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Foreign
Currency A/C

PFCA

Personal Foreign Currency Accounts

SFNFDA

Senior Foreign Nationals’ Fixed Deposit Account

SFNRA

Senior Foreign Nationals’ Rupee Account

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 including a minor.
  • 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 (PFCA) with an Authorized Dealer (AD) until the completion of the administration of the deceased person’s estate

Special Benefits

  • Debit Card issued free of charge
  • Credit Card facilities are available against the funds in the Accounts.
  • Monthly Interest.
  • Inward Remittances credited to Accounts free of charge
  • Outward Remittances
  • Instant loans up to 90% of the FC A/C balances.
  • Internet banking, Mobile banking and Voice banking facilities
  • Ability to transfer funds within the Bank or different Banks.
  • Free insurance cover * (Minimum balance of USD 250/- should be maintained for 6 months continuously prior to the incident )
    • Accident insurance cover up to Rs. 1,000,000/- for death /permanent disability
    • Medical cover up to Rs.100,000/-
    • Free baggage insurance cover up to Rs. 50,000/-
    • * Applicable according to the eligibility and the a/c holder and and subject to other Terms and Conditions.

General

  • PFCAs can be opened and maintained as Savings, Current (without cheque drawing facility) or Fixed Deposit accounts in any designated foreign currency, i.e. USD,GBP, EUR, AUD, CAD, HKD, SGD, JPY, SEK, NZD, DKK, NOK, CNY, and CHF, in the domestic banking unit.
  • PFCAs may be held as joint accounts with another eligible person. However, non- nationals either on temporary visit to Sri Lanka or intending to visit Sri Lanka are not eligible to open and maintain these accounts as joint accounts.
Us Dollars
Singapore
Dollars
Canadian
Dollars
Sterling Pounds
Australian dollar
Euro
Swiss Francs
Hong Kong
Dollars
Japanese yen
New Zealand
Dollars
Swedish
Kroners
Danish
Kroners
Norwegian
Kroners
Chinese
Yuan (Renminbi)

Required documents and information

  • Full name, nationality, address and contact details.
  • A copy of National Identity Card or Passport (photo and detailed page).
  • A photocopy of Birth Certificate, if a Minor.
  • Account Opening Application.
  • FATCA Declaration.
  • Any other documents stipulated by the Bank from time to time.

  • Full name, nationality, foreign address and contact details.
  • A copy of the Passport (photo and detailed page).
  • A photocopy of Birth Certificate, if a Minor.
  • Date of Departure from Sri Lanka.
  • Citizenship or nature of visa granted by a foreign Government.
  • Account Opening Application.
  • FATCA Declaration.
  • Any other documents stipulated by the Bank from time to time.

  • Full name, nationality, foreign address and contact details.
  • Address of workplace in Sri Lanka and Designation, if any.
  • A copy of the employment contract and salary particulars.
  • A copy of the Passport (photo and detailed page) and visa granted by the Dept. of Immigration & Emigration.
  • Account Opening Application.
  • FATCA Declaration.
  • Any other documents stipulated by the Bank from time to time.

  • Full name, nationality, foreign address and contact details.
  • A copy of the Passport (photo and detailed page).
  • Account Opening Application.
  • FATCA Declaration
  • Any other documents stipulated by the Bank from time to time.

  • Full name, nationality, address and contact details.
  • A copy of National Identity Card or Passport (photo and detailed page).
  • Account Opening Application.
  • FATCA Declaration.
  • A copy of Letter of Administration or Probate issued by the Courts.
  • Any other documents stipulated by the Bank from time to time.

