FAQs
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Frequently Asked Questions:


1. Can the holder of Personal Foreign Currency Account deposit foreign currency notes to his/her PFCA account ?

Foreign currency brought in to Sri Lanka by the account holder, can be deposited upon appropriate declaration to the bank (subject to limits)

2. Can children open Personal Foreign currency Account even they are minors ?

Yes, they can.

3. Can I open a BFCA as an individual to perform business nature transactions?

Yes, could open an individual BFCA.

4. What are the additional documents required to open a BFCA if I am engage in

  • Tourism industry - Tourist Board registration
  • As a professional - Letter of undertaking
  • Export industry - Export Development Board registration
  • Supplying of material/finished products to an exporter – EDB registration
  • Travel business -Civil Aviation Authority registration 
  • (Bank reserves the right to request for additional documents if required.)
  • Any other foreign exchange earing business, Contact the bank for details.

5. Can I receive the lease rentals in foreign currency from overseas to the BFCA ?

If the lessee is a non-resident company or a non-resident individual, overseas remittances could be received to the BFCA.

6. Can I re-deposit the money withdrawn from BFCA Account?

Yes. Unutilized foreign currency obtained by the account holder debiting the BFCA as travel allowance can be deposited.

7. Can I deposit gifted foreign currency to the BFCA Account ?

No

8. Can a company do several investments through one OIA ?

A separate OIA should be opened for each investment.

9. Can I close the OIA account any time ?

OIA can be closed only after disposing all the investments acquired by the account holder through the said OIA.

10. Can I have online access to an IIA ?

Yes.

11. Can I have IIAs in any designated currencies and make investments in bank deposit products ?

Yes,can maintain in any designated currency.

12. What are the designated foreign currencies for the SDA ?

USD, GBP, EUR, AUD, SGD, SEK, CAD, CHF, JPY, HKD, DKK, NOK, RMB, NZD

13. Can I open a joint SDA ?

Yes, if both parties are eligible to open a SDA.

14. Can I access my SDA through online banking

Yes

15. Is there any fee you deduct from my remittance to SDA?

Seylan Bank will not apply any fee on your inward remittance to SDA.

16. At maturity of SDA can I get my money back with interest without visiting to the bank?

Yes, we recommend to obtain Internet Banking access.

17. Will there be any exchange losses in SDA?

No exchange risk if placed in foreign currency.

18. What is the minimum and maximum period of investment for SDA?

6 months and 12 months

19. Test round

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