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Foreign Currency Accounts can be maintained in any authorized currency.
Bhutanese nationals residing both within and outside Bhutan can now open FC account without prior approval from Royal Monetary Authority.
Additionally, 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.
There are four types of FC accounts as follows:
1. FC I for Individual-Bhutanese
Eligibility
All Bhutanese Individuals residing in Bhutan are eligible to open Foreign Currency Account -I in any Convertible Currencies.
i. Permissible Credits:
Foreign Currency Cash Deposit subject to compliance to Section 10 a) ix & x of the Foreign Exchange Rules and Regulations
Inward Remittances or income by way of remuneration earned in FC
any inflows approved by RMA
ii. Permissible Debits
Cash withdrawal of USD 3000 or equivalent in foreign exchange per travel to third countries/India;
Current transactions, (excluding payment for import of goods) are permissible as per the Foreign Exchange Rules & Regulations (FERR) upon production of supporting invoice, and validation of repeat debit transactions may be facilitated without supporting documents.
Conversion to Ngultrum by transfer to any BTN CASA accounts
Permissible to send monthly Student Living Allowances to your family members pursuing studies abroad – USD 4800 per month (Third Countries) INR 100,000 per month (India)
Cash withdrawal of USD 1000 or equivalent in foreign exchange per month
Settlement of International Debit & Credit Cards
iii.Delivery Channel Facilities
mBoB
Retail Internet Banking
iv. Checklist to open account:
CID copy
2 Passport sized photographs
a legal stamp
Retail account opening Form
2. FC I for Individual-Non-Bhutanese
For Resident Non-Bhutanese account holders, AD I must close the foreign currency account at the end of contract period and permit the account holder for encashment in cash in accordance with Annexure-I & II and the balance amount transferred abroad through AD I; and
Cash withdrawal from FC I accounts maintained by foreign diplomats/embassy officials of foreign diplomatic missions in Bhutan shall be as per Section 12 c) of this guideline.
3. FC II for Entity
i. Permissible Credits:
Equity proceeds (FDI);
Loan proceeds (External Commercial Borrowings);
Export proceeds;
Tourism services related remittances (Certified Tourism service providers, TCB, DoI, FDI hotels and resorts);
Interest on FC Account;
If foreign currency (FC) is obtained in accordance with the provisions outlined in Annexure I and II of the Foreign Exchange Operational Guidelines (FEOG), the redeposit of the same into the respective FC II accounts shall be permitted; and
Any other inflows approved by the RMA
ii. Permissible Debits
Current account transactions permitted under FERR 2022. Current transactions, (excluding payment for import of goods) permissible as per the FERR 2022 upon production of supporting invoice and validation of repeat debit transactions may be facilitated without supporting documents;
Make payment of salary/wages and professional’s fees in convertible currency to foreign nationals employed or hired by an entity in Bhutan. However, such payment must be made through account-to-account transaction from an entity’s FC account to beneficiary’s FC account maintained with AD I in Bhutan;
Settlement of International Debit & Credit Cards;
Payment of DSA in foreign currency cash for official/business travel by officials and sponsored individuals/employees of the organization; and
Other transactions duly approved by RMA with applicable terms and conditions.
When an entity ceases to operate, the account must be closed and the balance may be transferred to an account abroad at the prevailing exchange rate.
Other transactions* duly approved by RMA with applicable terms and conditions.
*Other Transactions approved by RMA:
Transfers from FC accounts maintained by tour operators and hotels (tourism service providers) certified by Department of Tourism (DoT) into:
Airline Service Providers for airlines/helicopter payments
Tourist hotels certified by the DoT and
Department of Immigration
Insurance companies
Subsequent credits from the above entities FC accounts into the tourism service providers FC accounts is permissible only for refund purpose.