Business

Foreign Currency

Accounts (BFCA)

Save your business foreign exchange earnings in our Business Foreign Currency Accounts (BFCA) and enjoy attractive rates. FEEA/IRDA/FCAASA/FCAIPSE – Employer accounts have been re-designated as BFCA.

Business Foreign Currency Accounts (BFCA)

The Business Foreign Currency Account in Sri Lanka (BFCA) is designed to help Sri Lankan businesses efficiently manage and save foreign currency earnings while enjoying attractive interest rates. This is one of the types of foreign currency accounts in Sri Lanka that is ideal for exporters, importers, foreign service providers, and businesses engaged in international trade.

Business Foreign Currency Accounts Key Features & Benefits

Facilitates international trade by allowing foreign currency transactions.
Access to foreign currency loans for eligible businesses earning foreign currency.
Holds business-related inward remittances in major foreign currencies.
Supports outward remittances and local disbursements as allowed.
Competitive interest rates for BFCA term deposits.
Convenient DFCC Online Banking facility for easy fund management.
Withdrawal of up to USD 5000 (or equivalent) in foreign currency for travel purposes.

Eligibility

BFCA accounts are available to:

Individuals resident in Sri Lanka engaged in business activities.
Sole proprietorships and partnerships registered in Sri Lanka, where the proprietor or a majority of partners are Sri Lankan residents.
Companies incorporated in Sri Lanka.
Overseas companies registered under the Companies Act No. 07 of 2007.
State institutions, with the recommendation of the relevant Ministry Secretary.
Authorised shipping agents or general sales agents operating in Sri Lanka.
Executors or administrators of a deceased estate maintaining a BFCA.
Receivers or liquidators of a company that previously held a BFCA, until proceedings are concluded.

Permitted Transactions

Transaction Type

Details

Permitted Credits

- Business-related inward remittances.
- Foreign currency in the form of travellers' cheques, bank drafts, or currency notes collected from non-residents.
- Foreign currency brought into Sri Lanka with proper declaration.
- Transfers from BFCA and Offshore Banking Accounts.
- Proceeds from foreign currency loans and advances.
- Sale proceeds from foreign assets purchased via BFCA.
- Capital gains from investments made in Sri Lanka in foreign currency, if the initial investment was made through BFCA.

Permitted Debits

- Any outward remittance as allowed.

- LKR disbursements for local expenses.

- Transfers to BFCA, PFCA, and Offshore Banking accounts as allowed.

- Transfers to an Outward Investment Account (OIA) of the account holder.

- Debt servicing and repayment of foreign currency loans.

- Transfers for any investment permitted in Sri Lanka.

- Transfers to an Inward Investment Account (IIA) of a non-resident for repayment of foreign loans.

- Foreign currency withdrawals of up to USD 5000 or equivalent for travel purposes.

Types of BFCA Accounts

Account Type	Features
Savings Account	Secure and flexible way to manage business foreign currency earnings.
Current Account (Without Cheque Facility)	Facilitates seamless international business transactions.
Term Deposits	Offers special interest rates for long-term foreign currency deposits.

How to Apply

Complete the application form
Gather all required documents (Valid ID, Business Registration and all related documents, Proof of Address, Proof of Source of Funds (if applicable))
Visit any DFCC Bank Branch or Apply Online Now

Frequently Asked Questions (FAQs)

1. Who can open a BFCA?

Sri Lankan businesses, sole proprietors, importers, exporters, and individuals engaged in foreign exchange transactions are eligible to open a BFCA.

2. What currencies can I maintain my BFCA in?

BFCA accounts can be maintained in USD, GBP, EUR, JPY, and other designated foreign currencies.

3. Can I transfer funds from my BFCA to other foreign currency accounts?

Yes, funds can be transferred to PFCA, OIA, Offshore Banking Accounts, and Inward Investment Accounts, subject to regulations.

4. Can I withdraw foreign currency from my BFCA?

Yes, withdrawals of up to USD 10,000 or equivalent are permitted for travel purposes.

5. Can I obtain a foreign currency loan using my BFCA?

Yes, foreign currency loans are available for businesses that earn foreign exchange.

Downloads

BFCA Account Opening Form
Terms & Conditions

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Business Foreign Currency Accounts Key Features & Benefits

Facilitates international trade by allowing foreign currency transactions.
Access to foreign currency loans for eligible businesses earning foreign currency.
Holds business-related inward remittances in major foreign currencies.
Supports outward remittances and local disbursements as allowed.
Competitive interest rates for BFCA term deposits.
Convenient DFCC Online Banking facility for easy fund management.
Withdrawal of up to USD 5000 (or equivalent) in foreign currency for travel purposes.