Personal Foreign Currency Account (PFCA)
PFCA is an account that could be opened by Sri Lankans and foreign nationals (as per the eligibility) in designated foreign currencies for the purpose of saving / pooling foreign currency remittances/ deposits.
Types of PFCAs
- Savings Accounts
- Current Accounts without the overdrawing facility
- Fixed Deposits
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 estate of a deceased person, who maintained a personal foreign currency account with that authorized dealer until the completion of the administration of the deceased person’s estate.
Special Notes
- All existing
- Non-Resident Foreign Currency Accounts (NRFCAs)
- Resident Foreign Currency Accounts (RFCAs)
- Resident Non Nationals’ Foreign Currency Accounts (RNNFCAs)
- Non-Resident Non-National Foreign Currency Accounts (NRNNFCAs) opened and maintained under the provisions of the repealed Exchange Control Act is now known as Personal Foreign Currency Accounts (PFCAs)
- Debits and credits to the PFCAs are subject to the regulation and the direction issued by Central Bank of Sri Lanka
- Each of the eligible category to open PFCAs should submit relevant documentation when opening the account as per the direction
- Loan schemes available for Sri Lankan working abroad community & Sri Lankans resident outside Sri Lanka on Permanent Residency Visa (PR) in another country & Dual Citizens (under Regulated Loan Schemes)
Governing Foreign Exchange provisions
Gazette 2213/38 - Regulation 05 of 2021
Key Facts Documents (English / Sinhala / Tamil )
Business Foreign Currency Account (BFCA)
BFCA is an account that could be opened in any designated foreign currency by resident Individuals and entities who earn foreign exchange in respect of the goods or services provided by such Individuals and entities to non residents.
Types of BFCAs
- Savings Accounts
- Current Accounts without the cheque book facility.
- Fixed Deposits
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 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.
Additionally;
- An administrator or executor of the estate of a deceased person, who maintained a Business Foreign Currency Account with that authorized dealer, 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 that authorized dealer, until proceedings are concluded
Special Notes
- All existing
- Foreign Exchange Earners’ Accounts (FEEAs)
- Inward Remittance Distribution Accounts (IRDAs)
- Foreign Currency Accounts for Agents of Foreign Shipping Line or Air Lines (FCAAF SAs) opened and maintained under the provisions of the repealed Exchange Control Act is now known as Business Foreign Currency Accounts (BFCAs)
- Debits and credits to the BFCAs are subject to the regulation and the direction issued by Central Bank of Sri Lanka
- Foreign exchange earners who intend to open BFCAs should submit relevant documentary evidence of such foreign currency earnings.
- Foreign Currency Loan facilities are available based on the foreign currency cash flows and credit evaluations (under Directions No. 09 of 2021 dated 18 March 2021 on Accommodations to BFCA holders.)
Governing Foreign Exchange provisions
Gazette 2213/38 - Regulation 05 of 2021
Inward Investment Account (IIA)
IIA is an account that could be opened by Non Residents, resident /non resident foreign nationals in designated foreign currencies or in Sri Lankan Rupees for the purpose of investing in permitted investments in Sri Lanka.
Types of IIAs
- Savings Accounts
- Fixed Deposits
- Current Accounts without the cheque book facility & overdraft facility
Eligibility
- A Sri Lankan dual citizen, resident in or outside Sri Lanka
- A Sri Lankan national who has obtained Permanent Residency status or citizenship in another country, resident in or outside Sri Lanka
- A Sri Lankan citizen employed abroad, resident outside Sri Lanka (excluding emigrants)
- A partnership registered outside Sri Lanka
- A Company incorporated outside Sri Lanka
- Country and Regional Funds, Mutual Funds, Unit Trusts and other Institutional investors who are established outside Sri Lanka
- An administrator or executor of the estate of a deceased person, who maintained an Inward Investment Account with that authorized dealer until the completion of the administration of the deceased person’s estate
- A receiver or liquidator of a Company that maintained an Inward Investment Account with that authorized dealer until proceedings are concluded.
