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Information to Ethiopians in the Diaspora on BOA Services |
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ABOUT US |
1. Ethiopians living abroad can open: a) A Checking Account: It is a non-interest bearing account. Withdrawals from the account are unlimited. Monthly bank statement will be sent to customers regularly. b) A Savings Account: Deposits and withdrawals are made using the Bank's form. It is an interest bearing account. Deposits and withdrawals are shown in a saving passbook that is kept with the customer. This type of account may not be convenient for an account holder living abroad unless he/she arranges the account to be operated through another person holding power of attorney. c) A Special Saving Account: It can be operated using special check. It is an interest bearing account. Saving passbook is not required for special saving account but monthly bank statements will be sent regularly to the account holder. The frequency of withdrawals from the account are limited, say, up to four times per month. d) A Non-Interest Bearing Account in Foreign Currency will, in future, be allowed for Ethiopians living abroad. The terms and conditions under which such an account is to be allowed is yet to be prepared by the supervising body, National Bank of Ethiopia.
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SERVICES |
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NEWS & INFORMATION |
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2. The Procedures and Requirements to Open an Account Arrangement will be made for customers to complete forms especially designed to open the above accounts. It is required that these forms bear notarized signatures duly processed through the regular procedures and sent to the Bank through the Ethiopian Embassy. Steps for opening of Special Savings Account
1.Read Carefully the “Terms and Conditions" 2. Fill the forms 2.2 Specimen Signature Form in two copies 3. Sign as per terms and conditions 4. Send the documents through snail mail to the following address
The Manager, Filwuha Branch (You can use other branches as indicated in Branch List) Bank of Abyssinia P.O. Box 12947 Addis Ababa Ethiopia
5. Get confirmation from our bank for account opening 6. Send money to our bank an amount not less than Br 1,000 7. Receive check from our Bank
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3. Money Transfer Services: Bank of Abyssinia does not have, at present specialized money transfer services. We are in the process of arranging the services. We, however, accept incoming and outgoing transfer payments to be made through BOA foreign correspondent Banks. These transfers are sent and/or received electronically through the SWIFT system in favour of the persons for whom payments are to be made. Our charges with respect to an incoming payment is 0.25% but subject to revision. If the customer maintains account with us, we will credit his account with the amount of the incoming transfer payment. If the customer does not maintain account with us, we will contact the customer at the given address and effect payment in cash. Our correspondent banks with whom we maintain accounts, can send and/or receive payment orders or credit covers of payment orders sent by other banks. Other correspondent Banks with whom we maintains SWIFT Bilateral Key exchange agreement. They can send and/or receive payments but cover should be credited to our accounts in one of our correspondent banks:
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4. Lending to Ethiopians Living Abroad: The bank does not, at present, lend money to Ethiopians Living abroad. 5. Other Services that Bank of Abyssinia Provides to Ethiopians Living Abroad. We have what we call "Tele-bank". Customers maintaining accounts with the Bank are provided with "Personal Identification Number" (PIN). Using this, they contact the Bank through telephone and instruct to pay money to persons living in Ethiopia. |