WHAT IS AN FCDA?

An FCDA is an acronym for Foreign Currency Denominated Account.  Such an account is maintained in a bank in another currency other than the currency of the country in which the bank is located. At NBS Bank the operation of such an account is subject to Exchange Control Guidelines of The Reserve Bank of Malawi.

HOW TO APPLY

1. Individuals
1.Click here to Simply download then fill out savings account opening and indemnity forms.
2.Scan and email the signed forms together with a copy of your valid ID and an FCDA application letter indicating your preferred currency to This email address is being protected from spambots. You need JavaScript enabled to view it.
3.You will then be advised by return email of both your savings account number and an FCDA number. (Please note that an FCDA needs a corresponding local currency account)
4.You will then be able to deposit money into your FCDA.

 

2. Institutions
1.Click here to download then fill out savings or current account opening and indemnity forms.
2.Submit the signed forms together with copies of valid IDs for signatories to the account and the organization’s mandate  to This email address is being protected from spambots. You need JavaScript enabled to view it.
3.Together with the above, also submit an application letter for an FCDA indicating your preferred currency to This email address is being protected from spambots. You need JavaScript enabled to view it.

 

WHO MAY APPLY FOR AN FCDA?
1.Malawians living abroad
2.NGOs and Companies (regular recipients of foreign currency)
3.Foreign missions
4.Individuals (Residents)

DENOMINATIONS

At NBS Bank we can maintain your FCDAs in any of the following currencies:   
1.United States Dollars - (USD)          
2.British Pound Sterling - (GBP)          
3.Euro - (EUR)          
4.South African Rand - (ZAR)           

BENEFITS

An FCDA will help you to:

1.Hedge against exchange rate fluctuations
2.Make foreign payments direct from your account
3.Explore an alternative form of investment (fixed deposits)

 

DEPOSITING MONEY INTO YOUR FCDA

Depending on the currency of your choice you can deposit money into your FCDA using any of our correspondent banks below:

NBS BANK : SWIFT CODE: NBSTMWMW
 CORRESPONDENT BANK DETAILS

 

United Kingdom (GBP)

Pay:    Citibank N.A.
 London
 Swift Code: CITIGB2L
 Further Credit: NBS BANK LIMITED
 Acc No.      11075004
 Swift Code: NBSTMWMW
 IBAN NO. GB48CITI18500811075004

 Beneficiary Name ____________________________________

Account Number   ____________________________________

 

United States of America (Dollars)

Pay:    Citibank N.A
 New York
 Swift Code: CITIUS33
 Further Credit:  NBS BANK LIMITED
 Acc No. 36246192
 Swift Code: NBSTMWMW

Beneficiary Name ___________________________________

Account Number ____________________________________

South African (Rands)

Pay:    ABSA BANK LIMITED
 Johannesburg
 Swift Code: ABSAZAJJ
 Further Credit: NBS Bank limited
 Account No. 027789ZAR671201
 Swift Code: NBSTMWMW

Beneficiary Name _____________________________________

Account Number ______________________________________

United Kingdom (Euros)

Pay:    Citibank N.A.
 London
 Swift Code: CITIGB2L
 Further Credit: NBS BANK LIMITED
 Acc No.      11074997
 Swift Code: NBSTMWMW
 IBAN NO. GB43CITI18500811074997

Beneficiary Name _____________________________________

Account Number ______________________________________