Foreign Currency Accounts
Our Foreign Currency Accounts offer individuals and businesses the ability to hold and manage funds in multiple currencies, including US Dollars, Canadian Dollars, Pounds Sterling, and Euros. These accounts provide greater flexibility, efficiency, and risk management for personal needs and international business activities, supporting smooth financial operations and enhancing global commerce capabilities.
Foreign Currency Accounts - Individuals
Account Details
The account can be maintained by:
- A citizen of Guyana residing permanently outside of Guyana.
- A citizen of Guyana who is an employee of a diplomatic mission or international organisation.
- A citizen of another country who is temporarily residing in Guyana and will remain for more than one year.
- A citizen of another country living in Guyana as an employee of a diplomatic mission or international organisation.
Minimum Balance: USD 200 CAD 200 GBP 200 EUR 200 | Service Charge – Monthly: USD 5 CAD 5 GBP 5 EUR 5 | Service Charge – If Closed: USD 30 CAD 30 GBP 30 EUR 30 |
- To earn interest on your account, a minimum balance of USD 2,000.00, CAD 2,000.00, GBP 2,000.00, or EUR 2,000.00 is required.
- Interest is calculated at 0.50% per annum on the minimum monthly balance and credited on the last working day of each month. Please note, interest is subject to a 20% withholding tax.
- For deposits, we accept drafts, cheques, or wire transfers. Funds can be received from any country except Guyana, as long as they do not represent export proceeds. Please note that cash deposits are not permitted.
- Withdrawals can be made via draft or wire transfer. Cash withdrawals are also available, subject to the availability of foreign currency.
Account Requirements
- A valid Driver’s Licence (the card)
In the absence of a Driver’s Licence:
- National Identification Card or Valid Passport
- Recent Proof of Address (dated within the last 6 months)
- TIN Certificate
- A Job Letter or Payslip (issued within the last three months). If self-employed, your Business Registration and prior year financials are required.
- Two Character References; One reference from the Bank overseas and the other from the employer (for employed persons) or from reputable entities or individuals but not from relatives.
These prevailing requirements and conditions are subject to change without notice.
Key Features
- Multi-Currency Holdings: Reduces the need for frequent currency conversions
- Facilitates International Transactions: Streamlines payments and receipts, making transactions smoother and faster.
- Convenient access: Ensures smooth payment processes.
E-Banking Access: Conveniently view your account activity online via our E-Banking platform, which is designed with added convenient features to enhance your banking experience. Click here: https://retail.demerarabank.com/ - Customer Support: Connect with our experienced customer support representatives on 592 624-0828, +592 728-0828 or via email on [email protected] for assistance with general account-related questions or concerns.
Foreign Currency Accounts - Business
Account Details
The account can be maintained by:
- Bona fide exporters who require imported inputs for production or with external loan obligations;
- Certain service providers, including travel agents, hotels, shipping agents and airlines;
- Large importers of essential goods and services.
These accounts are subject to approval from the Minister of Finance.
Minimum Balance: USD 200 CAD 200 GBP 200 EUR 200 | Service Charge – Monthly: USD 5 CAD 5 GBP 5 EUR 5 | Service Charge – If Closed: USD 30 CAD 30 GBP 30 EUR 30 |
- To earn interest on your account, a minimum balance of USD 2,000.00, CAD 2,000.00, GBP 2,000.00, or EUR 2,000.00 is required.
- Interest is calculated at 0.50% per annum on the minimum monthly balance and credited on the last working day of each month. Please note, interest is subject to a 20% withholding tax.
- For deposits, we accept drafts, cheques, or wire transfers. Funds can be received from any country except Guyana, as long as they do not represent export proceeds. Please note that cash deposits are not permitted.
- Withdrawals can be made via draft or wire transfer. Cash withdrawals are also available, subject to the availability of foreign currency.
Cheques are not issued on this type of account.
Account Requirements
- A letter from the business (on letterhead) signed by the registrants/partners/owners and addressed to the CEO requesting the opening of the account. The letter should contain the nature of business, purpose of the account, and a brief description of the business’ operations (such as geographical markets, manufacturing, wholesale/retail distribution, etc.). Additionally, the letter should contain the names of the signatories.
- A valid Driver’s Licence (the card). In the absence of a Driver’s Licence, the following can be used:
- National Identification Card or Valid Passport
- Recent Proof of Address (dated within the last 6 months)
- TIN Certificate
- Business Registration and Income Statement for businesses existing for over one year or a Projected Income Statement for new businesses.
- Proof of Address for the Business.
- One (1) passport-size photograph for each signatory if the image on the ID is unclear.
