cbe

USD
51.5358
52.5665
,
GBP
61.5651
62.7964
,
EUR
55.1794
56.283
,
CHF
50.9279
51.9465
,
SEK
4.7567
4.8518
,
NOK
4.8455
4.9424
,
DKK
6.7122
6.8464
,
DJF
0.2863
0.292
,
JPY
0.3658
0.3731
,
CAD
36.4659
37.1952
,
SAR
12.434
12.6827
,
AED
12.6963
12.9502
,
XAF
0.012
0.0122
,
INR
,
KES
,
AUD
33.021
33.6814
,
SDR
,
ZAR
,
CNY
6.9894
7.1292
,
KWD
160.7565
163.9716

awash

USD
51.5358
52.5665
,
EUR
55.1794
56.283
,
GBP
64.4661
65.7554
,
CAD
40.2938
41.0997
,
AED
14.0291
14.3097
,
CHF
53.3276
54.3942

abyssinia

USD
51.5358
52.5665
,
GBP
61.5651
62.7964
,
EUR
55.1794
56.283
,
AED
12.6963
12.9502
,
NOK
4.8455
4.9424
,
SAR
12.434
12.6827
,
SEK
4.7567
4.8518
,
CAD
36.4659
37.1952

abay

zemen

CAD
40.2938
41.0997
,
EUR
55.1794
56.283
,
GBP
64.4661
65.7554
,
SEK
5.256
5.3611
,
USD
51.5358
52.5665

buna

nib

GBP
61.5651
62.7964
,
EUR
55.1794
56.283
,
CHF
50.9279
51.9465
,
CAD
36.4659
37.1952
,
SEK
4.7567
4.8518
,
AED
12.6963
12.9502
,
SAR
12.434
12.6827
,
ZAR
3.2658
3.3311
,
JPY
0.3658
0.3731
,
KES
0.4387
0.4475
,
DJF
0.2862
0.2919
,
INR
0.6601
0.6733
,
CNY
6.9894
7.1292
,
DKK
6.7122
6.8464
,
NOK
4.8455
4.9424
,
AUD
33.021
33.6814
,
USD
51.5358
52.5665

berhan

USD
51.5358
52.5665
,
EUR
55.1794
56.283
,
GBP
61.5651
62.7964

wegagen

USD
51.5173
52.5476
,
GBP
61.3414
62.5682
,
EURO
54.428
55.5166
,
CAD
36.4415
37.1703
,
AUD
32.9066
33.5647
,
CHF
49.1526
50.1357
,
SEK
4.6121
4.7043
,
NOK
4.7406
4.8354
,
DKK
6.5015
6.6315
,
DJF
0.2862
0.2919
,
INR
0.6645
0.6778
,
KSH
0.4426
0.4515
,
JPY
0.3611
0.3683
,
SAR
12.4187
12.6671
,
AED
12.681
12.9346
,
ZAR
3.1723
3.2357
,
CNY
6.8581
6.9953
,
KWD
159.9388
163.1376

dgb

USD
51.5358
52.5665
,
GBP
64.4661
65.7554
,
EUR
55.1794
56.283
,
CHF
53.3276
54.3942
,
CAD
40.2938
41.0997
,
AUD
36.4873
37.217
,
SEK
5.256
5.3611
,
NOK
5.3541
5.4612
,
DKK
7.4168
7.5651
,
DJF
0.2863
0.292
,
INR
0.6644
0.6777
,
KSH
0.4416
0.4504
,
JPY
0.4042
0.4123
,
SAR
13.7392
14.014
,
AED
14.0291
14.3097
,
ZAR
3.2872
3.3529
,
CNY
7.7231
7.8776
,
KWD
168.3314
171.698

enat

USD
51.5358
52.5665
,
EUR
55.1794
56.283
,
GBP
64.4661
65.7554
,
CHF
0
0
,
SEK
0
0
,
NOK
0
0
,
DKK
0
0
,
KES
0
0
,
JPY
0
0
,
DJF
0
0
,
CAD
0
0
,
AUD
0
0
,
SAR
0
0
,
AED
0
0
,
ZAR
0
0
,
CNY
0
0

