South Africa
Sign in
Personal
Business
Wealth

Case study: Forex and international payments

For retailers, cross-border transactions can mean back-office admin headaches and regulatory and compliance woes. We offered our client an online solution to clear the hurdles.

Challenges

  • To make cross-border payments, our client needed to fill in forms manually and visit a Bureau de Change to perform the transaction
  • The client was also concerned with currency fluctuations, which would have an impact on the cost of materials

Solutions

  • Our International Banking Foreign Exchange (IBFX) helps to make the foreign payment process more manageable with a simple, easy to use platform
  • It enables our client to conveniently initiate and track payments anywhere, anytime, and to secure spot rates instantly and guard against exchange rate volatility
  • This is a secure payment method for international trade, which provided both our client and the exporter with a secure means of protecting their interest
  • We advised which banks had existing banking relationships with us, ensuring that the client could safely send payments
  • Funds were remitted via our Outward Telegraphic Transfer service, providing a safe and reliable method of transferring funds electronically
  • Forex volatility was hedged through securing a competitive forward foreign exchange rate to convert the rand to foreign currency

This Content Component encountered an error