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.

Key Product Information

Description 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:
  • Businesses involved in import and export
  • Businesses licensed to conduct transactions in foreign currencies e.g. hotels, travel agencies
  • 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
  • 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
Features
Eligible Customers

Individual

  • Myanmar Citizen
  • Foreigner working in Myanmar

Non individual

  • Limited Company
  • Partnership Company
  • Cooperative Societies
  • NGOs
  • Diplomats
  • Foreign Company Branches and Offices

Acceptable with permission from FEMD

  • Multinational Agencies
  • Bank Representative Office
  • Financial Institutions Overseas

Not Eligible Customers

  • Ministries
  • Governmental Agencies
  • Government Joint Venture Companies
Deposits & Withdrawal
Acceptable mode of receipt to account
  • Cash Deposit
    • By company licensed or individual permitted to accept foreign currency or conduct import or export
    • Deposit amount must be in line with business volume
    • Documentary evidence may be required for amount more than USD 10,000
    • Below US$ 10,000 equivalent per transaction conversion from Kyat to US$ without approval from FEMD
    • 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 Withdraw is limited to US$10,000 or equivalent per withdraw. 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.
Currencies
  • US Dollar
  • Euro
  • Singapore Dollar

General Requirements

Initial Deposit

USD 1000 or equivalent for Non-individual
USD 100 or equivalent for Individual

Minimum ongoing balance

USD 500 or equivalent for Non-individual
USD 50 or equivalent for Individual

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

Pricing

Please contact our branches or Trade Centre for more information.
 



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AYEYARWADY BANK Branches