USD business account in Sri Lanka: BFCA rules and options for companies

How a Sri Lankan business can hold US dollars

Apparel and tea exporters, rubber and coconut product makers, IT and business process outsourcing firms, freight forwarders, hotels and importers in Sri Lanka all deal in US dollars. The Central Bank of Sri Lanka (CBSL) sets the foreign exchange rules under the Foreign Exchange Act, No. 12 of 2017, and its Department of Foreign Exchange (DFE) issues the directions banks follow.

A Sri Lankan company has four routes to hold dollars:

1. A Business Foreign Currency Account (BFCA) at a licensed bank in Sri Lanka. This is the standard account for a business that earns foreign exchange from abroad, and it is where export proceeds arrive.
2. An account with a provider or bank outside Sri Lanka. Some providers accept Sri Lankan companies. The export proceeds rules below still require proceeds to be received in Sri Lanka.
3. An affiliate registered outside Sri Lanka. A group may sell through a trading company in Singapore, Dubai or elsewhere that holds dollars under its own country's rules.
4. A US company. A group can form a US company, which opens a US account in its own name.

Before a Sri Lankan company opens any account abroad, it should confirm with its bank or the DFE that the account is permitted under the Foreign Exchange Act and the regulations and directions issued under it. For most exporters the BFCA is the required destination for export proceeds, and the other routes serve group structures and payments to suppliers.

The Business Foreign Currency Account (BFCA)

BFCAs are governed by Directions No. 05 of 2021, issued under the Foreign Exchange Act on 18 March 2021 and effective from 22 March 2021. The account may be opened as a savings, current or term deposit account in any designated foreign currency.

Who may open one. Persons resident in Sri Lanka who earn foreign exchange from non-residents: resident individuals; sole proprietorships and partnerships registered in Sri Lanka; companies incorporated in Sri Lanka; overseas companies registered under the Companies Act, No. 7 of 2007; state institutions with the relevant recommendation; and estate administrators, receivers and liquidators. Non-governmental organizations may not open a BFCA.

Source: CBSL Department of Foreign Exchange, Directions No. 05 of 2021, Business Foreign Currency Accounts, as published on 29 October 2026.

A PFCA is a Personal Foreign Currency Account, held by individuals. Three rules shape how a BFCA works in practice. Rupees cannot be converted into foreign currency and credited to a BFCA, so the account cannot be topped up by buying dollars. Overdrafts are allowed only under Directions No. 09 of 2021. Any transaction outside the Directions needs prior permission from the Director of the DFE.

People's Bank's key facts document for its BFCA states that no initial deposit is required for savings or current accounts, that fixed deposits start at USD 1,000, and that the account is offered in 16 currencies including USD, EUR, GBP, CNY and INR. Each bank sets its own fees, so ask for the tariff before opening.

CBSL rules on receiving and converting export proceeds

Two rules apply to exporters: a deadline to receive the money in Sri Lanka, and, for goods, a deadline to convert what is left into rupees.

Receive within 180 days

Repatriation of Export Proceeds into Sri Lanka Rules No. 01 of 2024, published in Gazette Extraordinary No. 2391/02 on 1 July 2024, require exporters to receive export proceeds in Sri Lanka for all goods exported within 180 days from the date of shipment or provision of services. Export proceeds include proceeds of export bills purchased by a bank and payments received through local agents or intermediaries.

Convert the residual by the 10th of the following month

Rules No. 2 of 2026, issued by the CBSL on 9 June 2026 in Gazette Extraordinary No. 2492/10, require every exporter of goods who receives export proceeds in Sri Lanka to convert the residual into Sri Lankan rupees on or before the 10th day of the following month. The residual is what remains after permitted payments:

• current export-related transactions, including commitments for one month;
• debt service and repayment of permitted foreign currency loans, including one-month commitments;
• dividends to non-resident investors and salaries of expatriate employees;
• foreign currency for export-related travel;
• investment in foreign currency Government of Sri Lanka debt securities, up to 10% of proceeds received;
• payments to indirect exporters with permitted foreign currency commitments.

Sources: Gazette Extraordinary No. 2391/02 and No. 2492/10 (CBSL Department of Foreign Exchange and Government of Sri Lanka); Sunday Times report of the CBSL notice of 12 August 2022, as published on 29 October 2026.

The practical effect for a goods exporter is that dollars do not stay in dollars for long. A company that needs dollars for imports should plan those payments within the permitted categories before the 10th-day deadline, because it cannot buy dollars back into a BFCA with rupees.

Service exporters and freelancers

IT companies, outsourcing firms, designers and freelancers who sell services abroad are exporters of services. Since 12 August 2022 the CBSL has not required them to convert service export proceeds into rupees, so they may keep dollars in a BFCA and use them for permitted payments. The 180-day rule still applies: the proceeds must be received in Sri Lanka within 180 days of providing the service.

A resident individual who earns foreign exchange from non-residents may open a BFCA, so a freelancer does not need a company to hold dollars. Clients in the US pay a Sri Lankan bank by international wire, usually through a correspondent bank in New York; our guide to SWIFT, ACH and Fedwire explains the difference from a US domestic payment.

