ü  Duly filled export application Via Ethiopian Electronics Single Window

ü  Duly signed contract by seller & buyer

ü  Authenticated message of L/C

ü  Exporter’s invoice

ü  Valid and renewed Export/Manufacturing/Industry License

ü  TIN certificate

ü  The L/C should be irrevocable & confirmed

ü  Customer’s name should not appear in delinquent list of NBE

ü  Deferred/Acceptance period should be within validity date of L/C

1.1.5 Small Items Export Permit

Tsehay Bank S.C shall issue small items export permit to tourists, foreign residents or Ethiopian nationals (companies and individuals) who wish to take sovereigns souvenirs or other goods of small amount or goods with high value for repair and re-export to the country after repair.

Purpose of the export may be for sample, gift, repair, replacement, exhibition, trade fair and personal effects and belongings, etc.

Basic requirements

ü  Small items export application duly completed, signed and sealed in three copies

1.2 Import

 Tsehay Bank S.C provides import trade international banking service based on their demand and request.

  1.2.1 Import Against Advance Payment Transfer

 Our customers can get import against advance payment for amount not Exceeding USD 5,000 as per the directive of National Bank of Ethiopia

If the Importer insists for payment of foreign exchange beyond USD 5,000.00 for importation of goods, the request may be considered basis against foreign Bank guarantee acceptable by The Bank

Basic requirements

ü  Duly filled Import application Via Ethiopian Electronics Single Window

ü  Pro-forma invoice including full description of goods, unit price, quantity, mode of shipment, terms of payment, place of delivery

ü  Valid and renewed Foreign Trade, Investment, Industry, Agriculture or Mining License

ü  Tin Certificate

ü  Insurance certificate with sum insured not less than 110% value of the consignment

ü  Letter of undertaking not to ship the goods prior to foreign exchange approval and to import the goods within 120 days from the date of approval

ü  Application letter for the transfer

ü  Customer’s name should not appear in delinquent list of NBE

1.2.2 Import Against Cash against Document (CAD)

Tsehay Bank S.C also accept request of import against Cash against Document (CAD)

CAD means payment arrangement in which an exporter instructs a bank to hand over shipping and title documents to the importer when the importer fully pays the accompanying bill of exchange or draft. And also called documents against payment.

Documents against Payment (DP) a buyer is required to pay a seller’s sight draft in order to obtain shipping documents. Payment is made on presentation of the sight draft by a bank to the buyer, usually one or two weeks after shipment.

Basic requirements

ü  Duly filled Import application of Purchase Order (PO) via Ethiopian Electronics Single Window

ü  Performa invoice including full description of goods, unit price, quantity, mode of shipment, terms of payment, place of delivery

ü  Insurance certificate with sum insured not less than 110% value of the consignment

ü  Valid and renewed Foreign Trade, Investment, Industry, Agriculture or Mining License

ü  Tin Certificate

ü  Customer’s name should not appear in delinquent list of NBE

1.2.3 Import Against Latter of credit (LC)

Import against Letter of Credit is arrangement, however named or described that is irrevocable and thereby constitutes a definite undertaking of the issuing Bank to honor complying presentation. Tsehay Bank S.C also accepts request Import against letter of credit.

Basic requirements

ü  Duly filled Import application Via Ethiopian Electronics Single Window

ü  Performa invoice including full description of goods, unit price, quantity, mode of shipment, terms of payment, place of delivery

ü  Insurance certificate with sum insured not less than 110% value of the consignment

ü  Valid and renewed Foreign Trade, Investment, Industry, Agriculture or Mining License

ü  Tin Certificate

ü  Customer’s name should not appear in delinquent list of NBE

1.3 International [Foreign] Guarantee

Tsehay bank will issue guarantee against the counter guarantee of Foreign Bank acceptable to the Bank. We accept foreign guarantee in the form of: –

ü  Repayment Guarantee

ü  Advance Payment Guarantee

ü  Bid Bond (Guarantee)

ü  Performance Guarantee

1.4 Maintaining Foreign Currency Account

 

Tsehay Bank S.C will maintain various foreign currency denominated Accounts as per the customer demand

1.4.1 Non-Resident Foreign Currency Account (NRFCY)

It is a foreign currency account operated by check catering to foreign investors, expats (foreign nationals, employees of international organizations [UN, AU, etc.], NGOs, International organizations, Embassies/its employees living/operating in Ethiopia. The Account: –

ü  Will be opened only upon specific authorization by National Bank of Ethiopia

ü  Will be opened in Foreign Currency, like EURO, USD and GBP

ü  Shall be credited from foreign Source and transfer from the same type of account only in the form of: –

·         Bank to Bank transfer (Wire)

·         Foreign currency cash deposit if a signed and sealed foreign currency declaration form from the Customs Authority is presented

Use of NRFCY account

ü  Used to transfer abroad without having Bank Permit

ü  Foreign Investors can use it import of Machineries and Raw materials

1.4.2 Non-Resident Transferable Birr Account

The Account will be opened only upon specific authorization by National Bank of Ethiopia for NGOs and operating by check

ü  Will be opened only upon specific authorization by National Bank of Ethiopia

ü  Will be opened in Ethiopian Birr currency

ü  Shall be credited from foreign Source and transfer from the same type of account only in the form of: –

·         Bank to Bank transfer (Wire)

