Foreign Exchange Trading

Spot Trading

  • The bank buys and sells foreign exchange at very competitive rates.
  • For amounts above $5,000.00 or equivalent the rates are negotiable directly with Treasury Department.
  • Kwacha settlement for foreign exchange deals may be done through the RTGS system or by directly crediting your account and if you are our customer directly debiting your account.
  • For all international transfers above $5,000.00 a valid invoice is required to be attached.
  • Standard settlement time for such transactions is two days however this is subject to negotiations depending on the amounts involved and where the foreign exchange is coming from or going to.
  • The currencies we deal in are US-Dollar, British Pounds GBP, South African Rand ZAR and the Euro EUR.

Forward Foreign Exchange Trading

  • This is an agreement entered into now between our customer (preferably our existing customer) and Banc ABC to buy or sell a specific amount of foreign exchange at an agreed rate and to be settled at a specific future date.
  • The customer needs to have an account with the bank for both currencies.
  • The customer needs to have a credit relationship with our credit department.
  • Transaction limits are determined and counter authorized by our credit department.
  • This product will help the customer hedge against adverse exchange rate movements.
  • No charges are levied on the contract. However if you intend to terminate the contract, a charge will be passed to your account.

 

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