Foreign Currency Accounts
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The VM Building Society offers a number of options to save in foreign currency. These accounts are offered as Share or Deposit Accounts and are available to both residents and non-residents of Jamaica. A Shares Account is a savings account that entitles the holder to a share in the ownership of the Society and the right to vote at General Meetings. While a Deposit Account is a savings or investment account that does not entitle the holder to the ownership rights given to a share account holder. All accounts offered in the United Kingdom are classified as deposit accounts.
Asset Account (‘A’ Account)
An Asset Account (referred to as an ‘A’ account) is available only to non-residents of Jamaica as either a share or deposit account. It is offered in British pounds and in US and Canadian dollars. All deposits must originate from overseas and must be in foreign currency. ‘A’ accounts are not subject to withholding tax.
- Balances are maintained in foreign currency.
- A minimum of 10 units of foreign currency is required to open these accounts.
- Withholding tax is not deducted from the interest earned and accumulated savings.
- Savers may opt for a regular Statement Account or Fixed Term Certificate Account.
- Offered as a Share Account except in the UK where the offering is a Deposit Account.
- Competitive interest rates.
VM Benefit Account (‘B’ Account)
The VM Benefit Account, referred to as a ‘B’ Account is available only to Jamaican non- residents. Savings is maintained in Jamaican dollars; however this account accepts only foreign currency. All deposits must originate from outside of Jamaica and must be made in British pounds, US or Canadian dollars. Withdrawals can either be in Jamaican or foreign currency. Withdrawals to purchase foreign currency will be subject to the applicable selling rate of exchange. VM Benefit Account attracts a high interest rate and is not subject to withholding tax. This account can be used as a Statement Account or a Fixed Term Certificate Account. It is also offered as a Share Account except in the UK where the offering is a Deposit Account.
VM FX Plus
This account is only offered to Jamaican residents. A deposit of a minimum of 10 currency units of US, Canadian dollars, or British Pounds is used to open this account. FX Funds lodged to this account can originate from Jamaica or overseas. Withdrawals may be made in the currency saved. Tax is deducted from the interest earned on a VM FX Plus account.
* Product features & benefits may be revised from time to time at the discretion of the Society and may change without prior notice. Rates are subject to change from time to time without noti