  • Remittances in foreign exchange received from outside Sri Lanka in favor of the account holder through the banking system.
  • Transfers from a PFCA of the same account holder and/or immediate family members.(i.e spouse, parents and children)
  • Transfers from a PFCA or an account maintained in the Offshore Banking Unit (OBU) of a person resident outside Sri Lanka, in respect of a current transaction
  • Transfers from other PFCAs or accounts maintained in the OBU, irrespective of the account holder where both parties are persons resident outside Sri Lanka, excluding for the purposes of sale/ acquisition of investments or assets in Sri Lanka.
  • Unutilized foreign currency obtained for travel purpose by the account holder and/or immediate family member.
  • Foreign exchange brought into Sri Lanka by the account holder on a declaration to Department of Customs where such foreign exchange exceeds USD 15,000 or its equivalent in other foreign currencies or an appropriate declaration to the AD where such foreign exchange is less than or equals USD 15,000 or its equivalent in other foreign currencies.
  • Unutilized balance remaining in the Foreign Travel Card (FTC) of the account holder or his/her immediate family members, up to the amount such FTC had been funded from the same PFCA of the account holder.
  • Transfers from a Business Foreign Currency Account (BFCA), Inward Investment Account (IIA) or an account maintained in the OBU of the same account holder.
  • Transfers from a Diplomatic Foreign Currency Account (DFCA) of a person resident outside Sri Lanka, in respect of supply of goods and services.
  • Coupon income, sale/maturity proceeds and any other related receipts arising from investments made in Sri Lanka Development Bonds (SLDBs) in foreign currency, if the original investment had been made by debiting the PFCA of the account holder.
  • Transfers from an Outward Investment Account (OIA) being any income or capital proceeds received from outward investments, where such investments had been made by debiting the PFCA of the same account holder or by utilizing the funds transferred to an OIA from the PFCA of the same account holder, proportionately to the contributions.
  • Transfers from an OIA of another person (i.e. buyer) being proceeds from sale of a permitted investment in overseas to such buyer, where the original investment had been made by debiting the same PFCA of the account holder.
  • Where account holder is an emigrant resident outside Sri Lanka or an emigrant leaving Sri Lanka (initially or subsequently), transfer of eligible migration allowance and current income derived in Sri Lanka from the Capital Transactions Rupee Account (CTRA) or Emigrants’ Remittable Income Account (ERIA), if available, of the account holder.
  • Where account holder is a non-national resident in or outside Sri Lanka (including a minor) transfer of funds correspondence to permitted debits stated in Paragraph 5 (c) of the Directions No. 16 of 2021 dated 18 March 2021 on CTRAs.
  • Where account holder is employed in Sri Lanka being a non-national or a dual citizen; transfers from BFCAs, accounts maintained in the OBU or Sri Lanka Rupee Accounts of the employer or of the Employees’ Provident Fund, Employees’ Trust Fund or any other approved provident funds declared by the Commissioner General of Labour in respect of salaries, employment and retirement benefits or any other payments due to such employee.
  • Transfers from a PFCA of a deceased person; where the account holder is a nominee or an administrator or executor of the estate of such deceased person as eligible under item (e) of Paragraph 1 above.
  • In respect of an existing account holder being a person resident in Sri Lanka who is nominated as a beneficiary; transfers from an IIA of an administrator/executor of the estate of a deceased person or a receiver/ liquidator of a Company.
  • Where account holder is a citizen of Sri Lanka rendering services outside Sri Lanka to an overseas employer; transfers from a BFCA of a company incorporated in Sri Lanka which has arrangements with the overseas employer for the disbursement of wages and/or earnings to the account holder;
  • Where account holder is a citizen of Sri Lanka working abroad in a vessel/ air craft owned by a local shipping/ airline company; transfers from a BFCA or an account maintained in the OBU of such local shipping/ airline company (i.e., employer) in respect of crew salaries/ wages and other related employment and retirement benefits;
  • Maturity proceeds including interest on the Special Deposit Accounts (SDAs) opened and maintained by the account holder in terms of the Regulations and Directions issued under FEA applicable for SDAs.
  • Interest earned in foreign currency on the funds held in the account.

Contact Us

  • Manager - Foreign Currency Department , People’s Bank, Overseas Customer Services
  • +94 112332745
  • 0112332746 / 2334278 / 2437621 / 2446409
  • nrfc@peoplesbank.lk
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