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BUSINESS FOREIGN CURRENCY ACCOUNT

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Features

Searching for the best way to save and utilize you foreign exchange earnings? Business Foreign currency Account (BFCA) is an account designed for Individuals or business entities resident in Sri Lanka, who are earning foreign exchange. BFCA can be opened in any designated currency.

  • All existing FEEA, FCAASA, FCAISPE – Employers Accounts and IRDA accounts have been re- designed as BFCA.
  • Internet Banking & Mobile banking facility
  • Withdrawal in foreign currency notes up to USD 10,000/- or equivalent for travel purpose.
  • No exchange loss when engaging in foreign exchange transactions.
  • Conversion of your foreign exchange to LKR at favorable times.
  • Foreign Currency Loans for foreign exchange income earners.
Type of Accounts

Type of Accounts

The following account types could be opened in any designated foreign currency.

  • Savings Account
  • Fixed deposit
  • Current Account (without cheque drawing facility)
How to get started
  • Eligibility
    • Sri Lankan resident aged 18 years and above who are earning foreign exchange.
    • A sole proprietorship or partnership registered in Sri Lanka where the proprietor or a majority of partners are resident in Sri Lanka.
    • A company incorporated in Sri Lanka.
    • A company incorporated outside Sri Lanka which is registered as an overseas company under the companies Act no.7 of 2007.
    • A state institution with the recommendation of the secretary to the relevant line Ministry or appropriate Authority.
    • A person authorized to carry on business as a shipping agent or a general sales agent in Sri Lanka on behalf of a foreign shipping line or airline with a valid license or authorization letter issued by the Director General of Merchant Shipping and Director General of Civil Aviation Authority of Sri Lanka, respectively.
    Documents Required

      Individual

    • Copy of national Identity card / Valid passport
    • Proof of foreign exchange earnings

      Proprietorship / Partnership/ Companies

    • Copy of national Identity card / Valid passport
    • Proof of foreign exchange earnings
    • Other relevant documents stipulated in the application

    • Note: Other documents / originals to be sighted may be requested by the bank to ensure better customer service in the future

Permitted Credits

Permitted Credits

  • Remittances received in foreign exchange from abroad through the banking system in respect of, export of goods and services, entrepot trade, overseas projects undertaken by the account holder, investments made outside Sri Lanka and goods supplied locally to a person resident outside Sri Lanka.
  • Foreign currency in the form of bank drafts or currency notes accepted by the account holder in Sri Lanka in respect of goods and services supplied by such person to a person resident outside Sri Lanka.
  • Where the account holder is a shipping agent or a general sales agent in Sri Lanka, remittances received in foreign exchange through the banking system from the respective foreign principal or from a designated third party on behalf of the foreign principal for the purposes under the respective agency agreements.
  • Freight collected in foreign exchange by the account holder who is a shipping agent or a general sales agent in Sri Lanka on behalf of the foreign principal, by way of a remittance against a BFCA or an account maintained in the Offshore Banking Unit (FCBU).
  • Foreign currency brought into Sri Lanka by the account holder upon declaration.(i.e., where such foreign currency notes exceeds or equals to USD 15,000 or its equivalent in other foreign currency, on a declaration to Customs Department. )
  • Transfers from BFCA or accounts maintained in the Offshore Banking Unit, irrespective of the account holder.
  • Payments received in foreign exchange in favor of the account holder being consideration for goods or services supplied to a resident , to the extent such payments and receipts or categories of transactions have been permitted by directions issued by the Central Bank.
  • Unutilized foreign currency obtained by the account holder debiting the BFCA.
Permitted Debits

Permitted Debits

  • Any outward remittances made outside Sri Lanka.
  • Disbursements in Sri Lanka in Sri Lanka Rupees.
  • Withdrawal in foreign currency notes up to USD 10,000 (or equivalent in any other foreign currency) for travel purpose as permitted by directions issued by the Central Bank.
  • Transfers to BFCA, PFCA or accounts maintained in the Offshore Banking Unit (FCBU), irrespective of the account holder.
  • Withdrawal in foreign currency notes up to USD 50,000 (or equivalent in any other foreign currency) at a time ,by Gem and Jewellery dealers for the purpose of purchasing cut and polished or rough gem stones and other raw materials abroad upon submission of confirmation obtained from the National Gem and Jewelry Authority.
  • Where the account holder is a shipping agent or a general sales agent in Sri Lanka, withdrawal in foreign currency notes up to USD 50,000 (or equivalent in any other foreign currency) per vessel, per call as Cash-to-Masters, against inward remittance received from the foreign principal or from designated third parties on behalf of the foreign principal, on a request with the reasons acceptable to the authorized dealer or restricted dealer.

Ready? Submit your BFCA Application online now or Download your application

Can I open a BFCA as an individual to perform business nature transactions?

Yes, could open an individual BFCA.

What are the additional documents required to open a BFCA if I am engage in

  • Tourism industry - Tourist Board registration
  • As a professional - Letter of undertaking
  • Export industry - Export Development Board registration
  • Supplying of material/finished products to an exporter – EDB registration
  • Travel business -Civil Aviation Authority registration

(Bank reserves the right to request for additional documents if required.)

Any other foreign exchange earing business, Contact the bank for details.

Can I receive the lease rentals in foreign currency from overseas to the BFCA ?

If the lessee is a non-resident company or a non-resident individual, overseas remittances could be received to the BFCA.

Can I re-deposit the money withdrawn from BFCA Account?

Yes. Unutilized foreign currency obtained by the account holder debiting the BFCA as travel allowance can be deposited.

Can I deposit gifted foreign currency to the BFCA Account ?

No