Creating Foreign Bank Account for Access to Foreign Currency
Can I receive foreign currency in my bank account?
Yes. The Exchange Earners Foreign Currency (EEFC) Account and Resident Foreign Currency (RFC) Account can be opened with resident relatives either on a former or survivor basis.
How do I get a foreign exchange account?
To create your free account you’ll have to give some personal information, such as your name, address and SSN. Verify your identity, by uploading an image of a valid photo ID — this can be a passport or a drivers licence, for example. Select a currency from over 40 available — you can add more later if you choose to.
Which banks offer foreign currency accounts?
International banks like HSBC and Citibank also allow you to withdraw and deposit money from your multi-currency/foreign currency accounts online or at a branch.
- Citibank foreign currency account. …
- HSBC foreign/multi-currency account. …
- Bank of America foreign currency account. …
- Wells Fargo foreign currency account.
Which account is maintain for foreign currency?
A person resident in India may open, hold and maintain with an authorised dealer in India, a Foreign Currency Account to be known as Exchange Earner’s Foreign Currency (EEFC) Account, subject to the terms and conditions of the Exchange Earners’ Foreign Currency Account Scheme specified in the Schedule.
What is an RFC account?
An RFC (Resident Foreign Currency) Savings Account is a savings account maintained in foreign currencies – USD and GBP – for NRIs who have returned to India and hold funds in foreign currency.
How do I deposit foreign currency into my bank account?
How to Deposit Foreign Currency Into a Bank Account
- Find a place to convert your foreign currency to U.S. dollars. …
- Sell your foreign currency to the buyer of your choice. …
- Deposit your dollars to the bank account of your choice.
What is a foreign currency bank account?
A foreign currency account, also called multicurrency or borderless account, is a type of account that allows you to send and receive funds in multiple foreign currencies, potentially changing your current way of conducting international business.
How does a foreign currency account work?
A foreign currency account allows you to bill in a foreign currency, which makes dealing with overseas customers much easier. It also allows you to hold the foreign currency in a local account that you control. One of the biggest advantages of these accounts is avoiding conversion costs.
What is the benefit of having a foreign currency account?
A Foreign currency account helps reduce fees for currency exchanges and is perfect for managing different international transactions in one place. It is especially useful for frequent travelers and businesses who often transact in multiple countries.
Who can open Resident foreign currency account?
Answer: A resident individual can open a foreign currency account with a bank outside India in the following cases:
- A resident student who has gone abroad for studies for the period of stay abroad. …
- A resident who is on a visit to a foreign country for the period of stay abroad.