Foreign providers and the US company route

The table records what each provider's own page says about Sri Lanka. It is not a ranking, and lists change.

Sources: Aspire, "What countries does Aspire support"; Airwallex, eligible countries and territories for business registration; Wise, "Where do I need to live to hold money with Wise"; Payoneer, Receive Payments page, as published on 29 October 2026.

A provider's acceptance does not change the export proceeds rules: proceeds must be received in Sri Lanka within 180 days. An account abroad can serve a group affiliate or a payment flow, not replace the BFCA for export proceeds.

The US company route. A US company needs an Employer Identification Number (EIN), the US federal tax number for a business. The IRS instructions for Form SS-4 state that international applicants may call 267-941-1099 or fax the form to 304-707-9471 from outside the US, and that only international applicants can receive an EIN by telephone. Investing from Sri Lanka into a US company is itself a foreign exchange transaction, so confirm the route with your bank first.

The options compared

Source: Helm Editorial Team, from CBSL Directions No. 05 of 2021 and the Repatriation of Export Proceeds into Sri Lanka Rules, as published on 29 October 2026.

For the invoice details a buyer needs to pay a BFCA, see how to receive USD from overseas buyers.

Documents banks ask for to open a BFCA

Banks ask a company for documents that prove it exists, who controls it, and that it earns foreign exchange. People's Bank publishes this list for its BFCA.

Source: People's Bank, Business Foreign Currency Account key facts document, as published on 29 October 2026.

The NIC is the National Identity Card. People's Bank also lists 17 business categories eligible for a BFCA, including exporters, travel agents, hotels and restaurants, freight forwarders, shipping agents and gem and jewelry dealers. Bring export contracts or buyer invoices to show the foreign exchange earnings.

Where USDC and USDT stand in Sri Lanka

USDC and USDT are stablecoins: digital tokens designed to hold a value of one US dollar each. Sri Lanka has no licensing regime for them yet.

In a notice published on 12 July 2022, the CBSL stated that it has not given any license or authorization to any entity or company to operate schemes involving virtual currencies, and has not authorized any initial coin offerings, mining operations or virtual currency exchanges. It described virtual currencies as unregulated financial instruments with no regulatory oversight or safeguards in Sri Lanka. Under Directions No. 03 of 2021 issued under the Foreign Exchange Act, debit and credit cards may not be used to pay for virtual currency transactions.

On 29 July 2026 the Daily FT reported that the Cabinet had approved steps to introduce a regulatory regime for virtual asset service providers, with the Securities and Exchange Commission of Sri Lanka recommended as regulator. No bill had been published at that date.

Sources: CBSL, Public awareness in relation to the use of virtual currencies in Sri Lanka (12 July 2022); Daily FT, Cabinet backs legal framework to regulate virtual asset service providers (29 July 2026), as published on 29 October 2026.

A Sri Lankan exporter paid in stablecoins would also need to meet the rule that export proceeds are received in Sri Lanka within 180 days. Take advice before accepting them.

How a Helm USD account fits

Helm works with companies registered in Sri Lanka. Helm is a financial technology company, not a bank; accounts are held with regulated partner institutions. A Helm account gives a company USD account details in its own name: a routing and account number that receives ACH, Fedwire and SWIFT. EUR and GBP details are also issued in the company's own name.

A Helm account sits outside Sri Lanka, so it does not replace the BFCA that must receive export proceeds within 180 days. It fits these flows:

• A trading affiliate outside Sri Lanka that sells to US buyers, collects in USD and pays its Sri Lankan suppliers.
• Foreign buyers of Sri Lankan goods and services that pay their Sri Lankan suppliers in USD from their own account.
• Paying suppliers abroad by SWIFT, or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before sending.

Collections from buyers abroad are held in USD or converted, and USDC and USDT can be received, sent and converted to USD inside the account. A named account manager answers review questions in writing within one business day, and trade finance is arranged case by case. A Sri Lankan company should confirm with its bank or the DFE that an account abroad is permitted for its purpose before opening one. Pricing is agreed with each business before the account opens; see contact Helm. Companies comparing South Asian rules can read our India guide.

Questions

References

1. CBSL Department of Foreign Exchange: Directions No. 05 of 2021, Business Foreign Currency Accounts
2. Government of Sri Lanka: Gazette Extraordinary No. 2391/02, Repatriation of Export Proceeds into Sri Lanka Rules No. 01 of 2024
3. CBSL Department of Foreign Exchange: Gazette No. 2492/10, Repatriation of Export Proceeds into Sri Lanka Rules No. 2 of 2026
4. Central Bank of Sri Lanka: Public awareness in relation to the use of virtual currencies in Sri Lanka (12 July 2022)
5. Sunday Times: CBSL withdraws mandatory requirement to convert service export proceeds (August 2022)
6. People's Bank: Business Foreign Currency Account key facts document
7. Daily FT: Cabinet backs legal framework to regulate virtual asset service providers (29 July 2026)
8. Aspire: What countries does Aspire support

This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.