AYA Foreign Currency Account

The better way to safe keep of your foreign currencies and to hedge against foreign exchange fluctuations and may be use for investment.

Description of Product
  • AYA FCA is a non-interest bearing current account and is designed for customers who want to minimize foreign exchange risk while maximizing payment efficiency in foreign currency.
  • AYA FCA is ideal for:
    1. Businesses involved in import and export
    2. Businesses licensed to conduct transactions in foreign currencies e.g. hotels, travel agencies
    3. Those who regularly receive foreign currency from overseas in order to pay for their expenses locally e.g. Foreign Investors and NGOs
  • For qualified individual customers e.g. sea man or expatriates working in Myanmar.
Benefits for Customers
  • Safe keeping of foreign currencies
  • Investment in foreign currencies
  • Hedge against fluctuation in foreign currencies
  • Settlement account for foreign exchange purchase and sale service of bank
  • Use of cheques for settlement between customer of our bank
  • The account would be required to facilitate SWIFT remittances and Letter of Credit transactions
Key Features
Available Currencies
  • US Dollar
  • Euro
  • Singapore Dollar
Initial Deposit for Account Opening
  • USD 1,000 or equivalent for company
  • USD 100 or equivalent for individual
Minimum Ongoing Balance
  • USD 500 or equivalent for company
  • USD 50 or equivalent for individual
Other Information
  • Operating Instrument
    Cheque book and monthly statement of accounts provided

  • Credit Interest
    As this is account is to facilitate day to day payments, no interest paid on balances

  • Overdraft
    Not allowed
Eligible Customers

INDIVIDUAL

  1. Eligibility Documents:
    • Work visa
    • Foreigner registration card
    • Employment letter issue by the company
    • Seamen employment control division card
  2. Identity Card and or Passports
  3. One passport size photo
  4. Specimen Signature Card of Bank
  5. Two introducers
  6. Documentary evidence on source of funds

COMPANY (Registered Myanmar)

  1. Certification of Incorporation
  2. Memorandum and Articles of Association
  3. Licenses and permits to deal in foreign currency e.g. import export license, investment permits
  4. Shareholders’ share allotment and information
  5. Identity Card of signatories and shareholders of company
  6. Directors and managers information
  7. Company’s Resolution to open account and appointment of signatories
  8. One passport size photos each from the appointed persons
  9. Specimen Signature Card of Bank
  10. Rubber stamp of company
  11. Two introducers
  12. Documentary evidence on source of funds
Acceptable with permission from FEMD
  • Multinational Agencies
  • Bank Representative Office
  • Financial Institutions Overseas
Not Allow
  • Diplomats
  • Ministries
  • Governmental Agencies
  • Government Joint Venture Companies
Deposit & Withdrawal
Acceptable mode of receipt to account
  • Cash Deposit
    1. By company licensed or individual permitted to accept foreign currency or conduct import or export
    2. Deposit amount must be in line with business volume
    3. Documentary evidence may be required for amount more than USD 10,000
    4. Below US$ 10,000 equivalent per transaction conversion from Kyat to US$ without approval from FEMD
    5. Above US$ 10,000 equivalent per transaction with approval from AYA IBD or FEMD
  • Inward funds transfers receipt from abroad
  • Export trade settlement receipt from abroad
  • Transfer from a FCA to another FCA with same bank or with other bank
Withdraw Limits Terms and Conditions

Withdraw is limited to US$10,000 or equivalent per withdraw. Maximum withdraw allowed per week is twice. For amounts exceeding US$10,000 or equivalent, customer may give prior notice to the bank and will be reviewed on a case by case basis.

Pricing
Please contact us for more information.
 



AYEYARWADY BANK Branches