Exchange Rates (08/19/2014)

Currency Buying Selling
GBP 213.6765 221.7345
USD 127.9500 132.4500
EUR 170.6341 177.1784
AED  33.2070  37.9198
AUD 118.9551 124.2116
SGD 102.6392 106.6082
JPY   1.2378   1.3005

Foreign Currency

Foreign Currency Savings Accounts

Union Bank offers the following types of foreign currency accounts to its clients;

  • Non - Resident Foreign Currency Accounts (NRFC)

    Union Bank NRFC accounts have been designed to allow you to deposit your hard-earned foreign currency as well as allowing you and your family to make withdrawls with ease and convenience as and when you need.

    Who can apply for a Union Bank NRFC account?

    • Sri Lankan citizens employed overseas
    • Sri Lankans who hold citizenship overseas
    • Sri Lankan Citizens who have returned following overseas employment, provided the account is open within 90 days
    • Sri Lankan Nationals on scholarship overseas
    • Sri Lankans holding NRFC accounts with any other bank, through transfer of funds

    Benefits of a Union Bank NRFC account.

    • Higher Interest rate on your foreign earnings
    • Interest is credited in account currency
    • Interest earned is free from income and withholding tax
    • Funds are freely transferable for authorized purposes without any exchange control approval
    • Account can be freely operated following your return as a permanent resident
    • Priority Banking Facilities for the account holders with a minimum balance of USD25,000 or more
    • Fixed deposits for a period of 3, 6 & 12 months
    • Rupee Loan & overdrafts up to 90% of the deposit
    • No Commission for Inward remittances (at the point of receiving) and standing orders
    • Attractive exchange rates when switching currencies
    • Personalized service and confidentiality
    • Account can be opened and operated at any Union Bank branch
  • Resident Non - National Foreign Currency Accounts (RNNFC)
  • Resident Foreign Currency Accounts (RFC)
  • Exporter's - Foreign Currency Accounts (EFCA)
  • Foreign Currency Accounts for Professional Service Providers (FCAPS)
  • Foreign Currency Banking Unit Accounts (FCBU)

To save your foreign exchange and earn interest at the same time a client could choose from a variety of currencies and time periods and also benefit from appreciating currencies by converting his investments as when he wishes.

Minimum deposit requirement is USD 500.00 or its equivalent in any other currencies.

Interest rate is periodically adjusted to be in line with market rates.

You could nominate any person /s, as beneficiary to your account balances, during the relationship for amounts of your choice.

You could appoint any person of full contractual capacity to operate the account in your absence.

 

Special Accounts

  • Special Foreign Currency / Sri Lankan Rupee Investment (Savings) Accounts
  • Special Foreign Investment Deposit Accounts (SFIDA)
  • Senior Foreign Nationals Fixed Deposit Account (SFNFDA)
  • Senior Foreign Nationals Rupee Account (SFNRA)
  • Securities Investment Accounts (SIA)
  • Non Resident Rupee Accounts (NRRA)
  • Rupee Account for Non Residents Sri Lankan Investment (RANSI)
  • Non-Resident (NR) Blocked Accounts
  • Temporary Rupee Accounts for Non-Residents
  • Gem & Jewellery Exporters Foreign Currency Accounts (GJEFA)
  • Shipping and Airlines Foreign Currency Accounts (SAFA)

SFNFDA & SFNRA are exempted from Income Tax, Withholding Tax

Foreign Currency Time Deposits Accounts

Union Bank offers the following types of Fixed Deposit foreign currency accounts to it's clients;

  • Non - Resident Foreign Currency Accounts (NRFC)

    Union Bank NRFC accounts have been designed to allow you to deposit your hard-earned foreign currency as well as allowing you and your family to make withdrawls with ease and convenience as and when you need.

    Who can apply for a Union Bank NRFC account?

    • Sri Lankan citizens employed overseas
    • Sri Lankans who hold citizenship overseas
    • Sri Lankan Citizens who have returned following overseas employment, provided the account is open within 90 days
    • Sri Lankan Nationals on scholarship overseas
    • Sri Lankans holding NRFC accounts with any other bank, through transfer of funds

    Benefits of a Union Bank NRFC account.

    • Higher Interest rate on your foreign earnings
    • Interest is credited in account currency
    • Interest earned is free from income and withholding tax
    • Funds are freely transferable for authorized purposes without any exchange control approval
    • Account can be freely operated following your return as a permanent resident
    • Priority Banking Facilities for the account holders with a minimum balance of USD25,000 or more
    • Fixed deposits for a period of 3, 6 & 12 months
    • Rupee Loan & overdrafts up to 90% of the deposit
    • No Commission for Inward remittances (at the point of receiving) and standing orders
    • Attractive exchange rates when switching currencies
    • Personalized service and confidentiality
    • Account can be opened and operated at any Union Bank branch
  • Resident Non - National Foreign Currency Accounts (RNNFC)
  • Resident Foreign Currency Accounts (RFC)
  • Exporter's - Foreign Currency Accounts (EFCA)
  • Foreign Currency Accounts for Professional Service Providers (FCAPS)
  • Foreign Currency Banking Unit Accounts (FCBU)

Minimum deposit requirement is USD 1000.00 or its equivalent in any other currencies.

Deposit period ranges from 01 month up to 12 months (1,3,6,9 & 12 months ).

Interest payment either at maturity ( accumulated) or monthly.

If monthly - interest is 0.5% less than the applicable rate.

Automatic rollover facility upon maturity for same period, with or without interest.

Premature withdrawals will be subject to a penal rate, depending on the period.

You could nominate any person /s, as beneficiary to your account balances, during the relationship for amounts of you choice.

You could appoint any person of full contractual capacity to operate the account in your absence.

Accepted as security for credit facilities (overdrafts, Loans).

The above accounts may be opened subject to Exchange Control Regulations laid down by Central Bank of Sri Lanka.

For details on rates, you may call over at our nearest branch or contact our Treasury Department on 94 11 2370696.

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