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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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Presentation Transcript
foreign currency accounts2
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
Foreign Currency Accounts (FCYacs)When
  • Short answer is….. When the volume or value of business warrants it.

- 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?

fcy acs where to hold accounts
FCY acswhere to hold accounts

Three choices

- in your domestic locality, staying at

home

- in the country of the currency, going

native

- in a third location (Treasury Centre)

fcy acs where
FCY acsWhere
  • Banking relations
  • Transfers between local currency and foreign currency
  • Cut-off times
  • Cheque deposits
  • Receipt of credit transfers from customers in country of currency
fcy acs where6
FCY acsWhere
  • Balance reporting and statements
  • Interest on credit balances
  • Problem resolution
  • Language
  • Tax and permanent establishment
  • Delivering payment instructions to bank
  • Commissions and fees
fcy acs cost benefit
FCY acscost/benefit
  • What costs or charges do we incur with a FCYac?
  • What costs or charges do we incur without a FCYac?
fcy acs costs
FCY acsCosts
  • Value dating
  • Commission charges
  • Transaction charges

- per item

- based on value i.e. 2 per mille with a

max and min

  • Turnover charges
fcyacs costs
FCYacs Costs
  • Lifting fees
  • Account maintenance fee
  • Cable or telex charges
  • Correspondent charges
  • Period end billing
fcy acs other issues
FCY acsOther Issues
  • Multicurrency accounts
  • Interest on bank accounts
  • Withholding taxes
  • Stamp duties on loans
  • Notional pooling and concentration
  • Thin capitalisation
  • Central bank reporting (x border flows)