Non-Resident Accounts

It is an account opened for eligible non – residents to facilitate the payments (both in local and foreign currency) by the international community and the diplomatic missions, foreign business community, individuals, international organizations and their employees.

This account is non-interest-bearing checking account. The major types of non-resident accounts accommodated at Zemen Bank are the following:

Non-Resident Foreign Currency Accounts (NR-FCY A/C)

The balance in this account is kept in foreign currency. A deposit to such account can be made from a transfer in hard currency, travelers’ checks, foreign cash notes, and a check drawn on a non- resident account. Holders of this account could draw foreign currency for travel purposes for their expatriate missions, transfers abroad, etc. A payment in Birr from this account is also possible.

Non-Resident Non-Transferable BIRR (NR-T BIRR A/C)

This account has same features and use as NR-FCY A/C except that it is denominated in Birr (local currency). It is possible to make payment in foreign currency for travel and other payments on the basis of supporting documents.

Non-Resident Non-Transferable BIRR Accounts (NR-NT BIRR A/C)

This is an account intended to facilitate payments locally in Birr and a foreign exchange permit should be obtained to make transfers in favor of beneficiaries residing abroad.

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