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Foreign Exchange Spot Deal


 

Introduction

Foreign exchange spot deal refers to the trade where both parties transact at the spot exchange rate of the day on the foreign exchange market, and settle the foreign exchange on the second business day after the trading date (T +2).

Features

1. The customer entrusts the Bank to buy one currency and sell another to make a conversion between different foreign currencies.

2. Direct quotations. Free from formalities to use the RMB as the intermediary for translation, it makes quotations closer to the market level and saves transaction cost for customers.

Currencies

USD, EUR, HKD, GBP and other major currencies.

Target Customers

1. Companies who have the need to buy or sell foreign currencies for their settlement of import and export trade or for payment of the credit margin, etc.

2. Companies who already have a foreign currency account at the bank.

Process

1. Signing an agreement: The applicant, before the foreign exchange spot transaction, shall ensure enough currency balance for sale in its account and submit the Application for Foreign Exchange Trading.

2. Inquiry: The applicant decides on the details of the foreign exchange spot deal in the form of a written commission and makes an inquiry to the Bank.

3. Conclusion of transaction: Once the deal is made, the Bank sends to the applicant the transaction confirmation in writing.

4. Settlement: The actual delivery is conducted on the delivery date.

Tips

1. In case that the value date is not a business day or is a holiday of the Bank, then the value date will be extended accordingly before delivery with the customer.

2. The Bank can also, at the request of the customer, conclude the foreign exchange transaction with the value date set on the same day of the transaction or on the next day.

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