Personal Foreign Currency Accounts (PFCA)

  1. An individual including a minor who is a Sri Lankan national.
  2. An individual of Sri Lankan origin including a minor who is a resident outside Sri Lanka.
  3. A non-national resident in Sri Lanka including a minor.
  4. A non-national either on temporary visit to Sri Lanka or intending to visit Sri Lanka.
  5. An administrator or executor of the estates of a deceased person, who maintainedA Personal Foreign Currency Account (PFCA) with that authorized dealer or restricted dealer until the completion of the administration of the deceased person's estate.

 

Note: Eligible minors will be offered a separate account called PFCA Minor

Accounts may be opened in the form of a Savings Account , Fixed Deposit Account or current Accounts (Without cheque drawing facility) in undernoted designated foreign currency in the domestic banking unit..

Currency

US Dollar

USD

Sterling Pounds

GBP

Euro

EUR

Japanese Yen

JPY

Australian Dollar

AUD

Swiss Frank

CHF

Canadian Dollars

CAD

Singapore Dollars

SGD

New Zealand Dollar

NZD

Chinese Renminbi

CNY

 

  • For the Current Accounts      :      - No Cheque Books. - No Overdrawn facilities
  • No initial deposits
  • No minimum balance
  • No service charges
  • For Fixed Deposit

- Minimum value of USD 1000/-or equitant.
- FDs are opened only for those who maintain PFCA Saving accounts and Current Accounts
- Fund transfers on opening and closing of fixed deposits to be made only through PFCA Savings or current account

 

 

The following information and documents shall be obtained prior to opening a PFCA, as applicable;

  • Account opening applications according to prevailing banking instructions.
  • Customer registration application 
  • Know Your Customer (KYC) form. 
  • FATCA Declaration If applicable .
  • Tax Declaration If Applicable 
  • Address verification documents. (If the address given to the bank is different from the National Identity Card / Driving License/Passport.)

 

 

Eligible Persons

Information / Documents

i

An individual including a minor who is a Sri Lankan national resident outside Sri Lanka (Migrant Employee)

The purpose of opening the account in Sri Lanka

Address of workplace in overseas and designation

Expected mode of transactions (Inward remittances, cash deposits, etc.)

Copy of passport along with photograph (Passport number, date of issue and validity period)

Copy of Birth Certificate (If minor)

Copy of the foreign employment contract (if available)

Documentary evidences for Sri Lankan employees as ascertain their eligibility such as Visa/Employment contact/etc.

Any other documents stipulated by the Bank from time to time

ii

An individual including a minor who is a Sri Lankan national resident outside Sri Lanka (Permanent Residency holders/Dual Citizens)

The purpose of opening the account in Sri Lanka

Address of workplace in overseas and designation (if available)

Nature of visa granted by a foreign Government

Copy of the valid PR visa/ Certificate of dual citizenship

Expected mode of transactions (Inward remittances, cash deposits, etc.)

Copy of passport along with photograph (Passport number, date of issue and validity period)

Copy of Birth Certificate (If minor)

Copy of current address verification document (Foreign address)

Any other documents stipulated by the Bank from time to time

iii

An individual including a minor who is a Sri Lankan national resident in Sri Lanka

The purpose for which the account has been opened

Expected mode of transactions

Copy of official personal identification or any other identification document that bears a photograph of the customer (ex: national identity card, valid passport, or valid driving license)

Copy of Birth Certificate (If minor)

Documentary evidences for source of funds (as applicable)

Any other documents stipulated by the Bank from time to time

iv

An individual of Sri Lankan origin (Applicant’s Mother or Father should be born in Sri Lanka ) who is a resident outside Sri Lanka (Including a Minor)

The purpose of opening the account

Copy of Passport along with photograph (Passport number, date of issue and validity period)

Copy of Birth Certificate (If minor)

Date of departure from Sri Lanka

Citizenship or nature of visa granted by a foreign Government

Copy of the valid visa

Copy of current address verification document (Foreign address)

Any other documents stipulated by the Bank from time to time

v

A non-national resident in Sri Lanka

The purpose of opening the account

Full name, nationality, foreign address and resident address

Address of workplace in Sri Lanka and designation, if any

Telephone number, facsimile number, and e-mail address (if available)

Date of Birth

Expected mode of transactions (Inward remittances, cash deposits, etc.)

