Offers an account that can be maintained in designated foreign currencies which was recently introduced to facilitate foreign exchange transactions of all residents and resident businesses.Click Here To View Rates
Exporters, indirect exporters, suppliers of inputs, professional services providers, foreign employment agencies, gem & jewelry dealers and all other service providers are eligible to undertake foreign exchange transactions through FEEA.
- Companies incorporated in Sri Lanka
- Sole proprietorships and partnerships registered in Sri Lanka
- Companies incorporated outside Sri Lanka which are registered as overseas companies under the Companies Act No 7 of 2007
FEEA can be opened in the form of Current Accounts, Savings Accounts or Term Deposits in designated foreign currencies
FEEA now replaces accounts such as EFCA, FCASI, FCAPS, IEFCA, FCAGJ, specific NRFC Accounts held by Foreign Employment Agencies, and any other special foreign currency accounts authorized by the Controller of Exchange from time to time (Please note that SFIDA, SIA, NRFC, RFC & RNNFC accounts maintained for specific purposes will remain unchanged)Click to view terms and conditions
- Inward remittances received from abroad through banking sytem in respect of export of goods and services,entrepot trade and overseas projects undertaken by the account holder.
- Foreign currency notes brought into the country by the account holder.
- Foreign Currency in the form of travelers’ cheques, bank drafts or currency notes accepted by the account holder in terms of the permit issued by the Controller of Exchange for such acceptance.
- Transfers from other FEEA’s and accounts maintained in Offshore Banking Unit (OBU/FCBU) in respect of supply of goods and services.
- Proceeds of the foreign currency loans received from authorized dealers.
- Proceeds of the foreign currency loans obtained from foreign lenders with the prior permission of the Controller of Exchange
- Transfer of funds from Outward Investment Accounts (OIA) of the account holder which consist of benefits of foreign investments.
- Transfers from the foreign currency accounts maintained by shipping and airline agents on behalf of their foreign principals in respect of supply of fuel against the funds received from such principals.
- Insurance premiums received on foreign currency denominated policies issued to eligible customers and co-insurers and claims received from re-insurers and National Insurance Trust Fund (NITF) by insurance companies registered with Insurance Board Of Sri Lanka(IBSL)
- Unutillized foreign currency withdrawn against the funds in the FEEA for the travel expenses and for the purposes specified
- Interest acrrued on the funds held in the account.
- Transfers from FEEAs of the same account holder
- Outward remmitances in respect of current international transactions of the account holder
- Outward remittances with respect to entrepot trade
- Transfers to other FEEA and accounts maintained in OBU/FCBU with respect to purchase of goods and obtaining of services
- Outward remittances with respect of claims , refunds and commissions related to export of goods and services
- Transfers to OIA’s of the account holder
- Payment of freight charges to accounts maintained by shipping and airline agents on behalf of their principals
- Outward remittances from the FEEA maintained by travel agents in relation to travel packages offered to foreign tourists against the funds received from foreign travel agents
- Withdrawals in foreign currency for travel purposes subject to the stipulations made by the controller of Exchange from time to time.
- Outward remittances for purchase of goods and services relating to foreign project undertaken by the account holder against funds received from the respective projects.
- Outward remittances in respect of repayment of foreign currency loans obtained from foreign lenders with the prior permission of the Controller of Exchange
- Repayment of foreign currency loans obtained from authorized dealers.
- Payments of claims to eligible customers and co-insurers in respect of foreign currency denominated policies, premiums to local/overseas re-insurers, NITF and brokerage by insurance companies registered with IBSL
- Withdrawals in foreign currency notes not exceeding USD 50,000 at a time by the Gem and Jewellery dealers for the purpose of purchasing cut and polished or rough gem stones and other raw materials abroad upon submission of confirmation obtained from the National Gem and Jewellery authority .
- Transfers to FEEAs of the same account holder
- Withdrawals in Sri Lankan Rupees provided that such withdrawals shall not be converted into foreign currency and re-credited to the account.
Restrictions on a FEEA Account
- FEEA’s cannot be overdrawn under any circumstances.
- Documents will differ from Individuals to Sole proprietorships / Partnerships to Companies
- It is mandatory that all documentary evidence is submitted to prove that the applicant is compliant with the rules and regulations issued by the relevant authorities and has foreign exchange earnings