Business Foreign Currency Accounts (BFCA)

  • The following persons in Sri Lanka, or resident in, Sri Lanka who earn foreign exchange.

    • An individual resident in Sri Lanka.

    • A sole proprietorship or partnership registered in Sri Lanka where the proprietor or a majority of partners are residents in Sri Lanka (in case of a partnership with two partners, at least one partner shall be a 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 (foreign principal) 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.

  • An administrator or executor of the estate of a deceased person, who maintained a Business Foreign Currency Account with the bank, until the completion of the administration of the deceased persons’ estate.

  • A receiver or liquidator, in the name of a company that maintained a Business Foreign Currency Account with the bank, until proceedings are concluded.

 

Special Note

  • Non-Governmental Organizations (NGOs) are not permitted to open and maintain BFCAs.


 

  • All existing FEEA, IRDA, FCAASA and FCAISPE-Employers Accounts have been re-designated as Business Foreign Currency Accounts (BFCAs).

  • Accounts may be opened and maintained in the form of saving, current or term deposit accounts in the Domestic Banking Unit in following designated foreign currencies.

Currency

US Dollar

USD

Sterling Pounds

GBP

Euro

EUR

Japanese Yen

JPY

Australian Dollar

AUD

Swiss Frank

CHF

Canadian Dollars

CAD

Singapore Dollars

SGD

New Zealand Dollar

NZD

Chinese Renminbi

CNY

  • A cheque book shall not be issued against a BFCA current account and shall not be overdrawn under any circumstance.

  • The initial deposit and minimum balance requirements are not applicable for BFCA.

  • Under no circumstances Sri Lanka Rupees shall be converted into foreign currency and be credited into a BFCA.

  • Not credit BFCA with charges and deposits that are collected as local fees or charges which are not components of freight, where the account holder is a shipping agent or general sales agent.

For individuals,

  • Account opening application

  • Photocopy of National Identity Card or valid Passport.

  • Proof Documents of foreign exchange earnings

 

With respect to Sole Proprietorships/Partnerships/Companies,

  • Account opening application

  • Other relevant documents stipulated in the application.

  • Proof Documents of foreign exchange earnings

  • Free international visa debit card

  • Higher exchange rates when converting to rupees

  • No commissions for credit to accounts

  • e-banking facility

  • Loan facilities