form
• Resident permit in case of foreigner
• Utility bill for resident
• No need of mandatory initial deposit
• Ethiopian origin ID
• Passport
• Scanned application form
  

Need for the Document

• All Ethiopian nationals and foreign nationals of Ethiopian origins living and working abroad outside Ethiopia for more than one year are free to open up a Diaspora foreign currency Bank Account.
• Ethiopian and naturalized Ethiopian Diaspora with Ethiopian origin ID may open a foreign currency and convertible birr accounts in Ethiopia.
  

Information which might help

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Other uses of the Document/Certificate

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External Links

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Diaspora Bank Account
This 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 banks 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.
• Interest rate on such accounts shall be double of the minimum saving deposit rate set by the National Bank of Ethiopia, currently it is 10%.
• Money can neither be transferred from this account abroad nor from the local currency to any foreign currency.