addis

EUR
54.9457
56.0446
,
GBP
61.906
63.1441
,
USD
51.5245
52.555

nbe

KWD
126.8085
129.34467
,
CNH
5.6258
5.738316
,
ZAR
2.6751
2.728602
,
AED
9.9063
10.104426
,
SDR
57.7908
58.946616
,
EUR
48.4016
49.369632
,
CAD
28.7765
29.35203
,
AUD
28.3265
28.89303
,
JPY
0.3389
0.345678
,
SAR
9.7001
9.894102
,
INR
0.5525
0.56355
,
DJF
0.2234
0.227868
,
KES
0.3664
0.373728
,
DKK
5.8896
6.007392
,
NOK
4.2714
4.356828
,
SEK
4.3114
4.397628
,
CHF
41.5822
42.413844
,
GBP
53.539
54.60978

dashen

USD
51.4676
52.497
,
GBP
59.9796
61.1792
,
CHF
49.3242
50.3107
,
SEK
4.6044
4.6965
,
NOK
4.7213
4.8157
,
DKK
6.5305
6.6611
,
JPY
0.3618
0.369
,
CAD
35.7304
36.445
,
SAR
12.4172
12.6655
,
AED
12.6795
12.9331
,
EUR
53.6859
54.7596
,
DJF
,
INR
,
KES
,
AUD
,
ZAR
,
CNY

oromia

USD
51.5358
52.5665
,
EUR
55.1794
56.283
,
GBP
64.4661
65.7554
,
SAR
13.7392
14.014
,
CHF
53.3276
54.3942
,
AED
14.0291
14.3097

lion

USD
51.5245
52.555
,
GBP
64.823
66.1195
,
EUR
54.9457
56.0446

coop

Diaspora Account in Ethiopia

Different banks in Ethiopia with progressive benefits are attracting the diaspora community with a special diaspora account in Ethiopia. Some banks offer ultimate prizes turning the diaspora community to invest in Ethiopia.

 

The Ethiopian Banks and government encourage Ethiopian Diasporas to save foreign currency accounts at home to support domestic investment, foreign exchange reserve, and encourage foreign direct investment.

 

Best Diaspora Banks

What kind of Diaspora service are you looking for

Awash Bank

8.1

Awash Bank

Banking and Services for micro finance institutions

School Tution Fee Collection Services

Lucy Women's Saving

Business Banking

Plenty of business banking choices

Dashen Bank

8.5

Dashen Bank

Amole Wallet

Gold debit card

Green card

Amole Digital Banking

Pay from your mobile

Commercial Bank of Ethiopia (CBE)

8.7

Commercial Bank of Ethiopia (CBE)

Widely used Internet banking

Most bank with several branches and ATMs

Prize Linked Saving

CBE Birr

For business

Hibret Bank

8.3

Hibret Bank

Hiber-ET

Hiber Shebamile Card

Hiber Agent Banking

Diaspora Banking

Convenient Banking

Diaspora Account and How it Works

What is a Diaspora Account in Ethiopia?

A Diaspora bank account is a bank account designed for Ethiopian origins living and working in different parts of the world. Different banks offer different types of diaspora account in Ethiopia while some banks do not have a specially designated account for the diaspora community.

People use these accounts whenever they intend to invest in some kind of business, property or have the intentions to return to their home country eventually. Most banks require living and working abroad for more than one year before opening this account.

Read here for other non-diaspora bank ratings in Ethiopia.

Benefits You Get by Opening a Diaspora Account in Ethiopia

Even if most of the banks offer some sort of Diaspora Account services, they differ in saving interest rates, services, and other benefits. Some banks might even offer special offers when opening one of these accounts. Carefully comparing and choosing the right bank is an important step before opening your Diaspora Account.

  • The account may be used as collateral to receive local currency credit from the domestic market.
  •  Loans
    • Diaspora Consumer Loans
    • Diaspora Vehicle Loan
    • Diaspora Business Loan

Different Types of Diaspora Accounts

There are three main types of diaspora accounts in Ethiopia as listed in the National Bank of Ethiopia. This account can be personal or business accounts.

  • Your savings are stored in foreign currencies, giving you easy access to Dollar and Euro.
  • Depositing to this account is done mainly using, US Dollar($), Pound Sterling(£), and Euro(€).
  • These are the three common types of Diaspora Accounts

1. Fixed (Time) Deposit Account

  • It is an interest-bearing account with an 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.

