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International Banking

1. Export Transactions 

Advance Payment

·         Receipt of payment in advance for exports.

·         This method of payment can be considered as credit extended by an overseas buyer to an exporter.

·         This is the most preferred method of payment for exports.

·    Required Documents: Advance payment receipt (Incoming Telegraphic Transfer) advice or customs declaration along with bank advice for the sale of the Cash Notes to the Bank. (If deposited in Foreign Currency Cash Notes), commercial invoice, sales contract, License & TIN certificate.

Consignment

·         Export on consignment basis is applicable to perishable items.

·   Required Documents: Commercial Invoice, sales contract, License, TIN certificate & undertaking letter to repatriate the proceeds timely (additional documents may be requested as and when situations demand)

Letter of Credit (L/C)

·      An export letter of credit is an instrument issued by a foreign bank on behalf of its importing customer favoring an exporter who is customer of BIB.

·   Required Documents: Authenticated L/C (SWIFT MT 700), Commercial Invoice, Sales contract, License and TIN certificate (additional documents may be requested as and when situations demand).

Cash against Document (CAD)

·         Exporters may ship their goods to buyers abroad on collection bases at sight or on acceptance bases.

·   Required Document: Commercial Invoice, Sales contract, License, undertaking letter and TIN certificate (additional documents may be requested as and when situations demand).

 

 2. Import Transactions 

Advance Payment

 ·         This mode of payment is appropriate for imports of small items for values not exceeding USD 5,000.00 or its equivalent in other foreign currencies.

 ·         Required Documents: Proforma Invoice, License, Insurance cert./policy, undertaking letter for the entry of goods, beneficiary's Bank and A/C details and TIN certificate (additional documents may be requested as and when situations demand).

 Letter Of Credit (L/C)

 ·        An import letter of credit is an instrument issued by BIB to one of our correspondent banks on behalf of our importing customer to guarantee payment if all terms, conditions, and documentations are in compliance with the L/C terms and condition, UCP 600 rules, NBE Directives and the Bank’s Policies and Procedures.

 ·   Required Documents: Proforma invoice, Insurance cert./policy, License, L/C application form and TIN certificate (additional documents may be requested as and when situations demand).

 Cash Against Document (CAD)

 ·         The importer needs to have purchase order approved by BIB before shipment of goods.

 ·         Required Document: Purchase order, Proforma invoice, insurance cert./policy, License & TIN Certificate (additional documents may be requested as and when situations demand).

(Note: For all import & export transactions, import/export permit duly filled, signed and stamped is mandatory with NBE A/C number). The Bank doesn't provide foreign trade services for Customers under NBE's delinquency list until they clear their commitments or bring waiver letter from NBE.

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 3. Foreign Banking Guarantee 

Bid Bond Guarantee 

This guarantee serves the purpose of securing claims of the party inviting tenders against any withdrawal or change of bid by the bidder until the opening of the bid. The Guarantee will cease to be valid after fixed expiry date or if the applicant refuses to sign the contract after the contract has been awarded.

 Performance Bond Guarantee 

This type of guarantee secures performances of all contractual obligations of the seller towards the buyer. It guarantees the broadest possible scope of obligations among all types of guarantees.

Advance Payment Guarantee

Advance payment guarantee secures buyers against the seller regarding repayment of an advance payment on the purchase price of goods or services made by buyers to sellers (before delivery of the goods) in the event that delivery is made only partly or not at all. The guarantee provides a security to buyers to be entitled for the advance payment in case of failures of suppliers in fulfilling their obligation as agreed upon.

4. Foreign Exchange Service

Purchase and Sales of Foreign Currency (F/CY) Cash Notes

·       Forex bureaus of the Bank buy FCY Cash Notes at the prevailing exchange rate.

·   Forex bureaus may also sell FCY Cash Notes for Holiday travel expenses, Business travel allowance, medical expense, Educational expenses and General transfers as per NBE’s Directives and the Bank’s Policies and Procedures.

Purchase and Sales of Travelers’ Checks

·    Travelers’ checks are payment instruments issued by Travelers’ Check Issuing Financial Institutions.

