Q. How do I withdraw funds from my NRFC Account?
A. Since the NRFC account is maintained in Sri Lanka, over the counter cash withdrawal from Bank of Ceylon (UK) Ltd is not possible. You need to send a written request to the account holding branch. In an emergency you can visit us and send your request to the Bank of Ceylon branch through us. A fee is applicable for this service.
Q. Do I need to have an account with BOC (UK) in order to remit funds to Sri Lanka?
A. No, it is not necessary. If you have an account with us you can set up a standing order to remit money periodically or in the case of occasional transfers send a signed letter. Sending an e-mail attaching a scanned signed letter also would be accepted as a valid instruction.
Q. Are there any charges involved?
A. Yes. Please refer to the e-cash remittance page elsewhere in the website for more details.
Q. How many days it takes for the beneficiary to receive funds?
A. Beneficiary’s account will be credited within one day after we receive the funds to our HSBC account if it is a Bank of Ceylon account.
Note - If the beneficiary’s account is not with the Bank of Ceylon, an additional day may be taken to receive funds to the account.
Q. What will be the exchange rate applied to my fund transfer?
A. The exchange rate prevailing on the day on which the fund transfer is processed by us.
Q. Do I have to have an account with a BOC Branch in Sri Lanka to remit funds?
A. No. You can remit funds to any other Bank in Sri Lanka as well.
Q. What is the difference between a NRFC Account and an account with Bank of Ceylon (UK) Ltd?
A. A Non Resident Foreign Currency (NRFC) account is a banking product in Sri Lanka.
NRFC accounts are governed by exchange control regulations and laws in Sri Lanka and regulated by the Central Bank of Sri Lanka. Completed NRFC account application forms handed over to us by you are sent to NRFC Department, Colombo or your preferred BOC Branch in Sri Lanka to open and maintain your accounts. We also facilitate your money remittances to these accounts and charge a fee for our service.
Please note: NRFC accounts are not authorised and regulated by the FCA/PRA. Therefore rules made under the Financial Services and Markets Act 2000 for the protection of customers do not apply. Protection afforded by the UK regulatory system, including the Financial Services Compensation Scheme (FSCS) will not apply.
Accounts with Bank of Ceylon (UK) Ltd are accounts in the United Kingdom. Accounts maintained with Bank of Ceylon (UK) Ltd are subject to UK laws and the bank is regulated by FCA/PRA.For more details about NRFC accounts please follow the following link. Click Here.