Exchanging foreign currency for birr (or vice versa) in Ethiopia is straightforward if you know where to go and what to expect.
Where to Exchange
- Banks: Commercial banks (CBE, Awash, Abyssinia, etc.) offer exchange services. You typically need an account or ID.
- Forex bureaus: Licensed bureaus in cities and at airports. Often convenient for travelers.
- Hotels: Some accept foreign currency or offer exchange at less favorable rates.
Getting a Good Rate
- Compare: Rates vary by bank and bureau. Use Birr Value to compare bank rates.
- Avoid airports when possible: Airport bureaus often offer worse rates; exchange a small amount for immediate needs, then use a bank or city bureau.
- Avoid unofficial dealers: Street dealers may offer tempting rates but pose fraud and legal risks.
What You'll Need
- ID: Passport or national ID
- Purpose: For larger amounts, you may need to state the purpose (travel, business, etc.)
- Receipt: Keep it for re-exchange when leaving, if applicable
Limits and Rules
- The NBE sets reference rates; banks and bureaus trade within a band
- Export of birr is restricted; convert excess before departing
- Large transactions may require additional documentation
For Regular Exchangers
If you frequently exchange (e.g., diaspora, business), consider:
- A bank account with FX services
- Building a relationship with one bank or bureau for better service
- Timing: rates change daily; check Birr Value for current comparisons