TRADE SERVICES
The Bidvest Bank trade services team can assist with your international payment requirements Trade services
Open account payments
An open account payment is a foreign payment where an open account term exists between the importer and the exporter . Bidvest Bank acts as the collecting agent for the exporter according to the exporter's instruction, either at sight of the goods or at a defined future date.
Foreign bills for collection
A documentary collection is a practical means for a South African exporter to collect payment from overseas customers .
The exporter submits a draft and other relevant shipping documents to Bidvest Bank before goods are exported to the overseas client.
Bidvest Bank then transmits these documents to the importer's bank (the collecting bank) in the importer's country with the clear instruction that the goods are only to be released to the importer after the exporter's demand for payment has been honoured.
Letters of Credit (LCs)
A Letter of Credit is a guaranteed payment undertaking by Bidvest Bank to pay exporters for goods against specific documents
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Guarantees
A guarantee is an irrevocable undertaking by which the issuing bank, Bidvest Bank, holds itself financially liable for the consequences of non-performance of the obligations by a third party towards another party.
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Trade finance loans
Bidvest Bank offers clients short-term trade finance and working capital loans. Each application is assessed individually by the bank's credit department based on its merits, including the financial standing of the company and the collateral offered.
Customer Foreign Currency (CFC) Accounts
A Customer Foreign Currency Account is designed for South African businesses with offshore trading liabilities, i.e. companies that are involved in import and/or export transactions, as well as service entities (ships agents, freight forwarders and marine insurance brokers) that need to make foreign currency payments.
CFC Accounts can be held in the following currencies – Australian Dollars, Canadian Dollars, CHF, EUR, GBP, JPY and USD.
CFC Accounts are subject to the South African Reserve Bank's corporate exchange control regulations.
Retail foreign exchange rates |
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| | Notes sell | Other sell | | AUD | 0.1183 | 0.1186 | | | EUR | 10.8619 | 10.8297 | | | JPY | 9.1781 | 9.2250 | | | MUR | 3.2811 | 3.3152 | | | GBP | 13.5152 | 13.4752 | | | USD | 8.5712 | 8.5459 | | | Last updated 18 May 2012 at 13h28 |
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Bidvest Bank Limited is a licensed financial services provider and a registered credit provider, NCRCP17. The only valid Bidvest Bank websites are
www.bidvestbank.com and
www.bidvestbank.co.za. Beware of websites purporting to be either a Bidvest Bank website or a site associated with Bidvest Bank -
these sites are fraudulent. Please report any such site to
fraudsquad@bidvestbank.co.za.