Foreign Currency Deposit Account

Allowed resident individuals or firms who are earners of foreign exchange eligible to apply for Central Bank approval to open foreign currency deposit accounts with the local commercial banks. These accounts are used for the settlement of their overseas commitments pertaining to their lines of business. These accounts may be credited only with payments in foreign currency made by non-residents for settlement of trade transactions, fees, and services rendered as approved by the Central Bank.

Eligibility Criteria and Guidelines for Operation

1. Resident individuals or firms who are earners of foreign exchange are eligible to open and maintain a foreign currency deposit account with commercial banks if there is a genuine need for the account holder to use foreign exchange to settle overseas commitments. The approval for such an account must be obtained from the Central Bank of Samoa.

2. Commercial banks may open and maintain foreign currency accounts in the names of individuals or firms who are residents of Samoa, in accordance with the following terms and conditions.

1. The applicant must present to the commercial bank evidence that approval has been granted by the Central Bank to open and maintain a foreign currency account. Such approval will specify the foreign currency(ies) in which the account will be denominated and the minimum and maximum balances for the account.
2. Foreign currencies accounts may be credited with:

1. payments in foreign currency made by non-residents for settlement of a trade transaction, for fees and services rendered and for such other receipts as approved by the Central Bank; and
2. any interest accruing thereon

3. Foreign currency accounts, in conformity with the exchange control regulations, may be debited with; payments to non-residents for imports of goods and services; and foreign exchange requirements for overseas travel foreign exchange requirements for other purpose as specified on account holder's approved Foreign Currency Deposit Account application.

Applicants seeking to open a Foreign Currency Deposit Account must complete an application form which requires the applicant to make the following declaration:

Declaration

1. I am aware that it is an offense under the Exchange Control (Foreign Exchange) Regulations to make a false statement in this application;
2. That any funds allocated will be used only for the above purpose(s).