International Banking

Tsehay Bank will render a comprehensive package of International Banking services to its esteemed customers, and facilitate international payments, handle import and export transactions, and provide expert advice to customers to ensure the smooth flow of cross-border trade, and above all to the entire satisfaction of all parties involved.

Tsehay Bank’s swift code: TSCPETAA has been crucial to making exchanges with our Correspondent Banks.

Import

Tsehay Bank has financial services for both importers and exporters which are very suitable for these business people. The business people can get these services upon fulfilling the requirements set by the National Bank of Ethiopia in general and Tsehay Bank in particular.

Import against Advance Payment Transfer
Import will take place against advance payment for amount not Exceeding USD 5,000 as per the directive of National Bank of Ethiopia. If the Importer insists on the basis of import against advance payment transfer beyond USD 5,000.00, the request may be considered based on against foreign Bank guarantee acceptable by the Bank.

Basic requirements:
➧ Duly filled Import application Via Ethiopian Electronics Single Window
➧ Pro-forma invoice including full description of goods, unit price, quantity, mode of shipment, terms of payment, place of delivery
➧ Valid and renewed Foreign Trade, Investment, Industry, Agriculture or Mining License
➧ Tin Certificate
➧ Insurance certificate with sum insured not less than 110% value of the consignment
➧ 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
➧ Not in the delinquent list of NBE.

Import against Cash against Document (CAD)
Tsehay Bank S.C shall 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.

Basic requirements:
➧ Duly filled Import application of Purchase Order (PO) Via Ethiopian Electronics Single Window
➧ Performa invoice including full description of goods, unit price, quantity, mode of shipment, terms of payment, place of delivery
➧ Insurance certificate with sum insured not less than 110% value of the consignment
➧ Valid and renewed Foreign Trade, Investment, Industry, Agriculture or Mining License
➧ Tin Certificate
➧ Not in the delinquent list of NBE.

Import against Latter of credit (LC)
It is one of methods of payment commonly used in international trade transactions, whereby Tsehay bank promises to pay the exporter provided the exporter complies with the terms and conditions of the letter of credit stated thereof.

Basic requirements:
➧ Duly filled Import application Via Ethiopian Electronics Single Window
➧ Performa invoice including full description of goods, unit price, quantity, mode of shipment, terms of payment, place of delivery
➧ Insurance certificate with sum insured not less than 110% value of the consignment
➧ Valid and renewed Foreign Trade, Investment, Industry, Agriculture or Mining License
➧ Tin Certificate

Export

Export permit can be processed upon receipt of Advance payment, on consignment basis, Cash against document (CAD) Export L/C and Small items Export Permit.

Advance Payment Transfer Export Permit

Exporters can get export permit against advance payment receipt. Nevertheless, the receipt shall be channeled either of the following:

➧ SWIFT (Bank to Bank transfer)
➧ Foreign currency Cash note-declared at the nearby Customs Authority and converted at the Bank’s counter within 24 hours by presenting declaration issued by the concerned Customs Office at the nominated border. If the entry is Via Customs Airport and 48 hours if the entry is via neighboring Border.
➧ Dhabshiil payment transfer for Export to Republic of Djibouti and Somalia.

Basic requirements:
➧ Duly filled export application form Via Ethiopian Electronics Single Window
➧ Commercial Invoice, Packing list
➧ Valid and renewed Export/ Manufacturing/Industry License
➧ Tin Certificate
➧ Credit Advices for foreign inward remittance
➧ Valid export license
➧ FCY cash notes declared at Customs office,
➧ Dhabshiil transfer ticket generated by one of Tsehay Bank S.C, branches that indicate the purpose of the transfer.
➧ Not in the delinquent list of NBE.

On Consignment basis:
Exporter can get export permit on consignment basis only for perishable items such as fruits, cut flowers, meat, and molasses and others as may be approved by the National bank of Ethiopia.

Basic requirements:
➧ Duly filled export application Via Ethiopian Electronics Single Window.
➧ Valid export license
➧ Commercial Invoice and Packing list.
➧ Undertaking letter that the consignment will be settled within 30 days.
➧ Duly signed contract by buyer and seller
➧ Tin Certificate
➧ Exporter’s name should not appear in delinquent list of NBE

Export against Cash against Document (CAD)
A 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. Also called documents against payment (D/P)

Basic requirements:
➧ Duly filled export application Via Ethiopian Electronics Single Window
➧ Commercial Invoice and Packing list
➧ Undertaking letter that the sight CAD will be settled within 90 days
➧ Duly signed contract by buyer and seller
➧ Valid export license
➧ Tin Certificate
➧ Exporter’s name should not appear in delinquent list of NBE

Export against Letter of Credit (LC)
It is a conditional payment of guarantee by the issuing Bank, provided that the Exporter bank presents shipping documents in comply with the terms and conditions of the letter of credit

Basic requirements:
➧ Duly filled export application Via Ethiopian Electronics Single Window
➧ Valid export license
➧ Duly signed contract by seller & buyer
➧ Authenticated message of L/C
➧ Exporter’s invoice
➧ TIN certificate
➧ The L/C should be irrevocable & confirmed
➧ Not in the delinquent list of NBE.
➧ Deferred/Acceptance period should be within validity date of L/C.

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

Remittance

A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with family ties abroad, for household income in their home country or homeland. The remittance can be both outgoing foreign fund transfer using SWIFT and TT; and incoming transfer from abroad through our correspondent banks using or applying our SWIFT code TSCPETAA or money transfer organizations (MTOs).

➧ Outgoing Foreign Fund Transfer
Tsehay bank S.C serve its customers for an electronic transfer of funds to beneficiaries in foreign countries. Such transfers are payments for services, medical treatments abroad, subscription fee and payments of advertisement abroad via TSCPETAA swift code.

➧ Incoming Foreign Fund Transfer
Our Bank also manages incoming transfer of funds from abroad through our correspondent bank using our TSCPETAA Swift Code or money transfer organizations (MTOs) that are working with our Bank.

Currently, Tsehay Bank is working with
➧ Ria,
➧ Dahabshiil,
➧ Mamay, and
➧ Glo currency money transferring organizations for both account deposit and cash pick up services.

Correspondent Banks

A correspondent bank is a financial institution that provides services to another one usually in another country. It acts as an intermediary or agent, facilitating wire transfers, conducting business transactions, accepting deposits, and gathering documents on behalf of another bank.

Correspondent banks are most likely to be used by domestic banks to execute transactions that either originate or are completed in other countries.

Thus, Tsehay Bank is working with different correspondent banks residing in different parts of the World.

Currently, Tsehay bank is working with

➧ CAC International Bank (Djibouti),
➧ Selam Africa Bank (Djibouti),
➧ Bank of Beirut (UK),
➧ Actif Bank (Turkey),
➧ East Africa (Djibouti), and
➧ YapidKerd (Turkey).

Local Deposit