Obtaining remittances in Ethiopian banks involves a straightforward procedure. Below is a detailed guide to assist you in navigating the remittance reception process:
1. Select a Remittance Service Provider (RSP): Choose a reputable RSP that operates in Ethiopia and offers services from the sender's country. Well-known RSPs include Western Union, MoneyGram, WorldRemit, Xoom, and Ria.
2. Provide necessary information to the sender: Inform the sender of your preferred remittance receiving method. Depending on the chosen RSP, you may need to supply your bank account details, mobile phone number, or other relevant information.
3. Receive the remittance via wire transfer: If the sender chooses a wire transfer, provide them with your bank name, branch name, account number, and SWIFT code. This information enables the sender's bank to initiate the transfer. It may take up to 5 business days for the funds to appear in your account.
4. When the sender opts for the cash pickup option, they will be required to pay cash to an RSP agent in their country. Upon collection, you will be provided with a reference number. Ensure you present this number alongside your identification when receiving the money. Kindly visit an RSP agent or a bank branch in Ethiopia to collect the cash. The transfer process is generally swift, usually taking only minutes to hours."
5. In the case where the sender prefers a mobile wallet transfer, they will transfer the funds to your mobile phone number. It is important to have a mobile money account, such as telebirr, linked to your phone number in order to receive the funds. Please note that the sender must select an RSP that supports the mobile wallet service. Depending on the RSP, you will be able to access the funds instantly or within a day."
6. Please be mindful that both the sender and recipient may be subject to fees for the remittance service. Moreover, exchange rates differ amongst RSPs, thus it is advisable to compare rates and fees in order to select the most suitable option.
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