================================================================================ NETSALANCER — FX RETENTION ACCOUNT OPENING PACKAGE Based on NBE Directive FXD/04/2026 (Effective February 12, 2026) ================================================================================ This package contains everything you need to open your foreign exchange retention account at any Ethiopian commercial bank. Five documents, ready to use. Contents: 1. Cover Letter (Account Opening) 2. FXD/04/2026 Directive Summary 3. Document Checklist 4. Application Timeline 5. Earnings Worksheet ================================================================================ DOCUMENT 1 — COVER LETTER (ACCOUNT OPENING) ================================================================================ [Date: _______________] To: Branch Manager [Bank Name: _______________] [Branch: _______________] Subject: Request to Open Foreign Currency Retention Account Under NBE Directive FXD/04/2026 Dear Sir/Madam, I am writing to request the opening of a Foreign Currency Retention Account in accordance with the National Bank of Ethiopia's Directive FXD/04/2026, effective February 12, 2026. I am an independent professional (freelancer) providing services to international clients. My work includes: Service type: [_______________] Primary clients: [_______________] Countries: [_______________] Under Article 4 of FXD/04/2026, exporters of goods and services are entitled to retain 100% of their foreign exchange earnings in a designated retention account. As a provider of exportable services, I qualify under this directive. I have enclosed the following supporting documents: [ ] Valid Ethiopian passport or national ID [ ] Tax Identification Number (TIN) certificate [ ] Business license or freelance work permit (if applicable) [ ] Proof of international client engagement (contracts, invoices) [ ] Sample payment receipts or bank transfer confirmations [ ] This cover letter I kindly request your assistance in processing this application at your earliest convenience. Respectfully, Full Name: _______________ Phone: _______________ Email: _______________ TIN: _______________ Signature: _______________ ================================================================================ DOCUMENT 2 — FXD/04/2026 DIRECTIVE SUMMARY ================================================================================ NATIONAL BANK OF ETHIOPIA DIRECTIVE No. FXD/04/2026 Issued: January 2026 | Effective: February 12, 2026 PURPOSE ------- Replaces all prior mandatory foreign currency surrender requirements. Grants exporters full retention rights over earned foreign exchange. KEY ARTICLES ------------ ARTICLE 1 — SCOPE Applies to all persons and entities earning foreign exchange through the export of goods or services from Ethiopia. ARTICLE 2 — RETENTION RIGHTS Exporters may retain 100% of foreign exchange earnings in a designated foreign currency retention account at any licensed Ethiopian commercial bank. ARTICLE 3 — PERMITTED USE Retained foreign currency may be used for: - Import payments - International service payments - Debt servicing - Transfer abroad (within regulatory limits) - Conversion to ETB at prevailing market rates ARTICLE 4 — ACCOUNT REQUIREMENTS The retention account must be: - Held at a licensed Ethiopian commercial bank - Denominated in the original currency of receipt - Subject to standard KYC/AML requirements WHAT THIS MEANS FOR FREELANCERS -------------------------------- 1. You keep 100% of your USD/EUR/GBP earnings 2. No mandatory conversion to ETB 3. Legal, transparent income in your own name 4. Bank statements that prove income for visas and loans 5. No agent fees, no splitting, no informal channels Source: National Bank of Ethiopia Full text: https://nbe.gov.et/mandates/directives/ ================================================================================ DOCUMENT 3 — DOCUMENT CHECKLIST ================================================================================ Use this checklist before visiting your bank. All items required unless marked (optional). IDENTITY [ ] Valid Ethiopian passport OR national ID (Kebele ID) [ ] Two passport-size photographs [ ] Proof of address (utility bill, lease agreement, or Kebele letter) TAX [ ] Tax Identification Number (TIN) certificate Get yours at: your local tax office or online at eservices.erca.gov.et BUSINESS DOCUMENTATION [ ] Business license (if registered) OR [ ] Freelance work permit OR [ ] Letter from local trade office confirming service-based work [ ] (optional) Professional certifications relevant to your field PROOF OF INTERNATIONAL INCOME [ ] Contracts or agreements with international clients (minimum 1) [ ] Invoices issued to international clients (minimum 3 recent) [ ] Payment receipts or bank transfer confirmations