Foreign Currency Accounts Foreign Currency Accounts When should one be opened Where should one be opened Advantages /disadvantages of opening Evaluate costs of maintenance Foreign Currency Accounts (FCYacs) When Short answer is….. When the volume or value of business warrants it.
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- company exporting goods to Thailand, 20 sales a year of GBP equivalent 20,000 each, local sales office and also imports raw materials from Thailand.
Would you open an account?
- in your domestic locality, staying at
- in the country of the currency, going
- in a third location (Treasury Centre)
- per item
- based on value i.e. 2 per mille with a
max and min