Personal Foreign Currency Accounts (PFCA)

Personal Foreign
Currency Accounts (PFCA)

Make a value out of your hard earned foreign exchange by investing in our Personal Foreign Currency Accounts (PFCA) and enjoy interest in the same currency.

Overview

Overview

NRFC/RFC/RNNFC/NRNNFC/FCAIPSE – Employee accounts have been re-designated as PFCA.

Eligibility

  • An individual including a minor, who is a Sri Lankan National.
  • An individual of Sri Lankan origin, including a minor who is a resident outside Sri Lanka.
  • A non-national resident in Sri Lanka.
  • A non – national either on temporary visit to Sri Lanka or intending to visit Sri Lanka.
  • An administrator or executor of the estates of a deceased person, who maintained a personal foreign currency account with that authorized dealer or restricted dealer until the completion of the administration of the deceased person’s estate.

Permitted Credits (Indicative)

  • Inward remittances.
  • Depositing foreign currency brought into Sri Lanka, by making appropriate declarations.
  • Transfer from PFCA accounts/Business foreign currency accounts (BFCA) and accounts in Offshore Banking Unit.
  • If the account holder is a resident outside Sri Lanka or a non-national resident in Sri Lanka transfers from an Inward Investment Account (IIA) of the same account holder.
  • If the account holder is a non-national employee resident in Sri Lanka, monthly salary, employment benefits and other related benefits.

Permitted Debits (Indicative)

  • Any outward remittance.
  • Local disbursements.
  • Transfer to PFCA accounts in Offshore Banking Unit.
  • If the account holder is a resident outside Sri Lanka or a non-national resident in Sri Lanka transfers to own IIA.
  • Withdrawal in foreign currency notes up to USD 10,000 (or equivalent in any other foreign currency) for travel purpose.
  • Foreign currency withdrawals for non-national resident outside Sri Lanka who is on temporary visit to Sri Lanka.

Key Benefits

    • Any outward remittance.
    • Special interest rates for PFCA fixed deposits.
    • Instant loan /overdraft facilities against foreign currency balance in PFCA accounts.
    • Credit Cards and other related benefits such as Travel Insurance and Ultra Miles(conditions apply).

Types of Accounts

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