Remit Bhutan
FAQ on Remit Bhutan
What is Remit Bhutan?
Remit Bhutan is a platform initiated by the Royal Monetary Authority of Bhutan to facilitate non-resident Bhutanese to conveniently apply for non-face-to-face foreign currency account with an authorized bank in Bhutan. It is envisaged that, through this arrangement, it will promote national savings and enhance country’s foreign exchange reserves.
Types of Account you can open through Remit Bhutan
- Non-resident Bhutanese Foreign Currency Account (NRBFC)- Saving Deposit
- Non-resident Bhutanese Ngultrum Account (NRBNC)- Saving and Fixed Deposit
What delivery channel facilities are available under Remit Bhutan account?
- For NRBFC- Internet Banking, International Debit Card (Currently in the process)
- For NRBNC- Internet Banking, International and Domestic Debit Cards, mBOB
How to Open Account through Remit Bhutan?
- Apply online through RemitBhutan website www.rma.org.bt
- RMA verifies and forwards to our Bank
- Bank processes and open your FC account
Receive your accounts details and banking facilities:
- If the account is opened successfully you will be contacted by the bank through email
with your account details - If you have chosen mobile and internet banking facilities you will receive a subsequent
email with the details - RMA will courier your international debit card and the PIN number separately
How to access your REMITBHUTAN account?
You can view your account balance and transaction details through internet banking and mobile banking.
How to Transfer money from abroad into your REMITBHUTAN account?
You can use the following modes to transfer money from abroad into your REMITBHUTAN account:
- SWIFT- Thorough our correspondent banks. For details CLICK HERE
- International money transfer partners- IME remit and EXPRESS MONEY
What are the charges for inward remittance?
The Bank of Bhutan does not levy any charges on inward remittance into your account. However, the Bank you are remitting the fund from, will levy charges as per their prescribed rates. We recommend choosing our correspondent Banks to remit fund from outside into your account with us. For details click here
How to Transfer money from your REMITBHUTAN account to other accounts in Bhutan?
For NRBFC account:
You can transact upto a maximum of BTN 100,000 equivalent foreign Currency using Internet Banking, but if you wish to transfer fund beyond BTN 100,000/- and more, you can send a signed letter via email to [email protected]
For fund transfer request received through email, we entertain only the transfer from your FC account to your BTN account (as the fund circulates within your own account). This is to mitigate any kind of frauds.
Once the fund in credited into your BTN account, MBoB enables you to execute further transactions as required.
For NRBNC account:
You can transact upto a maximum of BTN 100,000 from your Ngultrum Currency Account using
Internet Banking.
You can transact unlimited amount from your Ngultrum Currency Account using MBoB, however you will have to opt for one of the following limit category during the time of registration. You can also choose to change the category as and when required.
What are the withdrawal facilities from the foreign currency account?
a) Withdrawal of convertible currency in cash is not permitted from your Foreign Currency
account. Cash withdrawal in Ngultrum only will be allowed.
b) Foreign currency in your account can be utilized for meeting the cost of import of goods and
services against import license/invoices and on the expenses relating to Travel, Studies,
Business and Medical treatment as per the Foreign Exchange Rules and Regulations of the RMA
in force.
What additional incentives are available under the NRB Account?
1. Minimum balance retention in the account is not mandatory.
2. You are permitted full repatriation of the principal amount remitted in the currency of remittance.
3. You are permitted to maintain the foreign currency account upon return to the country permanently.
4. You can earn Interest on your Foreign Currency Account.