Best Bitcoin Exchange for Ethiopia

Ethiopia is known to the German television consumer as a country with great famine and political explosiveness. Very few of us know that behind this not exactly inviting façade of Ethiopia lies a tourist destination with a unique and unspoilt natural diversity.

Not only the unique flora and fauna can be explored in the national parks, but also bizarre and grotesque natural wonders. In the Danakil Desert you will find colourful brine springs, active volcanoes with their black lava rocks, massive sulphur springs and bizarrely shaped salt lakes. Endlessly appearing camel caravans round off this grotesque picture and leave an impression that you will never forget.

Far away from the national parks, the highest lake in Africa – Lake Tanasee, the volcano Fanatale, or the Tisissat waterfalls, Ethiopia also has towns worth seeing. The capital Addis Ababa offers the largest open-air market place in Africa. On the Mercato one can stroll comfortably, be seduced by strange smells and enjoy country-specific delicacies.

But also in Ethiopia – as everywhere on journeys – nothing is free. This article tells you about the options available for withdrawing money and the alternatives available. The following sections also summarize the most important information on the topic of local currency, credit cards, foreign deployment fees, free means of payment and some safety-related tips for your stay in Ethiopia.

Ethiopian Birr (ETB) – the national currency

Overview Banknotes Ethiopian BirrCurrency and official tender in Ethiopia is the Ethiopian Birr, divided into 100 Santim. The national currency is available in coins and notes as shown in the table below:

• Coins: 1, 5, 10, 25, 50 Santim as well as 1 Ethiopian Birr
• Notes: 1, 5, 10, 50, 100 Ethiopian Birr

The import and export limit of the national currency per person is 200 Ethiopian Birr. In the case of foreign currency, the amount of the foreign currency depends on the reason for entry. More detailed information can be found on the website of the Federal Foreign Office, whose link is provided below.

Exchange money in Ethiopia

When travelling to Ethiopia, it is particularly important to have sufficient cash at your disposal. Euro or US dollars are recommended as a suitable currency to take with you, but only in the capital is the euro reliably exchanged for the local currency. Outside of these, there are only a few cities in Ethiopia where the euro is accepted for exchange into the local currency.

When taking US dollars with you, you should make sure that you only keep intact recent notes ready for exchange, otherwise you may refuse to exchange them in local currency or accept them. Money exchange should only take place at banks or licensed exchange offices, money exchange on the black market of the street involves risks.

Banks can be visited from Monday to Friday from 08:30 to 11 and from 13:30 to 15:30. The banks in Ethiopia are also open from 08:30 to 11:00 on Saturdays. With each exchange a fee, the so-called “Exchange commission” is due. It is recommended to exchange smaller amounts or the currently required amount. A return exchange is only possible up to an amount of 50 US dollars. The exchange receipts must be kept for possible later presentation on departure.

Redeeming traveller’s cheques in Ethiopia

Traveler’s cheques are declining worldwide. Due to the high counterfeiting rate of American Traveller Cheques, they are no longer accepted in Ethiopia. It is therefore advisable to take sufficient cash with you as a means of payment. It makes sense to have at least one credit card or EC card in your luggage. This means that both cashless payment and withdrawing money from suitable ATMs are possible. This ensures a higher degree of financial flexibility during your holiday.

Cashless payment in Ethiopia

Cashless payment is hardly widespread in Ethiopia. Except in big hotels of the capital or with airlines it is almost impossible to find an acceptance place for any kind of money cards. In the few places where cashless payment is possible, only credit cards are accepted.

Most credit card institutions charge a foreign assignment fee of 1 to 4 %. This fee is charged for each transaction and can add up to an unpleasant sum during the holiday. Since cashless payment is hardly possible in most places in Ethiopia, it is advisable to carry sufficient cash with you to pay any bills in cash. The credit card can be used in Ethiopia to withdraw the money needed for the cash payment.

Withdrawing money in Ethiopia by EC card

If you want to withdraw money with the EC card in Ethiopia, you should contact your house bank before starting your journey. There you will be informed whether the EC card with the Maestro symbol is suitable for this and whether it needs to be activated. Although the EC card is basically suitable for withdrawing money in Ethiopia, the required ATMs are only available in the capital. These ATMs can be found in hotels or in banks.

Therefore, it is all the more important to have enough cash in your travel fund when travelling in the surrounding area. In the rural areas, a cashless payment is neither possible, nor is the option of withdrawing money by card at an ATM given. The only payment method safely accepted on a trip to the interior of the country is cash in local currency.

For withdrawals, an additional cost factor must be taken into account: for each cash withdrawal by the bank, a foreign exchange fee is charged. The amount of this fee for the foreign operation is often 5 euros, but a maximum of 10 euros. This sum is calculated for each withdrawal and must therefore always be added to the amount withdrawn. The exact amount of the fee depends on the bank and the contract concluded.

Owners of a V-Pay card must either buy a complete V-Pay card with sufficient cash or buy another means of payment, because this card does not work at all in Ethiopia. An alternative means of payment is a credit card. There are various options here, including a free variant that can save you the fee for the assignment abroad. More about this in the following sections.

Withdrawing money in Ethiopia by credit card

ATMs in Ethiopia can only be found in the capital, but in rural areas it is not possible to withdraw money from an ATM using a card. ATMs are also available in some larger hotels and banks. However, banks charge high fees for withdrawing money from ATMs.

Information about the amount of these charges is advantageous to avoid unpleasant surprises later on. The signs at ATMs show which credit card is accepted for cash withdrawals. Visa enjoys the highest level of acceptance. Most credit card institutions charge a foreign assignment fee for each individual withdrawal in Ethiopia. Depending on the credit card contract concluded, this usually lies between 1 and 4% and is calculated as a percentage of the withdrawal amount.

Completely without charge for the foreign assignment the money can be withdrawn but also in Ethiopia with little effort realizable. A good option is a so-called travel credit card. Some online providers and direct banks offer such a credit card. With one of these cards it is possible to withdraw money free of charge, not only at Ethiopian ATMs, but also in Germany at foreign banks and worldwide.

Due to the mentioned series of advantages the cards are not only a meaningful addition as means of payment in the travel cash, but are also in the everyday life at each place of the world, whether to the money withdrawal at home and abroad or for the problem-free cashless payment.

Security in withdrawing money in Ethiopia

Although there are few withdrawals in Ethiopia, as in all places where ATMs are installed, a certain degree of caution should be exercised. The concealed entry of the PIN and the separate storage of PIN and card are effective and easy to implement preventive measures.

If the card is lost, misused or even stolen, it can be blocked directly via the blocking emergency call. This was specially set up for such cases and is available around the clock. The following link will take you to the number. However, a fast call to the blocking emergency call can only be realised if the corresponding number is always within easy reach. The affected card is blocked immediately and you are protected from a higher financial loss.

If one adheres to these few safety precautions and equips the travel fund with adequate means of payment, then a relaxed stay is also possible in a rather unusual holiday country like Ethiopia – at least in financial regard.