Foreign Currency Account Service

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A service designed for individuals, foreign diplomats, International organizations and others who would like to open and maintain accounts in major currencies i.e. US Dollar, GBP, Euro and Birr. The following are the different types of foreign currency accounts opened at Hibret Bank.

  • Non-Resident Foreign Currency Account – a fixed time deposit account maintained in foreign currency, issued in the name of the depositor with the maturity period to be determined between the depositor and the bank. If the non-resident foreign currency account holder wishes to take money from the account, S/he can withdraw same at any time by writing a check or following a pre-arranged procedure adopted by the Bank
  • Non-Resident Foreign Currency Account Transferable Birr Account – accounts opened in Birr for individuals whose permanent place of domicile is in foreign countries as well as for institutions and diplomatic organizations
  • Diaspora Account – foreign currency deposit account tailored to the Ethiopian Diaspora community i.e. Ethiopians living abroad for more than one year and Ethiopians by birth but having different nationality
  • Retention Account – foreign currency accounts maintained by eligible exporters of goods and services and recipients of inward remittances which is credited only from export of goods and services. The account is designated as “A” and “B” in which 30% & 70 % is credited. Retention account “B” is converted to Birr account after 28 days if not utilized by the account holder. 

Entitlement

  • Eligible clients for whom money is sent from abroad

Remittance Services

Hibret Bank also renders remittance through international Money Transfer Operators working with the Bank. Currently, the Bank works with the following International Money Transfer Agents

  • Western Union 
  • MoneyGram 
  •  TRANSFAST 
  • Xpress Money 
  •  Kaah 
  • Ria 
  • Dahabshill 
  • Lari Exchange 
  •  Small World 
  • Upesi 
  •  World Remit

Fund Management

Fund Management: Hibret Bank has NOSTRO account– an account opened at overseas banks in hard currencies to be used for settlement of payments on behalf of customers. The settlement is done in line with NBE‟s directive