Currency in Ethiopia: ETB Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Ethiopia with the Ethiopian birr.
What's in this Ethiopia currency guide?
What currency is used in Ethiopia?
The official currency of Ethiopia (country code: ET) is the Ethiopian birr, with symbol Br and currency code ETB.
What is a good Ethiopian birr exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Frequently Asked Questions
What currency should I use in Ethiopia?
The domestic currency in Ethiopia is the Ethiopian birr.
What is the Ethiopian birr currency code and symbol?
The three letter currency code for the Ethiopian birr is ETB — symbol is Br.
What does the Ethiopian birr look like?
Here is an example Ethiopian birr banknote:
Which countries use the Ethiopian birr?
It is the domestic currency in Ethiopia.
Is the Ethiopian birr a closed currency?
Yes the Ethiopian birr is a closed currency. Which means that you may find it difficult to purchase the currency (ETB) before departure and will probably need to buy it upon arrival. If you do manage to buy some of the currency or have some left over from a previous trip, make sure you are aware if you are allowed to bring this closed currency into the country.
For more information and a full list of closed currencies please refer to our guide: What is a closed currency?
What are equivalent amounts of USD and ETB?
Here are some popular conversion amounts for USD to ETB (US dollar to Ethiopian birr)*.
*Converted at the current USDETB interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Ethiopia
As mentioned above, the Ethiopian birr is a closed currency. Which means that you may find it difficult (or be permitted) to purchase the currency (ETB) before departure and will need to buy it upon arrival in Ethiopia.
For these types of destinations, using a pre-paid travel card is a good solution. As no travel cards support loading closed currencies like the ETB you will incur currency conversion or foreign transaction fees if you use a travel money card in Ethiopia.
However, using a pre-paid travel card is still a good idea as you can avoid ATM fees and also you can avoid using (and losing!) your main bank or debit/credit card.
Ethiopia: Travel Guide
Traveling to Ethiopia requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
Ethiopia is a country located in the Horn of Africa, known for its rich culture and history, as well as its diverse landscapes and wildlife. It is a popular destination for tourists and expats alike, offering a unique blend of ancient traditions and modern development.
For tourists, Ethiopia offers many historical and cultural attractions, such as the ancient rock-hewn churches of Lalibela, the stelae field at Aksum, and the castles of Gondar. The country is also known for its diverse wildlife, including the Ethiopian wolf and the Ethiopian elephant, which can be seen in national parks such as the Simien Mountains National Park and the Bale Mountains National Park.
Everyday Costs in in Ethiopia
How much does it really cost to live, work, or travel in Ethiopia? Here's what to expect for daily expenses and expat living.
Currency Guide for Ethiopia (ISO Code: ET)
For a traveler planning a 1-week mid-range stay in Ethiopia, a budget of approximately $600 to $1,000 USD is advisable, depending on personal preferences and activity choices. This range accounts for daily expenses and occasional splurges. Here's a brief breakdown of typical daily costs in Ethiopian Birr (ETB) 💸:
- 🍽️ Meal at a local restaurant: 150-300 ETB
- ☕ Coffee: 30-50 ETB
- 🚌 Public transport fare: 10-20 ETB
- 📱 Prepaid SIM card: 100-200 ETB
- 🏨 Budget hotel or Airbnb: 700-1,200 ETB
Overall, Ethiopia is considered an affordable destination compared to other major countries. In comparison, expenses in Ethiopia are roughly 50% lower than in the United States and about 30% cheaper compared to the UK, making it an enticing choice for budget-conscious travelers seeking unique and enriching experiences.
Expat Living in Ethiopia
For expats, understanding the financial landscape in Ethiopia is crucial. Typical monthly living costs for a single person can range between 15,000 to 25,000 ETB, which includes rent, utilities, groceries, and transportation. Here’s a breakdown of common expenses: rent for a decent one-bedroom apartment can range from 8,000 to 15,000 ETB, while groceries may cost around 3,000-5,000 ETB.
When it comes to banking and transactions, Ethiopian banks allow for local currency accounts, which can help avoid exchange rate losses. However, using international credit or debit cards is only feasible in urban areas and can incur significant fees. When sending or receiving money, using online services like Wise or OFX often provides better rates and lower fees than local exchanges, making them ideal for expats. It is generally more advantageous to avoid exchanging large amounts of money locally due to higher overhead costs and instead opt for more competitive online transfer services where possible.
USD/ETB Market Data
The below interactive chart displays the USD/ETB change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Ethiopia - Best Rates
To get a good (and fair) exchange rate when sending money to Ethiopia you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Ethiopia
When sending money to Ethiopia it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Ethiopian birr amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted ETB amount will be transfered to the recipient account you specify in Ethiopia.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Ethiopian birr deposited into the recipient bank account and less margins and fees kept by the banks!
Managing money while living and working in Ethiopia
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
Understand Ethiopian birr currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the ETB exchange rate and consider using a money transfer specialist or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Ethiopian birr bank account: A local ETB bank account can make it easier for you to manage your finances and pay bills while you are in Ethiopia. It may also be more convenient to use a local ETB bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Ethiopia. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Ethiopia. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Ethiopia, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
We have put together some key points to help managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Ethiopia.
Ethiopia for Expats
Expats can find a good quality of life in Ethiopia, with a relatively low cost of living. The country is home to a diverse population, and expats can easily find communities of other foreigners, particularly in larger cities such as Addis Ababa. However, it's important to note that the official language is Amharic and it's necessary to have a good knowledge of it to find a job, or even to move around.
However, it's important to be aware that Ethiopia is a developing country and it's facing several challenges such as poverty, political instability, and lack of infrastructure. Additionally, the country has a history of civil conflict and human rights abuses, and it's important to be aware of the safety situation before traveling or living in the country.
It's always important to do a research and seek for professional advices before planning a trip or moving to Ethiopia.