·         Foreign currency cash deposit if a signed and sealed foreign currency declaration form from the Customs Authority is presented

Use of the account

ü  used to transfer abroad without having Bank Permit

1.4.3 Non-Resident Transferable Birr Account

ü  will be opened only upon specific authorization by National Bank of Ethiopia

ü  will be opened in Ethiopian Birr currency

ü  Shall be credited from foreign Source and transfer from the same type of account only in the form of: –

·         Bank to Bank transfer (Wire)

·         Foreign currency cash deposit if a signed and sealed foreign currency declaration form from the Customs Authority is presented

Use of the account

ü  used to transfer abroad after securing Bank Permit

1.4.4 Non-resident Foreign Accounts in the Names of Ethiopians and Foreign Nationals of Ethiopian Origin (Diaspora A/C)

Non-resident Ethiopians shall mean all Ethiopian nationals (individual) living and working abroad for more than one year, Business entities owned by non-resident Ethiopians and located outside the Ethiopian territory for more than one year and Ethiopian nationals in due process of leaving abroad for work for more than one year who can produce authenticated documents.

1.4.5 Non-resident Diaspora accounts opened in the form of the following accounts

1.4.5.1 Demand deposit account

Takes the form of current deposits where withdrawals may be made at any time upon demand by writing a check and/or a pre-arranged procedure adopted by the Bank

Use of the account

ü  Used to transfer abroad without having Bank Permit

Can be used for import of Priority and food items as per the Directive of National bank of Ethiopia

1.4.5.2 Fixed Time Deposit

Fixed (time deposit) account, which takes the form of a deposit certificate, issued in the name of the depositor and bear interest in foreign currency: –

ü  Maturity period may vary based on the agreement made between the depositor and the Bank.

ü  The minimum amount required as an initial deposit to open a fixed time deposit account

ü  is USD 5,000 or its equivalent in any other eligible currency;

ü  The minimum initial balance i.e., USD 5,000 and any interest receipt on the deposits can’t be transferred abroad and shall be converted in to resident birr account upon liquidation of the account;

ü  The minimum maturity period for such an account shall be three months.

ü  Tsehay Bank S.C will pay Interest payment LIBOR rate (London Inter-Bank Borrowing Rate) plus attractive rate upon negotiation

ü  Interest Payment is in foreign currency as per the account opened currency

1.4.6 Non-Repatriable Saving Accounts

It is resident Birr account which may take the form of saving deposit that can be used for local payments only

Tsehay bank S.C will pay attractive interest rate Minimum 7% and plus negotiation

1.4.7 Special Foreign Currency Account for Foreign Airlines

Foreign Airlines account is special accounts that are allowed for foreign-airlines-operating-in-Ethiopia to enable them deposit foreign currency and Ethiopian Birr collections from their customer in relation to tickets sales.

Use of the account

Foreign Airline can repatriate their Sales Collection after getting approval from National Bank of Ethiopia

1.4.8 Foreign Currency Saving Account

The account denominated in acceptable foreign currency maintained at a Bank for Residents of Ethiopia, Non-Resident Ethiopian and Non-Resident Ethiopian Origin pursuant to NBE Directive

The Account Can is Credited/Deposit:

ü  Foreign Currency transferred through Banking system

ü  Deposit of foreign cash notes

ü  Foreign currency transferred through International Remittance Service provider.

ü  Transfer or cheque drawn or endorsed in favor of Ethiopian Nationals by a Non-Resident foreign account holder from Non-Resident foreign currency account.

Use of the account

ü  Free to sell all or part of their account balances to deposit at opening Bank.

ü  Can use for his /her self, spouse and children education,

ü  Medical and travel expenses abroad up on presentation of valid documents to confirm relationship with the account holder.

ü  The documentation requirements and maximum amount of utilization should be as per the operation of Foreign Exchange Bureau Directive.

ü  Withdraw 10% of foreign balance in debit card.

ü  Can use the cash as collateral to get credit facilities in local currency from Banks in line with the Bank credit policy and Procedure

ü  Can use to purchase shares from the Financial Institutions

1.4.10 Retention Account

Foreign Exchange Retention Accounts” is a non-interest-bearing foreign currency current accounts maintained by eligible exporters of goods and services; Hotels, Duty free shops and recipients of inward remittances regularly

Use of the account

ü  Duty free shops have the right to retain seventy percent (70%) of their foreign currency earning on retention account B for 28 days and 30% on retention account A for unlimited period. And can use for import and service payments if any.

ü  Other Retention Account holder can use only 20% of the remittance for Import and service payment

1.5 Remittance

Outgoing Foreign Fund Transfer [SWIFT and TT]

Tsehay bank S.C will serve its customers request for an electronic transfer of funds to beneficiaries in foreign countries. Such transfers are payment of service (invisible), small amount on correspondence education, for medical treatment abroad, subscription fee for magazines, advertisements abroad, etc. via Our SWIFT Code TSCPETAA

Incoming Foreign Fund Transfer [SWIFT and TT]

We also manage our customer instructions transfer from abroad through Our Correspondent Bank using/Appling our SWIFT code TSCPETAA, we will credit your , your Family, a friend ,relative ,or company account residing in Ethiopia.

International money transfer service (IMTS)

Tsehay bank has been working with the below mentioned international money transfer operators,

1.      Dahabshiil

2.      Glo Currency

3.      Mamay