Copy of resident address verification document (ex: Lease/Rent agreement, Employer service letter)

Copy of the employment contract and salary particulars, if any

Copy of passport along with photograph (Passport number, date of issue and validity period)

Copy of valid visa granted by the Department of Immigration and Emigration, Sri Lanka

Any other documents stipulated by the Bank from time to time

vi

A non-national either on temporary visit to Sri Lanka or intending to visit Sri Lanka

The purpose of opening the account

Full name, nationality and foreign address

Sri Lankan address of stay (if available)

Occupation/source of funds

Expected mode of transactions (Inward remittances, cash deposits, etc.)

Copy of passport along with photograph (Passport number, date of issue and validity period)

Copy of valid visa granted by the Department of Immigration and Emigration, Sri Lanka

Copy of foreign address verification document

Any other documents stipulated by the Bank from time to time

 

  1. International debit Card issued free of charge
  2. Credit Card facilities are available against the funds in the Accounts.
  3. Monthly Interest.
  4. Inward Remittances credited to Accounts free of charge
  5. Outward Remittances
  6. Higher exchange rates when converting to rupees
  7. Instant loans up to 90% of the FC A/C balances.
  8. Internet banking, Mobile banking and Voice banking facilities
  9. Ability to transfer funds within the Bank or different Banks.
  10. 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
              - Free baggage insurance cover up to Rs. 50,000/-
                 * Applicable according to the eligibility of the a/c holder and subject to other Terms and Conditions.

 

Life Insurance Scheme

 

Eligibility:

  • Sri Lankan national who maintains a minimum balance of USD 250 or the equivalent in other currencies in PFCAs (including Fixed Deposits) for 06 consecutive months prior to the incident.
  • Age of account holder should be above 18 years and below 70 years.

 

Scope of cover

01.

Personal Accident Cover

­   Accidental death (including motor bike accident)

­   Permanent total disability due to accident

 

Refer the below tables given in 1.4.1.3

02.

Funeral Expenses Cover

­   Funeral allowances upon natural death

 

Conditions and benefits:

  • Accidental death (including motor bike accident) and natural death cover

 

Category

Account balance*

Eligible age limit

Natural death cover(Rs.)

Accidental death cover (Rs.)

1

USD 250<2500

below 70 years

100,000

200,000

2

USD 2500<7500

200,000

400,000

3

USD 7500 & over

Below 65 years

500,000

1,000,000

4

Over 65 but below 70 years

200,000

1,000,000

*In case of account maintained in other currencies, the balance should be equivalent to the listed USD amount

 

Permanent total disability due to accident

 

Where the injury is not specified, the insurance service provider will adopt a percentage of disablement as per the table below.

The insurance cover will be 5 times of the minimum balance maintained during the period of six months prior to the date of the incident subject to a maximum of Rs. 500,000/-.

 

Baggage Insurance Cover

 

Eligibility:

Sri Lankan national who maintains a minimum balance of USD 250 or the equivalent in other currencies in PFCA for consecutive 06 months prior to the incident.

 

Benefits: LKR 50,000/-

 

Special conditions:

  • Baggage cover up to Rs. 50,000/- for loss of baggage suffered by the account holder when engaged in foreign travel by air.
  • Loss shall be reported to the airline or other appropriate authority immediately and a report should be obtained from the airport where the incident was identified.
  • Loss from unattended vehicles, due to confiscation by custom or other authorities, damage due to wear and tear, breakage or mechanical/electrical breakdown are not covered.
  • Loss of money, traveler’s cheque, credit/debit card and documents are not covered.

 

Interest Rate

Please refer the interest rate on site  (LINK)

 

Terms & conditions apply

Product information and terms & conditions are subject to change from time to time. Therefore, it is advisable to contact the branch nearest to you for the latest information and prevailing terms & conditio

Customer is required to forward scanned copies of the following duly filled and signed documents via email tpcsu@boc.lk  (if any preferred Branch please mention)

 Applications to be downloaded (Click here to Download the Applications Set)

  • Account Opening Application
  • Customer Registration Form
  • Resident Status Declaration

 

In addition to the above, following documents need to be forwarded,

  • Copy of Passport
  • Copy of foreign address verification document
  • Copy of the valid employment visa/permit granted by a foreign government
  • Proof documents for source of funds
  • Foreign Account Tax Compliance act (FATCA) declaration (If applicable)

 

1. If permanent address in identification document differs from the residential address, it has to be supported by a copy of a utility bill not over 3 months old at the time of submission of the application.

2. If documents are in order, Bank will open PFC Saving account and the Account Number will be informed to customer via email for his/her to remit money

 

For more details you may contact,

 

Overseas Customer Service Support Unit

International Division

WhatsApp/Viber/Imo : +94 707 204204 / +94 707 205205

email -   tpcsu@boc.lk