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Home International Banking Foreign Currency Account

Foreign Currency Account

Foreign Currency Accounts can be maintained in any authorized currency.

Bhutanese nationals residing both within and outside Bhutan can now open FC account without prior approval from Royal Monetary Authority.

Additionally, foreign nationals (including Indian nationals) who stay in Bhutan for longer period and receive their remuneration in convertible foreign exchange, and Bhutanese firms/companies on specific approval from Royal Monetary Authority will be allowed to open Foreign Currency Accounts with the authorized branches of the Bank.

There are four types of FC accounts as follows:

1. FC I for Individual-Bhutanese

Eligibility

All Bhutanese Individuals residing in Bhutan are eligible to open Foreign Currency Account -I in any Convertible Currencies.

i. Permissible Credits: 

  • Foreign Currency Cash Deposit
  • Inward Remittances or income by way of remuneration earned in FC
  • Interest earned on deposits
  • any inflows approved by RMA

ii. Permissible Debits

  • Cash withdrawal of USD 3000 or equivalent in foreign exchange per travel to third countries/India;
  • Current transactions, (excluding payment for import of goods) are permissible as per the Foreign Exchange Rules & Regulations (FERR) upon production of supporting invoice, and validation of repeat debit transactions may be facilitated without supporting documents.
  • Conversion to Ngultrum by transfer to any BTN CASA accounts
  • Permissible to send monthly Student Living Allowances to your family members pursuing studies abroad  – USD 4800 per month (Third Countries)   INR 100,000 per month (India)

iii. Delivery Channel Facilities

  • mBoB
  • Retail Internet Banking

iv. Checklist to open account:

  • CID copy
  • 2 Passport sized photographs
  • a legal stamp
  • Retail account opening Form

2. FC I for Individual-Non-Bhutanese

FC account for Non-Bhutanese requires specific approval from RMA to open an account.

3. FC II for Entity

FC II for entity requires specific approval from RMA to open an account.

4. FC III for Bhutanese Living Abroad

Downloads / Links

Download Debit Authority Form Download Account Opening Form