Foreign Currency Account

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).  

These account types are explained below.

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

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. 

Requirement

  • Savings account

  • Approval letter from RMA

Benefits

  • Facility of saving in foreign currency

  • You can withdraw in foreign currency while traveling abroad

  • No hassle of submitting documents to bank while traveling abroad

TypeFile NameDate ModifiedSize

pdf		CIF Retail 2:42 pm 03/23/2020283.7k

pdf		Current Account Opening Form 2:38 pm 03/23/2020311.1k

pdf		Saving Account Opening Form 2:41 pm 03/23/2020311.6k