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Product Name
Foreign Exchange Spot
Product Description
Foreign exchange spot refers to the bank represents our clients to buy or sell currencies on their behalf on foreign exchange markets at the current market rate, the subsequent settlement of funds will normally take place 2 days after the initial transaction date (T+2). The spot rate will serve as the deal rate need to be agreed with our foreign exchange trader in accordance with the market rate.
In addition to standard settlement instruction we also offer the Chinese RMB cash notes physical delivery in the UK or worldwide.
Product Features
1. Client requests the bank to buy one currency and selling another currency, to allow the clean exchange of currencies at a pre-advised rate, can meet the needs of customers when making payments abroad for trade purposes.
2. The major currencies are quoted directly, bypassing the second currency (i.e. RMB), reducing the transaction cost for the customers.
Eligible Applicants
1. Suitable for corporate customers or individual clients with spot FX needs.
2. Corporate customers usually need to open a bank account with us before they can trade with our FX trader through their relationship managers.
3. Individual customers may exchange foreign currency directly at the cash counter across our branch network.
Application Requirements
Dependent on currency and the current regime
Application Procedures
1. Sign agreement: Customers must sign necessary agreements before they can trade FX spot with us.
2. Quotation: Customers submit a written authorisation to establish the details of FX spot transactions.
3. Deal confirmation: Once the transaction is successful the bank will inform our customers the confirmed transaction in writing.
4. Settlement: Funds will be settled on the settlement date.
Gentle Reminder
1. The major currencies that we can provide for FX spot are: Australian Dollar (AUD), Canadian Dollar (CAD), Swiss Franc (CHF), Chinese Renminbi (RMB), Danish Krone (DKK), Euro (EUR), British Pound (GBP), Hong Kong Dollar (HKD), Hungarian Forint (HUF), Japanese Yen (JPY), Norwegian Krone (NOK), New Zealand Dollar (NZD), Polish Zloty (PLN), Swedish Krona (SEK), U.S. Dollar (USD), Singapore Dollar (SGD), Silver (XAG), Gold (XAU), South African Rand (ZAR), etc.
2. For corporate customers, please contact a relationship manager. For individual customers, please contact the branch.
3. Delivery date may be postponed due to public holidays. To provide more flexibility, we offer the same day and next day valuation.
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