Fcy Savings Deposit

Fcy Savings Deposit

A foreign currency savings account is a type of investment in a currency other than the dollar. Foreign savings account holders can profit from interest and currency appreciation.

Fcy Savings Deposit
2.5 %
Total Interest Rate

Last Updated Date: March 21, 2022

Mega Bank Nepal Ltd

Nepal Rastra Bank issued Mega Bank its Operating License on 4th Shrawan, 2067 and it commenced banking operations from 7th Shrawan 2067. It lies under class “A” commercial bank which has achieved Nine years of operations and is on its way to realizing the aspirations of 2,396 promoters who incorporated chiefly from middle-class households spread over more than sixty three Districts of Nepal. Mega Bank has merged with Paschimanchal Development Bank and Tourism Development Bank. Banking Services of Mega Bank Limited are dedicated to the whole monetary strata of the Nepalese society from “Halo” to “Hydro”. Mega Bank Nepal Limited is currently trading in Nepal Stock Exchange with symbol MEGA. MEGA has provided a dividend return of 7.85 percent in the fiscal year 2074/75. Mega Bank Limited has appointed Nabil Investment Banking Limited as it’s share registrar. Mega Bank is dedicated to supplying financial options to not just the pinnacle middle or backside of the Pyramid.

Fcy Savings Deposit


For Individual:

  • Citizenship Certificate or Passport
  • 2 PP size photos 
  • Photocopy of the agreement with the employer and / or FCY-Income Letter
  • 2 PP size photos of partners
  • Tax Certificate

For Limited Company Account: 

  • Registration Certificate
  • Tax Certificate
  • Memorandum & Articles of Association
  • Name, Address of directors & Office Bearers of the Limited Company with copy Citizenship Certificate
  • Name & Signatures of the Persons Authorized to Operate an account
  • Resolution of Board of Directors regarding opening & conduct of an account

What Is a Foreign Savings Account?

A foreign savings account is more like an investment account than traditional savings accounts for individuals. Foreign savings accounts allow you to invest your money in a currency other than the dollar. A foreign savings account can be opened when you're in a foreign country or by contacting a foreign bank online if it opens accounts that way. The Savings Account is a transactional interest bearing account wherein a deposit is placed with the Bank for an unspecified period of time and the depositor can withdraw or transfer the funds whenever required through different means.

How a Foreign Savings Account Works

Foreign savings accounts may have higher interest rates, which may make them appealing for savers willing to take the risk that the exchange rate will work in their favor. However, if the high-interest rate is coupled with the devaluation of the currency (as often happens with inflation) any gains in interest will be lost in currency exchange. Many foreign savings accounts have higher minimum deposits than traditional savings accounts. This means more of your money is at risk. As well, there are almost always currency exchange fees associated with changing between currencies. Opening a foreign account means you may have to pay them twice—once for converting from the dollar into a foreign currency, and once to convert your money back to dollars. These fees are generally priced as a percentage of the total amount being converted, which means they can take a big cut out of the interest you earned. Be sure to factor in these fees when comparing what the foreign account would yield compared to a domestic account.

Advantages and Disadvantage of a Foreign Savings Account

There are a number of reasons that  might be interested in having a foreign savings account. Those living abroad may find that opening an account in their country of residence makes it easier to access their funds and saves them money on bank and transaction fees. Saving in another currency works best for those with a high tolerance for risk and the willingness to track exchange rates and move fast if necessary. Currency markets are extremely volatile, with values changing between 1% and 3% on average each day. There is the potential for large gains in a foreign savings account, but there is also the potential for large losses.

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