Foreign Currency Account

think global, bank local.

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

  • FC I –Foreign currency account for individuals residing in Bhutan- Savings ;

  • FC II – “Foreign currency account for entities in Bhutan- Current Account; and

  • FC III (accounts opened under Inward Remittance Rule and regulation 2016).
Foreign Currency Account

different types.

Eligible Individuals
  • 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
  • All Bhutanese individuals residing in Bhutan
Requirements

 Identification Documents and passport sized photograph (as required for a normal savings account)

Cards
FC I account holders are eligible for a VISA FC Debit card that can be used outside Bhutan without any restrictions on transactions, as long as adequate balance is available in the account. In addition to this, they are are eligible for the following in Bhutan (subject to change as per RMA Regulations of Foreign Currency):
  1. Cash withdrawal of USD 3000 or equivalent in foreign exchange per travel to third countries/India
  2. Cash withdrawal of USD 1000 or equivalent in foreign exchange per month
Interest Rates
CurrencyRates (% p.a)
AUD2.75
Yen1.50
USD1.75
Euro1.50
GBP1.50
BTN4.50
BTN Investment5.00

 

Eligible 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.
Requirements
  1. Savings account.
  2. Identification and other documents as required for a normal Current Deposit (CD) account.
Interest Rates
No interest is paid on Current Accounts.

FC III is foreign currency account type that can be opened by Bhutanese living 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.