showing foreign currency received [ ] (optional) Platform earnings screenshots (Upwork, Fiverr, etc.) [ ] (optional) PayPal/Payoneer/Wise transaction history APPLICATION MATERIALS [ ] Completed cover letter (Document 1 in this package) [ ] Bank's own account opening application form (available at the branch) NOTES ----- - Bring originals AND photocopies of all documents - Some banks may request additional verification - Processing typically takes 1-3 business days - You do NOT need a minimum deposit to open the account - Ask specifically for a "Foreign Currency Retention Account under FXD/04/2026" ================================================================================ DOCUMENT 4 — APPLICATION TIMELINE ================================================================================ Estimated timeline from preparation to active account. WEEK 1 — PREPARE +--------+------------------------------------------------------+ | Day 1 | Gather identity documents (passport/ID, photos) | | Day 2 | Obtain TIN certificate if you don't have one | | Day 3 | Collect client contracts and invoices | | Day 4 | Prepare payment proof (bank transfers, screenshots) | | Day 5 | Fill out cover letter from this package | +--------+------------------------------------------------------+ WEEK 2 — APPLY +--------+------------------------------------------------------+ | Day 8 | Visit your chosen bank branch | | | Recommended banks with FX experience: | | | - Commercial Bank of Ethiopia | | | - Dashen Bank | | | - Awash Bank | | | - Bank of Abyssinia | | Day 8 | Submit application + all documents | | Day 9 | Bank reviews application (allow 1-3 business days) | +--------+------------------------------------------------------+ WEEK 2-3 — ACTIVATE +--------+------------------------------------------------------+ | Day 11 | Receive account confirmation | | Day 11 | Get account number and SWIFT/BIC code | | Day 12 | Update client payment details with new bank info | | Day 14 | First international payment received | +--------+------------------------------------------------------+ AFTER ACTIVATION +--------+------------------------------------------------------+ | Month 1| Begin building bank statement history | | Month 3| UK/Germany visa applications become viable | | Month 6| USA/Canada visa applications become viable | +--------+------------------------------------------------------+ TIPS ---- - Visit during morning hours (branches are less crowded) - Ask for the "Foreign Exchange" or "International Banking" desk - Reference FXD/04/2026 by name — staff should recognize it - If a branch is unfamiliar with the directive, try a main branch or a different bank - Every month you delay = one month added to your visa timeline ================================================================================ DOCUMENT 5 — EARNINGS WORKSHEET ================================================================================ Use this worksheet to calculate your annual foreign exchange earnings and understand the financial impact of formalizing. CURRENT EARNINGS ---------------- Monthly USD earnings (average): $_______________ Months active per year: _______________ Annual USD earnings: $_______________ (monthly x months) CURRENT COSTS (INFORMAL CHANNELS) ---------------------------------- Agent/middleman fee per transaction: _______________% Annual agent fees paid: $_______________ (annual earnings x agent %) Exchange rate loss vs. bank rate: _______________% Annual exchange rate loss: $_______________ Total annual cost of informal: $_______________ (agent fees + rate loss) WITH FX RETENTION ACCOUNT -------------------------- Annual earnings retained: $_______________ (same as annual earnings — 100%) Bank conversion fee (typical): 0.5-1.5% Annual bank fees: $_______________ Net annual savings vs. informal: $_______________ (informal cost - bank fees) VISA IMPACT ------------ Bank statement requirement (USA): 6 months Bank statement requirement (UK): 3 months Current provable income: $_______________ Income provable after 6 months: $_______________ (6 x monthly earnings) SUMMARY ------- Money saved per year: $_______________ Income now legally provable: YES / NO Visa applications possible: YES / NO Loan applications possible: YES / NO ================================================================================ PREPARED BY NETSALANCER netsalance.info This package is free. Share it with any Ethiopian freelancer. Disclaimer: This document is for informational purposes only. Netsalancer is not affiliated with the National Bank of Ethiopia and is not a bank. Consult your bank for specific account opening requirements. Directive details sourced from NBE FXD/04/2026. Last updated: March 2026 ================================================================================