Foreign Currency Account

think global, bank local.

We provide the following Foreign Currency Accounts as per RMA regulations.

  • FC I – for Individuals;
  • FC II – for Entities; and
  • FC III (accounts opened under Inward Remittance Rule and regulation 2016).
Foreign Currency Account

different types.

Account type FC I is a foreign currency account that is allowed to individuals who have foreign exchange earnings in Bhutan:
  • Staff of permanent diplomatic or consular missions of foreign government and international organization in Bhutan;
  • Staff of representative office of donor agency;
  • Staff of third country contracting firm engaged to execute project approved by the Royal Government of Bhutan and financed by donor agency;
  • Individual Bhutanese citizens having earnings/remunerations in convertible currency in Bhutan; and
  • Any other individual or category of individuals approved by the RMA
FC II is a foreign currency account that can be opened by following entities:
  • Permanent diplomatic or consular missions of foreign government and international organization in Bhutan;
  • Representative office of donor agency;
  • Third country contracting firm engaged to execute project approved by the Royal Government of Bhutan and financed by donor agency;
  • Bhutanese manufacturing industry earning foreign currency;
  • Bhutanese exporters exporting goods and services to India and third country;
  • person receiving grant, donation or similar inward remittance in convertible currency
  • for project that have been approved by the Royal Government;
  • FDI company approved by the Royal Government of Bhutan; and
  • Any other entity approved by the RMA.

FC III is foreign currency account type that can be opened by Non-Resident Bhutanese residing abroad for higher study, training, or employment abroad or having earnings in foreign currency, including foreign currency accounts opened under Remit Bhutan scheme. This type of account is governed by the RMA’s Inward Remittance Rules and Regulations 2016. 

Requirements

savings account & approval letter from RMA.

Saving Account a per-requisite for opening a recurring deposit account. If an individual has savings account, recurring account opening can be done via MPay or by filling up the recurring deposit form and submitting it to the nearest branch/extension office.

Benefits

of foreign currency account.

  • Monthly installment will be auto linked with savings account
  • Minimum monthly deposit is Nu.300 until a year
  • Take home interest with your Recurring Deposit Principal
  • On maturity, amount will be directly credited to savings account
  • Availability of certain portion of interest on premature withdrawal