Foreign Currency Account
Now, transacting and saving got easier with Bank of Bhutan’s new Foreign Currency Savings Account with a comparative interest rate. The main objective of Non Resident Bhutanese Foreign Savings Deposit Account, which is also known as Foreign Currency Account is to inculcate the habit of savings and thrift among Non Resident of Bhutanese such as foreign workers, students working abroad, businessmen, etc.
Foreign Currency Accounts can be maintained in any authorized currency.
Foreign nationals (including Indian nationals) who stay in Bhutan for longer period and receive their remuneration in convertible foreign exchange, and Bhutanese firms/companies on specific approval from Royal Monetary Authority will be allowed to open Foreign Currency Accounts with the authorized branches of the Bank.
Account holders are given special cheque books for operations on the account. No interest is paid on the balances in such account at present however we pay interest to only NRBFC Account holders.
There are five types of Foreign Currency Accounts:
FCA-I Currency Account for Foreign Individuals
FCA-II Foreign Currency Account for Project, NGOs and International offices
Foreign FCA-III Foreign Currency Account for FDI and Local Industries
FCA-IV Foreign Currency Account for Bhutanese Exporters & Individual Bhutanese Citizens, having earnings/ remunerations in foreign exchange in Bhutan
FCA-V Foreign Currency Account for Non-Resident Bhutanese Citizens Abroad