Saturday, 07 July 2018 08:40

Guarantee (Foreign)

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A letter of guarantee issued by an issuing bank/guarantor is a written undertaking by the bank to compensate (pay sum of money) to the beneficiary (local or foreign) in the event that the obligator/principal fails to fulfill his/her /its obligations in accordance with the terms and conditions of the guarantee.

Types of guarantee:

  • Bid bond
  • Performance bond
  • Advance payment guarantee
  • Loan guarantee, retention guarantee
  • Customs duty guarantee
Saturday, 07 July 2018 08:38

Money Transfer

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INCOMING TRANSFER THROUGH AGENTS

Incoming Transfers, Handling incoming money transfers from abroad through CBO’s International Money transfer Organizations for further credit to our customer account or payment in cash to the customer. i.e. Western Union, MoneyGram, Dahabshiil, X-press, RIA, Trans Fast etc. Inward Transfers could be sent through Swift, Personal or Bank Checks and Remittance Service Providers.

OUTGOING TRANSFER (TELELEGRAPHICTRANSFERS)

Outgoing Transfer Payment processed to individuals or organizations aboard upon the request of the Bank’s customers. Such transfers are used to effect payment for imports, tuition fees, membership fees, consultancy fees, medical bills, hotel booking, etc. Transfers can be made either through Swift or through Foreign Bank Draft. Foreign exchange permit is required to make outgoing transfers.

Saturday, 07 July 2018 08:33

Export

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EXPORT BY LETTER OF CREDIT
/Documentary Credit/

An export documentary letter of credit is a document whereby CBO Exporter buyer instructs their bank to pay our customers, assuming that the agreed conditions specified in the original documentary credit, are met. It is an internationally accepted method of settling trade payments. Rules and guidelines are governed by the International Chamber of Commerce (ICC).
Export-payment available by sight/negotiation/acceptance of bills
*If approved by the National Bank of Ethiopia

EXPORT BY CASH AGAINST DOCUMENT
/Documentary Collection/

A payment arrangement in which an exporter instructs CBO to hand over shipping and title documents to the importer when the importer fully pays the accompanying bill of exchange or draft.

EXPORT BY ADVANCE PAYMENT
/Advance Payment/

Advance payment: is a method through which CBO customer /seller/ receives payment from a buyer prior to shipment or the agreed upon goods or rendering the agreed upon service. Export-Payment through bank transfers, traveler cheques, cash (as long as it is declared).

EXPORT ON CONSIGNMENT

Consignment basis payment It is a method of payment in which the title to the goods remains with the CBO customer /seller/ until an agent (distributor) in foreign country sells them. Payment is made to the seller if and when the agent (distributor) sells the goods.
Export is applicable to perishable items: fruits, flowers, meat, molasses, etc as approved by the National Bank of Ethiopia

Saturday, 07 July 2018 08:28

Import

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  • IMPORT BY LETTER OF CREDIT
    /Documentary Credit/

An import Letter of Credit is an unconditional undertaking, given by CBO at the request of our customer (the Applicant or Importer) to pay the Beneficiary (or Supplier) against stipulated documents, provided all the terms and conditions in the Letter of Credit are complied with.
Import-available by sight payment/negotiation payment/deferred payment*/acceptance payment*

  • IMPORT BY CASH AGAINST DOCUMENT
    /Documentary Collection/

Documentary collection is a method through which banks handle a seller's commercial documents with or without financial documents in accordance with instructions received from the seller in order to deliver the documents to buyer (importer) against payment and/or acceptance or against other terms and conditions.

  • IMPORT BY ADVANCE PAYMENT

Advance payment: is a method through which a seller receives payment from a buyer prior to shipment or the agreed upon goods or rendering the agreed upon service.
Import-Payment though bank transfers

Saturday, 07 July 2018 07:04

FCY Retention Account

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CBO forex accounts shall be maintained in either of the below three currencies:-

                                 1. US dollar $

                                 2. Pound sterling £

                                 3. Euro €

Forex retention account shall mean FCY account maintained by eligible exporters of goods and services and recipients of inward remittances from abroad. It can be opened to exporters and frequent SWIFT remittance receivers.

TYPES OF RETENTION ACCOUNTS

Account “A”

  • Thirty percent (30%) of his/her account balance for an indefinite period of time.

Account “B”

  •  Seventy percent (70%) of his/her account balance for up to 28 days after which period any balance shall automatically be converted in the next working day into local currency by the bank using the prevailing buying rate.
Saturday, 07 July 2018 06:56

Diaspora Accounts

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CBO forex accounts shall be maintained in either of the below three currencies:-

                                 1. US dollar $

                                 2. Pound sterling £

                                 3. Euro €

It is a deposit account targeted for Ethiopians in Diaspora to open and use foreign currency account at home country.

TYPES OF DIASPORA ACCOUNTS

  1. Fixed (Time) Deposit Account: It is an interest bearing account with agreed maturity date. The minimum maturity period is three months. It is opened with an initial deposit of US Dollar 5,000. Interest on such accounts shall be payable only if they are maintained at least for the minimum period.
  2. Current Account: It is operated by cheque book. Withdrawals can be made at any time by writing a cheque. It can be opened with an initial deposit of US Dollar 100 or its equivalent in any of the above stated currencies. The maximum amount to be deposited shall not exceed US Dollar 50,000 or its equivalent in any of the above stated currencies. Interest shall not be paid to a non-resident foreign currency current account.
  3. Non-repatriable Birr Account: which may take the form of saving deposit that can be used for local payments only. Interest rate on such accounts shall be double of the minimum saving deposit rate set by the National Bank of Ethiopia. Money can neither be transferred from this account abroad nor from the local currency to any foreign currency.

ELIGIBILITY

  •  Non-resident Ethiopian Nationals living and working outside Ethiopia.
  • Non-resident foreign nationals of Ethiopian origin.
  • Companies owned by the above-mentioned nonresidents and located outside the Ethiopian territory for more than one year.
  • Ethiopian nationals living and working abroad or in due process of living abroad for work for more than one year and who can produce authenticated documents.
Saturday, 07 July 2018 06:44

Non Resident Accounts

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CBO forex accounts shall be maintained in either of the below three currencies:-

                                 1. US dollar $

                                 2. Pound sterling £

                                 3. Euro €

TYPES OF NON RESIDENT ACCOUNTS

  1. Non Resident Foreign Currency accounts
  2. Non Resident Transferable Birr account
  3. Non Resident Non Transferable Birr accounts

ELLIGIBILITY

  • Diplomatic mission offices
  • Diplomatic mission staffs (with the exception of Ethiopian nationals)
  • Members of International Community
  • International organizations and their organs
Monday, 18 September 2017 11:30

Mobile and SMS Banking

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Mobile and SMS banking allow you to conduct financial transaction using a mobile device like mobile phone or tablet via mobile banking Apps.

Perform online banking using your smart phone or other mobile devices.

Services available:-

 

  • Checking balance
  • Bill payment
  • Fund transfer
  • Mobile text and alert …

 

Bank anywhere at any time.

Monday, 18 September 2017 11:30

Mobile Banking

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The Mobile Banking services that will come soon will enable you to access your bank accounts,make fund transfers,payments and balance inquiries as well as get instant notifications on all your accounts linked with MB.

Monday, 18 September 2017 11:29

Online Banking /Internet Banking/

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Using electronic payment system conducts a range of financial transactions through our website.

Execute a bunch of financial transactions at CBO on line via the internet.

CBO online services:-

 

  • Search for balance
  • transaction history
  • Acquire e-statements
  • Order new statements
  • Transfer funds
  • Pay bills
  • Receive bills online

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