BFCA

Business Foreign Currency Account

Business Foreign Currency Account (BFCA) can be opened in the forms of Savings Accounts, Fixed Deposit Accounts or Current Accounts

USD - US Dollar
GBP - Sterling Pounds
EUR - Euro
JPY - Japanese Yen
AUD - Australian Dollar
CHF - Swiss Franc
CAD - Canadian Dollars
SGD - Singapore Dollars
NZD - New Zealand Dollar
CNY - Chinese Renminbi
INR - Indian Rupees (only Current Accounts)

For Current accounts
» Cheque Books and overdrawn facilities (OD) not available
POD facilities can be obtained as per the regulations
No initial deposits
No minimum balance requirements
For BFC Fixed Deposit Accounts
i. Can be opened only for BFCA savings or current account holders
ii. Minimum deposit requirements are not applicable for BFC Fixed Deposit accounts
iii. Fund transfers on opening and closing of fixed deposits are to be made only through BFCA Savings or current accounts
Sri Lankan Rupees cannot be converted to Foreign Currency and credited to BFCA

Rate of Interest

Please refer Rates and Tariff

Eligibility

The following persons resident in Sri Lanka who earn foreign exchange from a resident outside Sri Lanka

Individual resident in Sri Lanka
A Sole Proprietorship or partnership registered in Sri Lanka (Higher share of Partners should be residents in SL)
A company incorporated in Sri Lanka
A company incorporated outside Sri Lanka registered under Company Act No.07 of 2007
A State institution (With recommendation from Secretary of Ministry or appropriate authority)
An authorized shipping agent or general sales agent in Sri Lanka (With valid license or authorization letter issued by Director General of Merchant Shipping & Director General of Civil Aviation Authority of Sri Lanka)
An Administrator or executor of the estate of the deceased person who has maintained a BFCA (Until completion of deceased person’s estate)
A receiver or liquidator in the name of the company that maintained a BFCA with the bank (Until completion of proceedings)

*** Non- Government Organizations (NGOs) are not permitted to open & maintain BFCAs

Documents

In addition to the account opening applications,
Customer should submit documentary evidence including the authorization by the relevant authority/ies, if any, at the time of opening a BFCA to determine the applicant's eligibility to open and maintain a BFCA in respect of earnings in foreign exchange from a person resident outside Sri Lanka