IMPORTS AND EXPORTS
All your foreign trade payments will be done fast, efficiently and seamlessly through our partner bank and unique online payment and trading platform. All payments and SWIFT messages will be facilitated through new settlement accounts (South African Rand and Foreign Currency) to be opened with our partner bank. We will provide you with free use of a unique and secure web-based FX trading, payment, risk management and administration platform that will automate all aspects of your import/export payments. We and the platform do all the work, you stay at the office and you focus on your business.
Competitive Exchange Rates
Importers and Exporters are not always getting the service, advice and solutions from the banks and brokers to help them to be competitive. Traditionally banks will tier their pricing, products and service standard according to the standing and size of the clients. Smaller clients often find themselves at the lower end of the importance and Foreign Exchange pricing scale.
Through our partner bank we can provide:
• Very competitive exchange rates
• Direct access to a dealing room
We will endeavour to establish a SPOT/FEC trading facility with our partner bank, without the placement of any margin or signing of guarantees or surety. This means that you can effectively convert your existing SPOT/FEC facility into a working capital/overdraft facility.
Online FX trading, payment, risk management and administration platform
One of the biggest challenges facing importers and exporters involved in cross border currency payments, is how best to manage and mitigate the impact of volatile currency markets on their business operations, cost competitiveness and profitability. Without a proper foreign exchange management policy, and a proper risk management tool, companies are not able to control the potential adverse effects of currency movements, which can lead to increased cost and reduced market share and profits. We will provide you with the only available tool of its kind in South Africa to help manage your foreign exchange exposures. We will also assist you to establish a FX risk policy and framework that will suit your needs and FX risk appetite. The FX system that we use is unique in South Africa as it allows importers, exporters and individuals to automate the trading, payment and administration of their cross border and investment transactions while also providing a tool to manage the risks associated with the management of exchange rate fluctuations.
Some of the features of the system are as follows:
• Online FX trading (SPOT & FEC's) capability
• Direct access to dealing room while trading, if required
• Web based – accessible from anywhere
• Ease of use (client system not bank system)
• Pre-load suppliers, buyers and exposures
• Automated Balance of Payment (BOP) forms
• FX risk management tool (unique)
• Manage CFC balances and set-off
• Access to full history of all trades & payments
• Wide range of business reports
FX Outsourcing Solution
There are several different approaches and strategies available to reduce risk posed by currency movements, which can be specifically customised around the company's foreign exchange requirements. Naturally the needs of companies will differ from company to company depending on various factors including turnover, mandates, costing model, etc. In addition to the online FX solution, we are also able to assists importers and exporters to manage and mitigate Forex exposures on an outsourced basis. In this regard our partner bank (The only bank in South Africa offering an outsourced FX solution) will record, execute and report on all your FX transactions.
Main features of this solution are as follows:
• Flexible solution – tailor made to your requirements
• Provided FX transactions are dealt with our partner bank, no fees will be levied
• Risk management function (performance vs agreed benchmark) – option for upside and downside to be shared between the client and our partner Bank
• Dedicated portfolio manager
• Assist with the develop FX risk management framework
• Effectively provides client with a dealing room
• Initial FX/Treasury audit – no charge
South African Reserve Bank Applications
The Currency and Exchanges Manual for Authorised Dealers (Authorised Dealer Manual) contains the permissions and conditions applicable to transactions in foreign exchange that may be undertaken by Authorised Dealers and/or on behalf of their clients in terms of Exchange Control Regulation. In this regard we can facilitate any request for permission to receive or pay foreign exchange outside the laid down rules and regulations of the Financial Surveillance (Exchange Control) Division of the South African Reserve Bank.