Foreign Exchange (FX) refers to the purchase/sale of the currency of one country using the currency of another country. You can buy or sell foreign bank notes over the counter in any of our branches countrywide. This is available for all major currencies: Dollar($), Euro(€), and Sterling Pound(£) in denominations of your choice and you also get a preferential rate for amounts above $5,000.
These are banker’s cheques denominated in foreign currency and are useful for settling obligations abroad such as college fees. These are available in all major currencies at any of our branches countrywide.
These are transactions done on one day and settlement is done after two working days. Most inter-bank transactions fall in this category. This product is however extended to clients doing large transactions subject to prior arrangements and approval.
Foreign Exchange Forwards
You can arrange with our Treasury team for the sale or purchase of a specific amount of foreign currency at a specified exchange rate for settlement on a particular date up to 180 days (6 months) in the future.
This enables you to eliminate any risk of exchange rates moving between the time that commitment is first established (deal date) and the date of actual delivery of funds (value date) at no additional cost.
These are transactions done on one day and settlement done after more than two working days. Forward transactions are done with clients who either receive or remit determinable amount of foreign exchange on a definite future date. Cash collateral of 10% of the amount of the forward is required before offering a client the product.
A forward is a binding contract in which the amounts involved, the rate and the settlement date are specified.
Telegraphic Transfer (TT)
This is a funds transfer service where the bank remits money on behalf of its clients to foreign countries, in foreign currencies. It is efficient, secure and irrevocable. The rate, charges and value date are specified at the point of doing the transaction. The bank usually settles TT on the same date.
Foreign Currency (FX) Accounts
These are savings and current accounts that are denominated in foreign currencies.
At Equity Bank, one can maintain a foreign currency account either as a savings or current account. It is available in all the major currencies including US Dollar, Sterling Pound, Euro and South African Rand.
Foreign Currency Fixed Deposits
These are accounts into which clients deposit specified funds for a fixed period of time and in turn receive preferential rates.
Foreign Currency Denominated Loans
Refers to loans to clients advanced in foreign currency. The loans are subject to credit appraisal and pricing is benchmarked on LIBOR or other international benchmarks.
Foreign Exchange Swaps
Swaps allow our clients to manage the exchange and interest rate risks associated with financing and investing in currencies other than the domestic one.
Talk to our dealers and negotiate the best rate in the market and/or visit a branch near you.