Exchange rates vary by bank, bureau, and method. Here's how to get more birr for your dollar or euro.
Compare Banks
Rates differ between banks. The National Bank of Ethiopia sets a reference rate, but each bank trades within a band. A small difference (e.g., 0.5 birr per dollar) adds up on large amounts.
Use Birr Value to compare buying and selling rates across Ethiopian banks before you exchange.
Avoid Poor Rates When Possible
- Airport bureaus: Often offer worse rates. Exchange a small amount for immediate needs, then use a city bank or bureau.
- Hotels: Convenient but typically less competitive. Use for small amounts only.
- Street dealers: Tempting rates but illegal and risky. Avoid.
Timing
- Rates change daily: Check Birr Value each day if you're planning a large exchange.
- Volatility: During economic or political uncertainty, rates can move quickly. If you need to exchange soon, consider doing it when rates are favorable rather than waiting.
For Remittances
When sending money to Ethiopia:
- Compare providers: Remitly, Wise, XE, WorldRemit—each has different fees and rates. See our Send Money comparison.
- Mid-market rate: Providers like Wise use the real exchange rate with a small fee. Others build margin into the rate. Compare total cost (fees + rate).
- First-transfer promos: Many providers waive fees on the first transfer. Use them wisely.
For Regular Exchangers
- Bank relationship: Some banks offer better rates for established customers or larger volumes.
- Forex bureaus: Shop around. Rates can vary between bureaus in the same city.
- Bulk: For very large amounts, negotiate with your bank—they may offer a better rate.
Summary
- Compare banks on Birr Value
- Avoid airports and unofficial dealers when possible
- For remittances, compare total cost across providers
- Time your exchange when rates are favorable