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International Banking

   

 

Two major mechanisms used in Lion International Bank (LIB )for Foreign Transfer of money World Wide

1.1 Inter Bank Fund Transfer /SWIFT/
 It is the most advanced Highly secured and reliable means of transmitting money orders between banks located at two different countries.

         1.2 Financial instruments
    
•    Traveler’s Cheques
•    Drafts
•    Personal cheque


2. Foreign Money Transfer Service (MTO’s)

 Lion Bank is an agent of the following foreign Money Transfer companies.

                Western Union
                Money Gram
                Xpress money
                Dehabshill
                Trans Fast
                TAWAKEL
                Iftin

                Horyall
                KAAH

FOREIGN CURRENCY ACCOUNT

Foreign currency account is an account in which the source of fund is abroad and can be maintained in hard currency or in birr.
 A foreign currency shall be credited based on the following conditions:

• Direct crediting the account from foreign source through the banking system
• Cheque deposit that originate from abroad
• Cash note provided that the account holder presents a signed & sealed foreign currency declaration form from the Customs Authority.
• Traveler’s cheque brought by the account holder from abroad.

Types of Foreign currency accounts

DIASPORA ACCOUNT

Types of Diaspora account

 

   

 

Two major mechanisms used in Lion International Bank (LIB )for Foreign Transfer of money World Wide

1.1 Inter Bank Fund Transfer /SWIFT/
 It is the most advanced Highly secured and reliable means of transmitting money orders between banks located at two different countries.

         1.2 Financial instruments
    
•    Traveler’s Cheques
•    Drafts
•    Personal cheque


2. Foreign Money Transfer Service (MTO’s)

 Lion Bank is an agent of the following foreign Money Transfer companies.

                Western Union
                Money Gram
                Xpress money
                Dehabshill
                Trans Fast
                TAWAKEL
                Iftin

                Horyall
                KAAH

FOREIGN CURRENCY ACCOUNT

Foreign currency account is an account in which the source of fund is abroad and can be maintained in hard currency or in birr.
 A foreign currency shall be credited based on the following conditions:

• Direct crediting the account from foreign source through the banking system
• Cheque deposit that originate from abroad
• Cash note provided that the account holder presents a signed & sealed foreign currency declaration form from the Customs Authority.
• Traveler’s cheque brought by the account holder from abroad.

Types of Foreign currency accounts

DIASPORA ACCOUNT

Types of Diaspora account

 

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Current Account

-  It is operated by cheque book or a pre arranged procedure adopted by the bank

- It can be opened with an initial deposit  of US Dollar 100.00 or its equivalent  in any of the allowed currency

- The maximum amount to be deposited shall not exceed US Dollar 50,000.00 or equivalent in any of the allowed currencies.

- It is non interest bearing account

- Withdrawal can be made at any time up on demand

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 Fixed Time Deposit account

-  It is opened with an initial deposit of US Dollar 5,000.00 or its equivalent in any of the allowed currencies.

- It is an interest bearing account with agreed maturity date. The minimum maturity period is three months.

- Interest shall be payable only if the account maintained at least the minimum period

- Interest income on such account is tax-free.

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 Non Repatriabel birr account

-  It is a saving deposit account that can be used for local payments only.

- The account will pay double interest of the minimum saving deposit rate set by National Bank of Ethiopia.

- Money can neither be transferred from this account to abroad nor converted from the local currency to any foreign currency.

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Eligible Applicants

             -   Nonresident Ethiopians national living and working outside Ethiopia more than a year

             - Nonresident foreign national of Ethiopian origin

             - Companies owned by the above mentioned nonresident and located outside the Ethiopian 

                 Territory for more than one year

Required Documents

- Application form properly filled and signed by the applicant

- Ethiopian origin identification cared

-  Passport copy & photo

-    For  Business certificate of ownership entitled for the organization and /or Articles and memorandum of association

-   All copies needs to be notarized by ministry of Foreign Affairs

Allowed currency

-          USD

-          POUND STERLING

-          EUR     

 

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How to open the account?  

-           In person

-          By post:

             - Down Load the form from our website

             - Fill the form   

             -  Attached the following documents

                                -    One passport size photo

                                 -   Valid passport

                                 -    Ethiopian Origin identification cared

                                 -    Completed application form which is signed by the account holder

                                  -   For business organization, certificate of ownership/entitlement for  

                                       The organization and /or articles and memorandum of association   

-  All copies needs to be notarized by ministry of Foreign Affairs.   

-  Opening of the foreign currency account by power attorney are not allowed .However, power of attorneys are allowed to withdraw from these the account provided that the power of attorney explicitly empowers them to operate these accounts.

- The a/c holder will get the account number through email contact.           

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      How to Deposit to the account?

-  Direct crediting of the account through SWIFT  transfer.

-  Cash notes provide that  the account holder presents a signed & sealed foreign currency declaration form

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Closure of the account

- Up on the request of the account holder

- When the account  holder starts to live in Ethiopia after completion of his /her stay abroad

-  If the fund transferred to the account is found  to be through money laundering or from terrorist financing groups

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 Prohibitions

- Foreign exchange acquired either from forex -bureau or any other local sources or foreign exchange held locally shall not be used to credit and /or open a foreign currency account.

-  An individual may open current account in any one of the domestic banks where as he/she may open fixed time deposit account in more than one bank

-  Lion Bank shall not honor cheque drawn or endorsed by a non- resident foreign currency account in favor of a resident who doesn’t hold similar non - resident foreign currency account.

Foreign Exchange Rate

 Code
USD
GBP
EURO
Buying
22.8176
29.2430
24.4582
Selling
23.2740
29.8279
24.9474