- Tax-exempt letter/Certificate (if applicable).
- Valid Regulatory Permits/Licences/Franchise/Agency agreements (if applicable).
- Letters of reference addressed to the CEO, recommending the opening of the account. One reference must be from the entity’s bankers overseas or the current bankers recommending the business. Additionally, a character reference must be provided for each of the registrants to the business and these will be accepted from reputable entities or individuals, preferably from persons who are close business associates of the entity or from a Bank.
Key Features
- Currency Diversification: By holding funds in multiple currencies, this is particularly advantageous for companies engaged in international trade or those with overseas operations.
- Facilitates International Transactions: Foreign currency accounts streamline payment processes for companies involved in cross-border trade or transactions. They provide a convenient platform to send and receive payments in different currencies and minimizing transaction delays.
- Optimizes Cash Management: Companies can strategically manage their cash holdings by allocating funds across different currencies based on business needs and market conditions. This flexibility allows for better cash flow management and reduces the risk of holding excess cash in a single currency.
- E-Banking Access: Conveniently view your account activity online via our E-Banking platform designed with added convenient features to enhance your banking experience. Click here: https://ilink.demerarabank.com/
Foreign Currency Accounts - Incorporations
Account Details
The account can be maintained by:
- Bona fide exporters who require imported inputs for production or with external loan obligations;
- Certain service providers, including travel agents, hotels, shipping agents and airlines;
- Large importers of essential goods and services.
These accounts are subject to approval from the Minister of Finance.
Minimum Balance: USD 200 CAD 200 GBP 200 EUR 200 | Service Charge – Monthly: USD 5 CAD 5 GBP 5 EUR 5 | Service Charge – If Closed: USD 30 CAD 30 GBP 30 EUR 30 |
- To earn interest on your account, a minimum balance of USD 2,000.00, CAD 2,000.00, GBP 2,000.00, or EUR 2,000.00 is required.
- Interest is calculated at 0.50% per annum on the minimum monthly balance and credited on the last working day of each month. Please note, interest is subject to a 20% withholding tax.
- For deposits, we accept drafts, cheques, or wire transfers. Funds can be received from any country except Guyana, as long as they do not represent export proceeds. Please note that cash deposits are not permitted.
- Withdrawals can be made via draft or wire transfer. Cash withdrawals are also available, subject to the availability of foreign currency.
Cheques are not issued on this type of account.
Account Requirements
- A Letter from the Company (on letterhead) addressed to the CEO, Demerara Bank Ltd requesting the opening of the account, stating the nature of business, purpose of the account and a brief description of the company’s operations. The letter should also outline the intended signatories and signing instructions on the account with attributed licenses/certifying documentations attached, wherever necessary.
- Two reference letters, addressed to the CEO, Demerara Bank Ltd, recommending the opening of a chequing account. The references will be accepted from reputable entities or individuals, preferably from persons who are close business associates of the company (but not relatives) or from a Bank.
- Resolution of Directors or excerpt from minutes of meeting of the Directors (on letterhead) when the decision was taken to establish a banking relationship with Demerara Bank Ltd.
- Notice of Director(s), Secretary and registered office.
- Consent to act as Director(s) and Secretary.
- A valid Driver’s License (the card) of the directors, secretary, signatories and ultimate beneficial owners
In the absence of a Driver’s License:- National Identification Card or Valid Passport
- Recent Proof of Address (dated within the last 6 months)
- TIN Certificate
- Certificate of Incorporation and Previous year audited financial statements and/or annual report, or in the event of a new company, the projected financial statements.
- Memorandum and Articles of Association and Constitution or By Laws of the Company.
- Proof of the registered address of the company and business address
- TIN certificate and/or any Government issued document stating TIN of the company
- Tax Compliance Certificate (for entities existing more than 1 year).
- Valid Regulatory Permits/Licenses/Franchise/Agency agreements (if applicable).
These prevailing requirements and conditions are subject to change without notice
Key Features
- Currency Diversification: By holding funds in multiple currencies, this is particularly advantageous for companies engaged in international trade or those with overseas operations.
- Facilitates International Transactions: Foreign currency accounts streamline payment processes for companies involved in cross-border trade or transactions. They provide a convenient platform to send and receive payments in different currencies and minimizing transaction delays.
- Optimizes Cash Management: Companies can strategically manage their cash holdings by allocating funds across different currencies based on business needs and market conditions. This flexibility allows for better cash flow management and reduces the risk of holding excess cash in a single currency.
- E-Banking Access: Conveniently view your account activity online via our E-Banking platform designed with added convenient features to enhance your banking experience. Click here: https://ilink.demerarabank.com/