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Foreign Exchange Earners Account

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Features

Foreign exchange Earners Accounts (FEEA) could be opened for, Exporters, Indirect Exporters, Suppliers of inputs, professional service providers, Foreign Employment Agencies, Gem & Jewellery dealers and providers of services to non residents.

  • Available Currencies

    USD, GBP, EUR, AUD, JPY, CHF, SGD, CAD, CHF, JPY, SEK, HKD, NZD, DKK, CNY

  • Advantages of FEEA

    • Ability to save the foreign currency you and earn when Exchange rates are favorable.
    • Category of accounts - FEEA accounts may be opened in the form of current, savings or fix deposits in designated foreign currencies.
How to get started
  • Eligible Persons
    • Individuals residing in Sri Lanka
    • Sole proprietorships and partnerships registered in Sri Lanka
    • Companies incorporated in Sri Lanka.
    • Companies incorporated outside Sri Lanka which are registered as overseas companies under the Companies Act No.07 of 2007.
  • Documents required to open an account.
    • Completed application form with
    • Undertaking as provided by the bank or;
    • Certificate issued by a regulatory body conforming engagement in business of earning Forign exchang.
    • (e.g.; export development board, gem & jeweler authority)
FAQs

What are the types of transactions that I can receive to a FEEA.?

Export proceeds, Payments received on account of services provided overseas.

Can a person open a FEEA and receive payments from a local company or another FEEA on account of supply of goods?

Yes, if the paying party is a foreign exchange earner, the recipient could receive the payment to his FEEA

Is FEEA subjected to withholding tax?

No