An interest-earning foreign currency deposit account, tailored to Ethiopians travelling to foreign countries. The offer is designed based on a business arrangement with Foreign Private Employment Agencies
Account Features
- There is no need to put initial deposits to open account
- Deposit to account can be made through swift transfer or via money transferring agents
- The amount deposited can be in foreign currency or the foreign currency can be converted into Birr when deposited
- Depositors can also save their money for an agreed-upon period of time through a fixed time deposit agreement or via interest –free banking services
- Direct withdrawal in foreign currency amount is not allowed
- Withdrawal can be made by appearing in person to any of Hibret Bank’s branches or by ordering a standing transfer instruction to a beneficiary
Account Benefits
- The deposit account will serve as collateral to get access to the Bank’s credit facility including personal loan, housing loan, as well as investment loan
- The interest rate will be double of the minimum ordinary saving deposit interest rate
Entitlement
- Ethiopians travelling abroad via Private Employment Agencies for more than one year
