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FOREIGN EXCHANGE

Bank Drafts

"effective way to send money overseas"

A draft is for payment to the person or institution named on the draft (a cheque in foreign currency drawn by the bank).

 

Target Market

• Individuals or group participating in education abroad or Importers

 

 Features

• Subject to Exchange Control Regulations of Malawi

• Drawn on foreign banks in foreign currency for commercial or personal transactions, transfer of funds, and/or the settlement of overseas obligations.

• Similar to a Bank cheque.

• Meant to be deposited to the beneficiary’s account

 

 Benefits

• Convenient and cost effective way to send money overseas

• As good as cash (provided all technicalities are in order)

 

 

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Travelers Cheques

"travel with ease"

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They are generally regarded as a type of negotiable instrument entitling a cheque holder, provided the countersigning procedure has been properly followed, to payment of its face value by its issuer.

 

Target Market

Travelers

 

Features

• The cheques are denominated in four major currencies: USD, GBP, Euro and ZAR.

• Widely accepted throughout the world by a large number of merchants, banks and service  establishments

• Subject to :

 Exchange Control Regulations

 Subject to availability of  foreign currencies

 Bank having a reasonable time in which to process your request.

 Availability of forex by the bank

• Commission is payable on travelers' cheque.

• Repurchase of travelers' cheque is at the Bank's discretion at the rate then applicable.

• Purchaser's specimen signature appended to the cheque at the time of the purchase,

• Purchaser's counter-signature (endorsement) at the time the cheque is encashed or accepted by a third  party

• Exchange rate of TC is fixed at the time the cheques are purchased and not when they are used.

• Life span of TCs is currently infinite

 

Benefits

• Safe alternative to cash.

• If lost or stolen they can be replaced virtually anywhere in the world, usually within 24 hours.

• Negotiable

• Automated, therefore limited waiting time

• No booking required

 

 

Telegraphic Transfers

"Quick and secure way to transfer funds"

• Telegraphic transfers are coded electronic messages used to move money between banks. They are  also known as tele transmissions. This kind of transfer means the receiving bank is supplied with  information like the currency and amount, the value on the date of payment, the beneficiary name and  payment instructions.

 

Target Market

• Importers and Exporters mainly

 

 Features

• Ideal choice to help customers with risk-free international transfers.

• Suitable for businesses sending larger amounts abroad.

• Money transmission : Sending money and financial documents worldwide on behalf of clients.

 Payment instructions are sent by BWEB to a correspondent bank in Europe in the name of Belgolaise  Bank in Belgium or ZAR transactions through Standard Bank of South Africa in Johannesburg

 

Benefits

• Quick and secure way to transfer funds to or from an overseas bank account

• Convenient way to send large sums of money

 

 

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Foreign Currency Dominated Accounts (FCDA)

"guarding against exchange rate fluctuations"

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• It is a demand deposit account opened in foreign currencies of: US Dollars (USD), British Pound  Sterling (GBP), South African Rand (ZAR) and Euro (Euro).

 

Target Market

• Exporters, Expatriates, Nationals living abroad

 

Features

• Minimum Opening Balance: USD 2,500( Businesses), USD 500 ( farmers, personal and Malawians living abroad) GBP 1,000; Euro 2,000; ZAR 15,000

• Can either be personal or corporate

• Restricted to :

 bona fide exporters of goods and/or services; those in regular receipt of foreign currency in the form of grants, salaries, maintenance allowances, external funding for projects;

 40% of proceeds received are converted immediately into MK (60% retained in forex indefinitely) except for diplomatic missions and any other approved organizations by RBM.

 

Benefits

• Providing a good method of guarding against exchange rate fluctuations.

• Particularly useful for businesses in the import/export area

 

 

Foreign Currency Cheques

"Flexible and convenient way to tranfer funds"

• Where a customer deposits a foreign currency cheque for deposit to their account.

 

Target Market

• Expatriates/Exporters

 

Features

• Cheques deposited into a MK account

• Any of the four currencies (except for tobacco cheques denominated in USD)

• Immediate credit available for bona fide clients

• Rate used lower than normal buying rate

 

Benefits

• Convenient way to transfer funds from abroad

• Flexibility on amount of money required (tranfer only funds required)

• Transparency on a deal slip on the rate used and charges levied

 

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Foreign Currency Notes

"Automated

Immediate medium of exchange"

Foreign denominations sold or bought by the bank and involves four major trading currencies i.e. Euro, USD, GBP, and ZAR

 

Target Market

Travelers and business community

 

Features

• Cash used to pay for items like drinks, taxi fares, airport tax when one arrives at their destination.

• Unlike traveler’s cheques, the replacement of cash is at your own expense.

• Large amounts of cash are treated with suspicion abroad.

• Subject to Exchange Control Regulations of Malawi

 

Benefits

• Immediate medium of exchange

• Automated

• No booking required

 

 

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