How to Open Diaspora Account in Commercial Bank of Ethiopia

A Diaspora Account at the Commercial Bank of Ethiopia (CBE) provides a secure way for Ethiopians and foreign nationals of Ethiopian origin living abroad to manage their finances in Ethiopia. This guide will help you understand the steps and requirements for opening this account.

What is a Diaspora Account?

A Diaspora Account is designed for individuals of Ethiopian origin living outside Ethiopia. It allows you to deposit and manage foreign currencies easily.

Key Features

Currency options: You can open an account in US Dollar, Pound Sterling, or Euro. Other convertible currencies will convert at the current exchange rate.

Types of accounts:

Fixed Deposit Account: Requires a minimum deposit of $5,000. Interest is paid after three months.

Current Account: Requires a minimum deposit of $100 and operates via chequebook.

Non-repatriable Birr Account: Used for local payments, offering higher interest rates than standard savings accounts.

Eligibility Criteria

You can open a Diaspora account if you meet these criteria:

• You are an Ethiopian living abroad.
• You are a non-resident foreign national of Ethiopian origin.
• You can provide documents showing you have lived abroad for over one year.

Steps to Open Your Diaspora Account at Commercial Bank of Ethiopia

• Gather required documents:
  • Complete and sign the application form.
  • Provide valid identification: passport and/or Ethiopian origin ID.
• Choose your opening method:
  • In-person: Visit any CBE branch in Ethiopia.
  • Through Ethiopian embassies: Use embassies if you cannot travel to Ethiopia.
• Submit your application:
  •   Present your application and documents at your chosen location.
• Make your initial deposit:
  •  Deposit $100 for a current account or $5,000 for a fixed deposit.

Benefits of Having a Diaspora Account

Easy access to funds: Manage your finances from abroad while accessing local currency services.

Secure investments: Support economic growth in Ethiopia through local investments.

Tax-free interest: Enjoy tax-free interest on fixed deposits held for the required period.

Closure Conditions

Your Diaspora Account may close under these conditions:

• Upon your request.
• If you return to live in Ethiopia.
• If the account has zero balance for more than one month.

Final Thoughts

Opening a Diaspora Account with the Commercial Bank of Ethiopia is an excellent way to maintain financial ties with your homeland. Follow these steps to navigate the process quickly. Enjoy the benefits of saving, investing, and managing your finances effectively!

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