Business Foreign Currency Accounts (BFCA)

Business Foreign Currency
Accounts (BFCA)

Save your business foreign exchange earnings in our Business Foreign Currency Accounts (BFCA) and enjoy attractive rates.

Overview

Overview

FEEA/IRDA/FCAASA/FCAIPSE – Employer accounts have been re-designated as BFCA.

Eligibility

  • An individual resident in Sri Lanka.
  • A sole proprietorship or partnership registered in Sri Lanka where the proprietor or a majority of partners are resident 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 authorised to carry on business as a shipping agent or a general sale agent in Sri Lanka on behalf of a foreign shipping line or airline (foreign principal) with a valid license or authorisation 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 maintains a Business Foreign Currency Account with that authorized dealer or restricted dealer, until the completion of the administration of the deceased person’s estate.
  • A receiver or liquidator in the name of a company that maintained a Business Foreign Currency Account with that authorised dealer or restricted dealer, until proceedings are concluded.

Permitted Credits (Indicative)

  • Business related inward remittances.
  • Foreign currency in the form of travelers’ cheques, bank drafts or currency notes collected for providing services for non-residents.
  • Foreign currency brought into Sri Lanka by the account holder upon making appropriate declaration.
  • Transfers from BFCA & Offshore Banking accounts.
  • Proceeds of Foreign currency loans and advances.
  • Sale proceeds of foreign asset whereby the asset had been acquired by debiting BFCA.
  • Capital gains in respect from investments made in Sri Lanka in foreign currency if the original transfer has been made by debiting the BFCA of the account holder.

Permitted Debits (Indicative)

  • Any outward remittance.
  • Disbursements in LKR.
  • Funds Transfers to BFCA, PFCA and Offshore Banking accounts.
  • Transfers to an Outward Investment Account of the same account holder.
  • Debt servicing expenses and repayment of foreign currency loans obtained by the account holder from authorised dealers or restricted dealers.
  • Transfers in respect of any investment permitted to be made in Sri Lanka.
  • Transfers to an Inward Investment Account (IIA) of a resident outside Sri Lanka for repayment of a foreign currency loan obtained from foreign lender.
  • Withdrawal in foreign currency notes up to USD 10,000 or equivalent for travel purpose.

Key Benefits

    • Any outward remittance.
    • Withdrawal in foreign currency notes up to USD 10,000 or equivalent for travel purpose.
    • Foreign currency loans for foreign exchange earners.
    • DFCC ebanking facility.
    • Special interest rates for BFCA fixed deposits.

Types of Accounts

  • Savings
  • Current Account (without cheque drawing facility))
  • Term Deposits