Foreign currency account is a type of account that allows the account holder to keep foreign currencies as well as currency from the home country. This account can be maintained in an off-shore country as well as in the home country. The foreign currency account can be pretty much maintained in the same way as any regular account. There are many benefits of a foreign currency account. These are:
• The foreign currency account does not levy any charges on the non-maintenance of the quarterly balance that needs to be managed on a minimum basis.
• The foreign exchange that is earned as a result of exporting goods, honorarium and royalty can be deposited in a foreign currency account.
• When someone who is not an Indian is visiting India and decides to gift someone in monetary value, the foreign currency can be of use at this time.
• One can make money transfers from their NRE account.
• The foreign currency account can be beneficial when presenting someone with gifts at the time he or she is making a visit to any country outside India.
• The foreign currency account can be useful to carry out short-term requirements of cash-flow.
The permission to open, hold and maintain a foreign currency account was a very important step on the part of the Reserve bank of India. It allowed for liberalisation of facilities pertaining to foreign exchange matters.
The Foreign Currency Account puts up the following eligibility criteria:
• All those who are residents of India are eligible to open a foreign currency account.
• The money that the account holder wishes to keep in the account can be a form of the pension money or any other kind of monetary value received from the employer outside of India.
• When something is received as a gift or is inherited from someone who is outside of India.
• When money is obtained after converting assets from outside of India.
• If the proceeds of the concerned assets where in foreign currency value.
Foreign Currency accounts are especially useful for those people who are in business trade. It allows them to save money in different forms of currency. This makes conducting business with clients from different nationalities and backgrounds so much simpler and convenient. Perhaps one of the biggest perks of a foreign currency account is that it helps you to avoid the fees levied as a part of the conversion process. This saves money and cuts down on hassle.
• The foreign currency account does not levy any charges on the non-maintenance of the quarterly balance that needs to be managed on a minimum basis.
• The foreign exchange that is earned as a result of exporting goods, honorarium and royalty can be deposited in a foreign currency account.
• When someone who is not an Indian is visiting India and decides to gift someone in monetary value, the foreign currency can be of use at this time.
• One can make money transfers from their NRE account.
• The foreign currency account can be beneficial when presenting someone with gifts at the time he or she is making a visit to any country outside India.
• The foreign currency account can be useful to carry out short-term requirements of cash-flow.
The permission to open, hold and maintain a foreign currency account was a very important step on the part of the Reserve bank of India. It allowed for liberalisation of facilities pertaining to foreign exchange matters.
The Foreign Currency Account puts up the following eligibility criteria:
• All those who are residents of India are eligible to open a foreign currency account.
• The money that the account holder wishes to keep in the account can be a form of the pension money or any other kind of monetary value received from the employer outside of India.
• When something is received as a gift or is inherited from someone who is outside of India.
• When money is obtained after converting assets from outside of India.
• If the proceeds of the concerned assets where in foreign currency value.
Foreign Currency accounts are especially useful for those people who are in business trade. It allows them to save money in different forms of currency. This makes conducting business with clients from different nationalities and backgrounds so much simpler and convenient. Perhaps one of the biggest perks of a foreign currency account is that it helps you to avoid the fees levied as a part of the conversion process. This saves money and cuts down on hassle.
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