Special Notes
- All existing
- Securities Investment Accounts (SIAs),
- Special Foreign Investment Deposit Accounts (SFIDAs), opened and maintained under the provisions of the repealed Exchange Control Act is now known as Inward Investment Accounts (IIAs)
- Debits and credits to the IIAs are subject to the regulation and the direction issued by Central Bank of Sri Lanka
- Each of the eligible category to open IIAs should submit relevant documentation to prove the residence status
- Accounts could be maintained in Sri Lankan Rupees of any designated foreign currency
- Permitted Investment options in Sri Lanka via IIAs
Ex:
- Invest, acquire or hold all classes of shares or an entitlement to shares issued by Companies incorporated in Sri Lanka under the Companies Act, No.7 of 2007
- Invest, acquire or hold all classes of shares in a company not incorporated in Sri Lanka and listed in the Colombo Stock Exchange
- Investment in debt securities or granting loans with a tenure of 3 or more years to companies incorporated in Sri Lanka (With certain conditions) in foreign exchange or in Sri Lanka Rupees
- Units in Unit Trusts or Mutual Funds
- Government Securities (treasury bills, treasury bonds and any other securities issued by the Government)
- Securities issued by the Central Bank of Sri Lanka or any other statutory body
- Sri Lanka Development Bonds (SLDBs)
- Deposits in licensed financial Institutions
- Immovable properties
- Any other investment categories approved by the Monetary Board in accordance with such directions as may be issued by the Minister.
Governing Foreign Exchange provisions
Gazette 2213/35 - Regulation 02 of 2021
Key Facts Documents (English / Sinhala / Tamil)
Outward Investment Account (OIA)
OIA is an account that could be opened by Sri Lankan resident Individuals and entities in designated foreign currencies for the purpose of investing in overseas under permitted investments subject to an investment threshold imposed by the regulation.
Types of OIAs
- Savings Accounts
- Current Accounts without the cheque book facility & overdraft facility
- Fixed Deposits.(With Investment returns)
Eligibility
- Companies registered under the Companies Act, No. 07 of 2007 other than a company limited by guarantee.
- A partnership registered in Sri Lanka.
- An individual resident in Sri Lanka.
A Non-Governmental Organization shall not be permitted to open and maintain an Outward Investment Account.
Any person against whom or any company or partnership against which legal proceedings or investigations are pending in respect of a prosecution under the provisions of the repealed Exchange Control Act or Foreign Exchange Act, No.12 of 2017, shall not be permitted to make any outward remittance in respect of a permissible capital transaction without obtaining clearance for such remittance from the Central Bank
Special Notes
- Debits and credits to the OIAs are subject to the regulation and the direction issued by Central Bank of Sri Lanka
- Each of the eligible category to open OIAs should submit relevant documentation to prove the residence status in addition to the documents required as per the Direction No 14 of 2021 when investing funds from OIAs
- Investment options in overseas via OIAs(Refer blow grid for investment thresholds)
| Eligible Resident Investor | Type of Investments / Instruments | Permitted Limit |
| 1. A company listed in the Colombo Stock Exchange | Shares, Units, Debt Securities and Sovereign Bonds | USD 2,000,000 or an equivalent amount in any foreign currency designated by the Central Bank, per calendar |
| 2. A company not listed in the Colombo Stock Exchange | USD 500,000 or an equivalent amount in any foreign currency designated by the Central Bank, per calendar year | |
| 3. A partnership registered in Sri Lanka | USD 300,000 or an equivalent amount in any foreign currency designated by the Central Bank, for life time. | |
| 4. An individual | USD 200,000 or an equivalent amount in any foreign currency designated by the Central Bank, for life time. | |
| 5. A company or a partnership | Setting up of Overseas offices | USD 300,000 or an equivalent amount in any foreign currency designated by the Central Bank, per calendar year. |
- Possibility for re –investment subject to the permitted investments, by utilizing funds up to fifty percent of the value of capital gains of previous outward investments credited to the OIA, without being subject to any threshold.
Governing Foreign Exchange provisions
Gazette 2213/34 - Regulation 01 of 2021
Worker Remittance Saving
Worker Remittance Savings is an exclusive account tailored for individuals working abroad. Designed to meet the unique financial needs of expatriate workers, this account mandates the creation of a Rupee savings account.
Eligibility
- Individual of Sri Lankan origin who is a resident outside Sri Lanka on a work visa.
Benefits
- Tiered Interest Rates, as your funds grow
- 24-hour access - Keep track with phone and internet banking
- e-statement facility
- Internet and mobile banking facilities
- Joint accounts can be opened
Special Notes
- Resident customers who migrate for work are required to change their existing rupee accounts to worker abroad category accounts as per guidelines issued by the Central Bank of Sri Lanka
Key Facts Documents (English / Sinhala / Tamil )
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