·       BIB holds Travelers’ Checks against payment of foreign exchange or in trust on behalf of issuing financial institutions

Foex bureaus of the Bank sell and purchase travelers Checks to /from customers in addition to FCY Cash Notes in accordance with applicable Directives of NBE and the Bank’s Policies and Procedures.                                                                                                                                                                                                                                                                                                           Top

 5. Foreign Exchange Remittances 

Incoming Transfers 

BIB provides reliable and efficient incoming transfer services through its wider ranging correspondent Banking network and foreign money transfer companies.

 Outgoing Transfers 

§  BIB makes foreign currency transfers to foreign beneficiaries on behalf of local customers against foreign exchange permit approved by the Bank. 

§  Outgoing transfers are made only via SWIFT or Demand Drafts.

 Foreign Checks 

§  BIB Cashes or negotiates foreign checks/bills (such as Drafts, Checks drawn on foreign banks, Travelers’ checks. etc.).

The Bank handles foreign checks on the bases of outward bills purchased (OBP) or outward bills for Collection (OBC).

 6. Foreign Currency Account

§  Non-Resident Foreign Currency Accounts (NR-FCY) 

§  BIB opens and maintains accounts denominated in foreign currency that provides the Account Holders the privilege to instruct transfer of funds aboard without foreign exchange permit approval or make local payments in Birr. 

§  Non-Resident Transferable Birr A/Cs (NR/T) 

§  BIB opens and maintains accounts denominated in Birr but provide the eligible Account Holder the privilege to draw in foreign currency without foreign exchange permit approval. 

§  Non -Resident Non-Transferable Birr A/Cs (NR/NT) 

§  BIB opens and maintains accounts denominated in Birr that can only be operated in local currency unless foreign exchange permit approved by the Bank is obtained. 

§  Diaspora Accounts 

§  BIB opens and maintains foreign currency current and/or time deposit accounts to non-resident Ethiopians and foreign citizens of Ethiopian origin. 

§  Retention Accounts

BIB opens and maintains foreign currency accounts for exporters and frequent recipients of foreign exchange remittance to enable retain all/portion of their export earnings and inward remittances.

  7.   Correspondent Banking Network

§  The Bank is expanding its network with prominent and credit worth banks globally. The bank maintains account relationship with the following banks that operate throughout the world.                                                                                                                          Top

 

Correspondent Bank list

 

 

Bank Name

Currency

Account No

Commercial Payment

Foreign Exchange

Money Market

1.

COMMERZBANK AG FRANKFURT,am main,Germany

EUR

400870012201EUR

 

 

USD

400870012200USD

2.

Deutsche Bank Trust Company Americas, New York

USD

04446480

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In addition, the Bank has established Relationship Management Authorization (RMA) for communication of authenticated SWIFT message with major banks in the international banking arena. BIB has over 50 active RMA establishments with the following banks and their subsidies/branches globally.

 

Banks with active RMA with BIB

 No.

Bank Name

Country

Swift Address

1.

ARAB BANK(SWITZERLAND) LTD

CH(SWITZERLAND)

ARBSCHZZ

2.

BANKQUE DE COMMERCE ET DE PLACEMENTS

CH(SWITZERLAND)

BPCPCHGG

3.

BANCO SANTANDER, S.A. SINGAPORE BRA

SINGAPORE

BSCHSGSG

4.

CAC INTERNATIONAL BANK

DJIBOUTI

CACDDJJD

5

CITIBANK INTERNATIONAL

U.S.A

CITIUS33

CITIBANK N.A.

GREAT BRITAIN

CITIGB2L

CITIBANK N.A.

U.S.A

CITIUS33

6

COMDIRECT BANK AG DUBAI BRANCH

UNITED ARAB EMIRATES

COBAAEAD

COMDIRECT BANK AG

GERMANY

COBADEHD

COMINVEST ASSET MANAGEMENT S.A.

LUXEMBURG

COBALULU

COMMERZBANK (BUDAPEST) RT.