2. Current Account

  • It is opened by the checkbook.
  • Withdrawals can be made at any time by writing a check.
  • 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.

3. Non-Repatriable Birr Account

  •  It may take the form of a saving deposit account that can be used for local payments only.
  •  Such an account will pay double interest to 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.

How to Open a New Diaspora Account in Ethiopia

Different banks have their own way of connecting with the diaspora community. Some banks have online forms that you can download and fill out, while others use the conventional face-to-face way of communication. If you are opening the account from aboard then you need to visit your local Ethiopian embassy to validate your document to be sent out to the banks.

Some of the common methods of opening a diaspora account in Ethiopia are the following:

  • 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.
  • An individual may open a current account in only one of the domestic banks whereas he/she may open fixed deposit accounts in more than one bank.
  • Opening of a foreign currency account by Power of Attorney is not allowed. However, Power of Attorneys is allowed to withdraw from these accounts provided that the Power of Attorney explicitly empowers them to operate these accounts.

Who Can Open a Diaspora Account?

Eligibility Criteria to open Diaspora Account are :

  • Non-resident Ethiopian;
  • Non-resident foreign nationals of Ethiopian origin;
  • Companies owned by non residents and located outside the Ethiopian territory
  • 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.

Most banks that offer the diaspora account have a list of the requirement that needs to be meet before opening a diaspora account. You need to attach a copy of the document together with the required form that needs to be filled. You can download the more detailed description here.

Required Documents to Open the Account

  • Resident ID and Passport (for Ethiopian national living abroad)
  • Passport and Ethiopian Origin ID (For Foreign Nationals of Ethiopian Origin)
  • Work permit and authenticated employment contract

How to Transfer Funds to a Diaspora Account?

How you transfer funds to an Ethiopian diaspora account depends on many variables such as currency, total amount and location. Read below to find out what applies in your case:

  • Directly crediting to the account from place of residence through the bank’s SWIFT Address by:
    • The account holder
    • The spouse of the account holder up on presentation of marriage certificate.
    • The employer upon presentation of valid employment agreement.
    • The business entity owned by the account holder or share company up on presentation of documents ascertaining the shareholding
    • Other institution as per the valid agreement presented.
  • Foreign currency cash notes exceeding USD 3,000 or equivalent in any other convertible currency provided that the holder presented signed and sealed foreign currency declaration form from Ethiopian Revenue and Customs Authority.
  • Resident living in neighboring and Middle East countries are required to present signed and sealed foreign currency declaration form from Ethiopian Revenue and Customs Authority for less than or equal to USD 3,000 foreign currency cash notes or equivalent in any other convertible foreign currency to deposit in the account.
  • Check deposit that originates from abroad.
  • A transfer from another type of non-resident foreign currency account owned by individuals and or enterprises.
  • Receipt through international payment cards/credit cards/debit cards.

How to Close A Diaspora Account?

There are certain circumstances you want to close a 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.

Frequently Asked Questions About A Diaspora Banking Ethiopia

Can Diaspora corporate accounts be opened for Ethiopians residing outside Ethiopia?

Yes, Business entities owned by non-resident Ethiopians and located outside the Ethiopian territory for more than now year can open this account.

What is the minimum opening balance for a diaspora account?

A Diaspora Account can be opened with a minimum of 100 USD if it is a current account or it can be opened with a minimum of 5000 USD if it is a fixed time account.

What are the products and services available to diaspora banking customers?

Through Diaspora Banking, Ethiopian Diaspora can be benefited in Saving Deposit and Interest, Investment, Loan, and low-interest rate mortgage loan.

Can I give someone Authority to open my account?

No, Opening of a foreign currency account by Power of Attorney is not allowed. However, If can not be present in person you can use the Ethiopian Embassies, Correspondent Banks, or nearby Remittance service providers to prove your identity.

 

Customer Favourite Banks In Ethiopia

Show More
Zemen Bank

Zemen Bank

Pre Paid Cards

Debit card linked with Zemen Account

Read Review
Awash Bank

Awash Bank

Business Banking

Plenty of business banking choices

Read Review
Commercial Bank of Ethiopia (CBE)

Commercial Bank of Ethiopia (CBE)

CBE Birr

For business

Read Review
Bank of Abyssinia

Bank of Abyssinia

E-Commerce

Simplify Customer Experience

Read Review