FCY Account — Frequently Asked Questions
It needs customization on the CBE side.
It is opened with a Zero balance.
Currencies like USD, EUR, and GBP.
10,000 USD in cash OR via debit card per trip, with an additional 20% of your balance available via your debit card.
Any tradeable currencies acceptable by NBE.
You may access and operate the account using a legal agent and internet banking.
Internet banking.
Using MTOs and digital platforms like Ethio Direct, Cash Go, etc.
No limit.
No, for the time being, internet banking is applicable only for accounts opened via unite.et or CBEDOCs.com.
You can open FCY Saving Accounts, FCY Current Accounts, Special FCY
Current Accounts (with approval), Fixed Time Deposit Accounts,
Diaspora Saving Accounts, and Foreign Hawala Saving Accounts.
FCY accounts can be opened by Resident and Non-Resident Ethiopians,
Foreign Nationals of Ethiopian Origin, non-profit organizations, and
profit-making institutions. Accounts may be opened individually,
jointly, or through an authorized agent.
Requirements include a completed application form (including digital
submission), valid identification (passport or ID), and compliance
with KYC requirements. Accounts can be opened with zero balance, and
joint accounts are allowed.
Accounts can be maintained in USD, GBP, EUR, AED, and other currencies
approved by the National Bank of Ethiopia.
Deposits can be made through international transfers (SWIFT,
remittances, digital channels), transfers from local FCY accounts, FCY
cash deposits, foreign currency income (salary, rent), cheque
deposits, and international cards.
No, there is no maximum deposit limit.
Yes, FCY Saving Accounts and Fixed Time Deposits earn interest, while
FCY Current Accounts do not.
Interest on eligible accounts is calculated and paid monthly.
Interest rates are determined on a case-by-case basis. For more
information, please contact your nearest Commercial Bank of Ethiopia
branch or visit the Diaspora Services section on the Bank’s website.
Funds can be used to convert into Birr, make international payments
(e.g., for travel, education, medical services), withdraw cash (within
limits), or transfer locally.
Yes. Our Bank is authorized to allow advance service payments of up to
USD 20,000 (or equivalent) for medical and educational services
without requiring a visa or ticket, based on a foreign entity’s
payment request and your application
Yes, funds can be transferred abroad in accordance with applicable
regulations and supporting documentation requirements.
Yes. Banks can issue internationally recognized cards (Visa,
Mastercard, etc.) to all foreign currency account holders and load
foreign currency onto the card according to your instruction, without
the need to present a visa or air ticket (amendment 3.3).
Yes, FCY cash withdrawal for travel is limited to USD 10,000 (or
equivalent), plus up to 20% of the account balance via debit card.
Yes, you may use up to 20% of your balance via debit card while
traveling abroad.
Yes, you can convert part or all of your balance at the prevailing
exchange rate and withdraw in Birr or transfer to a local account.
Yes, payments can be made for international services upon submission
of valid supporting documents such as invoices.
Yes, foreign currency exceeding USD 10,000 can be deposited within 30
days without requiring a customs declaration, subject to applicable
rules.
Yes, accounts can be opened and operated by an authorized agent.
Yes, customers may maintain FCY accounts with multiple banks.
No, transfers can be made without prior approval, subject to
regulatory requirements.
Yes, FCY accounts can be used as collateral for loans in Birr, subject
to the bank’s credit policy.
Yes. resident Ethiopians may transfer up to USD 3,000 (or equivalent)
abroad for subsistence family support upon submitting an application
justifying the case.
Those accounts are no longer offered for new inflows. Existing
balances can be used according to previous rules, but no new credits
are allowed, and the accounts must be closed once the balance is fully
used.
It is a Birr-denominated account for remittance beneficiaries and FCY
sellers, offering benefits such as interest earnings of 14% and
Airtime benefits.
If withdrawn before the minimum maturity period, no interest will be
paid.
Yes, accounts can be accessed through digital banking channels,
including mobile and internet banking (subject to availability).