HUNGARY

COBAHUHX

COMMERZBANK (EURASIJA) SAO

RUSSIA

COBARUMM

COMMERZBANK AG

CHINA

COBACNBX

COMMERZBANK AG

CHINA

COBACNSX

COMMERZBANK AG

CZECH REPUBLIC

COBACZPX

COMMERZBANK AG

GERMANY

COBADEBB

COMMERZBANK AG

GERMANY

COBADEDD

COMMERZBANK AG

GERMANY

COBADEFF

COMMERZBANK AG

GERMANY

COBADEHH

COMMERZBANK AG

ESTONIA

COBAESMX

COMMERZBANK AG

FRANCE

COBAFRPX

COMMERZBANK AG

GREAT BRITAIN

COBAGB2X

COMMERZBANK AG

HONG KONG

COBAHKHX

COMMERZBANK AG

ITALY

COBAITMM

COMMERZBANK AG

LUXEMBURG

COBALULX

COMMERZBANK AG

SWEDEN

COBASKBX

COMMERZBANK AG

U.S.A.

COBAUS3X

COMMERZBANK AG (BANKING COMMUNICATION)

GERMANY

COBADEFF

COMMERZBANK AG KANTOOR AMSTERDAM

NETHERLANDS

COBANL2X

COMMERZBANK AG TOKYO

JAPAN

COBAJPJX

COMMERZBANK AG,SINGAPORE BRANCH

SINGAPORE

COBASGSX

COMMERZBANK AG, WUPPERTAL (ZW.117)

GERMANY

COBADEDH

COMMERZBANK AG, CAYMAN ISLANDS BRANCH

KENYA

COBAKYKX

COMMERZBANK AG , THE, BRUSSELS BRANCH

BELGIUM

COBABEBX

COMMERZBANK EUROPE (IRELAND)

IRELAND

COBAIE2X

EUROPEAN BANK FOR FUND SERVICES GMB

GERMANY

COBADEMX

7.

CREDIT SUISSE AG

CH(SWITZERLAND)

CRESCHZZ

8.

DEUTSCHE BANK (CHINA) CO. LTD.

CHINA

DEUTCNSH

DEUTSCHE BANK (MALAYSIA) BERHAD

MALAYSIA

DEUTMYKL

DEUTSCHE BANK A.G. AMSTERDAM

NETHERLANDS

DEUTNL2A

DEUTSCHE BANK A.G.

GERMANY

DEUTDEDD

DEUTSCHE BANK A.G.

HK

DEUTHKHH

DEUTSCHE BANK A.G.

INDIA

DEUTINBB

DEUTSCHE BANK A.G.

SINGAPORE

DEUTSGSG

DEUTSCHE BANK A.G.

U.S.A.

DEUTUS33

DEUTSCHE BANK A.G. ZURICH BRANCH

CHINDIAA

DEUTCHZZ

DEUTSCHE BANK A.G., BANGKOK BRANCH

THAILAND

DEUTTHBK

DEUTSCHE BANK ISTANBUL

TURK

BKTRTRIS

DEUTSCHE BANK S.P.A

ITALY

DEUTITMM

DEUTSCHE BANK TRUST COMPANY AMERICA

U.S.A.

BKTRUS33

9.

FIRSTRAND BANK LTD HEAD OFFICE INCL

SOUTH AFRICA

FIRNZAJJ

10.

SVENSKA HANDELSBANKEN

SWEDEN

HANDSESS

11.

HABIB BANK AG ZURICH

UNITED ARAB EMIRATES

HBZUAEAD

12.

THE BANK OF NEW YORK MELLON, FRANKF

GERMANY

IRVTDEFX

13.

NATIONAL BANK OF ABU DHABI

AE(ARAB EMIRATE)

NBADAEAA

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Exchange Rate

January 17, 2018 

 Currency

Buying

Selling

USD 27.2157 27.7600
GBP 37.4270 38.1755
CHF 28.1824
28.7460
SEK 3.3826 3.4503
DKK 4.4608
4.5500
DJF 0.1512 0.1542
INR 0.4246 0.433092
KSH 0.2637 0.2690
JPY 0.2459 0.250818
CAD 21.8828 22.3205
AUD 21.6283
21.0609
SAR 7.2567 7.4018
AED 7.4095 7.5577
ZAR
2.2173 2.2616
EUR 33.2304 34.8950
CNY 4.2215 4.3059