After working in the travel industry for many years, it is easy to understand Organizing payment methods is an important part of travel planning.
Yes, when you want to visit a new country like Ethiopia, just book your plane tickets, hotels, excursions and activities, it is really exciting. Most importantly, you don’t have to worry about the payment method, because everything is stipulated in your agreement. However, when it comes to doing payment for simple things (like taking a taxi or paying at a restaurant), it will come up with other terms, such as what currency is accepted, and if a credit card is the best payment method, then you will think if it is possible make a withdrawal at an ATM.
What currency should I bring to Ethiopia?
In Ethiopia Cash is still the king it is the most solvent to make payment imidiatley specially the local currency Birr is the most widly accepted currency. but No bank in your country / region can provide you with ETB Birr, the local currency of Ethiopia. The best currency to bring is simple. it is the United States dollar, Euro, and Pound sterling. you can easily exchange them at any bank in Ethiopia. Yes. In most cases, unless your home country’s currency is USD EURO or GBP, you may have to pay more through “double change”. This is because you need to exchange the currency of your home country for the other currency and then change that currency to Ethiopian Birr.
When you arrive at the airport, you can exchange money enough money to take a taxi to the hotel. Few banks have branches within the airport, and even in the customs hall, you can enter the banks change your money before you leave the airport.
Wait, There is no practical reason to make changes outside the airport. In many countries / regions, when you arrive at the airport, the price you buy in local currency will be much higher than in the city, but in Ethiopia, this is not the case. The bank exchange rate is the same in all bank branches. This means that the change you get at the airport is equal to that of the bank’s branch in the city.
Ethiopian Birr (ETB) the official Currency is the best Currency of choice, though you can make payments in USD, Euro, UK Pound at some hotels and tourist service areas in equal amounts. Other small service providers like Tour Guide, Taxi and souvenir shops also could accept foreign currencies. However, the best way is having the local currency on your hand to make payments.
The local Currency of Ethiopia
Birr (ETB) is the official currency of Ethiopia. Once you have converted your currency to birr (birr), it is very difficult to convert it back into US dollars, euros, and other currencies in Ethiopia. It used to be possible at Dashen Bank to show your original exchange slip and then prove to bank staff that you need to change your currency back. However, due to the lack of foreign currency in the country, this becomes almost impossible. It is best to change the money that you only need. Don’t risk losing your money. You can trade on black markets, but black-market transaction costs are high and it is not recommended to do so.
Name: Birr
Coins: 1 cent, 5 cents, 10 cents, 25 cents, 50 cents and 1 birr.
Banknotes: 5, 10, 50, 100, 200 ETB Birr
Sub-units: 1, 5, 10, 25 and 50 Santim (cents)
Currency code: ETB
Can you pay by card in Ethiopia?
The country has a cash-based economy. Currently, Cash is the king when it comes to payments in Ethiopia. Even in large cities like Addis Ababa, many gas stations, restaurants, and small shops only accept cash.
In Ethiopia, Credit card payments are increasing, but it is only applicable to international hotels, large restaurants, large supermarkets, high-end restaurants, airlines, and large shops that accept credit cards. Therefore, it is recommended to bring your credit or debit card, but always have cash as a backup when traveling across the country. You can also use the card to withdraw cash from the ATM for cash payment.
Current exchange rates for selected foreign currencies.
The Exchange rates In Ethiopia is fixed by the central bank, the rate from banks to banks is almost similar. Often, the cheapest way to get local currency is by exchanging your foreign cash into local money at banks. The banks don’t cut any exchange fees, commission. ATM usually charges small withdrawal fees to the local banks and any charges your credit card company put.
USD $1 = 36.2
Euro €1 = 38.75
Pound Sterling £1 =48.48
If you have leftover money, it is hard to convert it back to the birr is not readily usable currency outside of the country. It is better to estimate the amount of money you need while changing money or withdraw from the ATM. If you have leftover currencies buy some locally made handicrafts to take back home and support local industries or leave it as a tip.
ATMs
An automated teller machine (ATM) is handy and allows you to withdraw Money without the aid of a branch representative or teller at any time where you can find ATM machines. Also maybe safer than a wallet full of cash.
Where to find ATM’s in?
ATMs are available in cities and major Towns. When you are in one of the cities, an ATM can mainly be found outside of a bank branch, hotels, supermarkets, shopping malls, airports, and government buildings in Ethiopia. ATMs are may not be available in smaller towns, villages, and rural areas. However, keep in mind that ATM reliability is also extremely poor. Locals in Ethiopia often complain about the decline in ATM cards due to poor internet connection, insufficient machine resources, power outages, or any other reason. If you encounter this situation, please look for other ATMs in other locations. Most importantly, make sure you always have enough cash on hand!
Most Accepted cards in Ethiopia,
Visa and Master cards are the two main types of credit cards accepted in Ethiopia, although it is best to use one of these cards for travel because they are the most widely accepted. (Union Pay of China and American Express cards can be used to withdraw cash from Dashen Bank ATMs.)
Outside of the Big cities, Only in towns with a Braches bank, you can withdraw money from ATMs, and it will be issued in the local currency rather than US dollars or another foreign currency.
We recommend using a credit card only as a backup in your trip (Pay hotels, eat in large restaurants, or pay in large supermarkets),
Usually, depending on your bank, withdrawing cash from ATMs can involve high transaction fees. You may need to know the transaction fees that will be charged from your residence and the local bank.
This can help you to choose the best bank with a money-saving credit card that works best for you. Instead of withdrawing frequently, withdrawing the maximum amount at one time can save you the transaction processing fee. You can also opt to use the local currency by converting US dollars, euros, and pounds.
Important note: when you want to visit Ethiopia, it is always important that you contact your bank or credit card company. Notifying your bank, you are going to use your card in Ethiopia. This will save you the hassle of declining payment. Many banks and credit card companies take these steps to protect you from credit card fraud.