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- Business Foreign Currency Account
Business Foreign Currency Account
A foreign currency account for eligible businesses.
A BFCA (Business Foreign Currency Account) can be opened in designated foreign currencies by eligible entities to manage international business income and payments, subject to regulations and bank requirements.
Inquire NowBenefits
Manage international business receipts and payments in foreign currency
Improved visibility for cross-border cash flows and reporting
Access through branches and enabled digital channels*
Offers the convenience of managing Savings Accounts, Current Accounts and Fixed Deposits all under one flexible account.
Eligibility
Sri Lankan resident individuals
Sole proprietorships or partnerships registered in Sri Lanka with resident owners/majority partners Companies incorporated in Sri Lanka
Foreign companies registered in Sri Lanka under the Companies Act No. 7 of 2007
State institutions with approval from the relevant Ministry or Authority
Authorized shipping or general sales agents in Sri Lanka representing foreign shipping lines or airlines
Key Facts Documents
All existing
- Foreign Exchange Earners' Accounts (FEEAs)
- Inward Remittance Distribution Accounts (IRDAS)
- Resident Non Nationals' Foreign Currency Accounts (RNNFCAS)
- 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Accounts for Agents of Foreign Shipping Line or Air Lines (FCAAF SAs) opened and maintained under the provisions of the repealed Exchange Control Act is now known as Business Foreign Currency Accounts (BFCAS)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 BECAs are subject to the regulation and the direction issued by Central Bank of Sri Lanka
Foreign exchange earners who intend to open BECAS 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.)
FAQs
A BFCA is a foreign currency account for residents and businesses earning foreign exchange from non-residents.
Resident individuals, Sri Lankan-registered businesses, companies, state institutions, and licensed agents of foreign shipping/airlines.
Savings, Current (without cheque book), and Fixed Deposit options.
All FEEA, IRDA, and FCAAFSA accounts are now reclassified as BFCAs.
Yes, loans can be obtained based on foreign currency cash flows and credit evaluation guidelines.
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