The Hibir Maraki Hawala Savings Account is designed to regularly receive foreign currency (FCY) inward remittances through SWIFT or money transfer agencies. It offers a higher interest rate that accrues on daily basis.
Account Features and Benefits
- The minimum initial deposit required to open this account is Birr 1,000 or its equivalent in an acceptable foreign currency.
- Deposit to the account(s) is made only through SWIFT transfer, money transferring agents, international card, and foreign check/CPO in acceptable foreign currencies.
- Cash withdrawals from the Hibir Maraki Hawala Savings Account are allowed at any time and in any amount, similar to regular savings accounts.
- The account shall be operated using passbooks and digital channels.
- The account shall yield a higher interest rate that accrues on daily basis.
- Account holder(s) shall access foreign currency of less than or equal to 10% of the remitted/cash notes exchanged and deposited foreign currency in the preceding year for the purpose of family members/employees foreign travel subject to the Bank's regulations.
- Customers with a deposit balance below Birr 100,000 are not eligible for cash-back or discount benefits on electronic payment transactions.
Eligibility Criteria
- The account(s) can be opened individually or jointly.
- Person(s) residing in Ethiopia that regularly receive inward remittance in foreign currency and have attained majority age.
- The inward remittance should be, via SWIFT and through money transfer agencies, and
- Able to present renewed ID card and two recent photographs.
- Local currency deposits are not allowed.
