Foreign Currency account
If a customer receives a bank transfer in a foreign currency to his/her account it is standard practice to convert it into the currency of the account.
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A foreign currency account can be opened online. These should not be too difficult to discover. Alternatively, a regular local bank can typically open a foreign currency account, so it is worth calling local banks to see which banks will perform this service. Most banks should provide this.
This type of account is called "foreign currency account".
The conversion rate varies depending on the currency of choice.
Any bank will take as long as you have an account
Exchange earners foreign currency (EEFC) account . Its maintained by company or individual when they have receivable and payable in more than one currency.
it means that any domestic or foreign agent can convert its domestic currency to a foreign currency at an official exchange rate in order to complete the current account transaction. current account transaction involves the purchase and sell of visibles and invisibles like goods & services.
When the cash in the bank account is sold at a currency other than its denomination.
FCNR stands for Foreign Currency Non-Resident account. It is a type of bank account in India that allows non-resident Indians (NRIs) to deposit foreign currency in designated currencies. The funds in FCNR accounts are fully repatriable and are usually maintained in major foreign currencies like US Dollar, Euro, British Pound, etc.
Some of the main causes for fluctuations in foreign currency exchange rates are differentials in inflation and differentials in interest rates. Others include currency-account deficits and public debt.