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Foreign exchange for business and travel

By Bidvest Bank
14-06-2011
The foreign exchange (forex) market involves exchanging currency amounts for one another. There are many complex factors that affect currency exchanges, for example, the timing of the transactions, their rate of exchange and exposure to national and international currency fluctuations.

Foreign exchange is useful for making payments overseas during the import and export of goods and services, as well as for travelling internationally and making foreign money transfers. Currency exchange can also be used to make a profit by correctly predicting the supply and demand of currencies, with the result that the exchange rate delivers a favourable payload.

Because international transactions are subject to currency exchange laws – as well as exposure to the risks of fluctuating currencies – when you travel or conduct business overseas it’s wise to request the services of foreign exchange professionals who work according to the regulations of the South African Reserve Bank (SARB).

Bidvest Bank and its foreign exchange division, Rennies Foreign Exchange offers a comprehensive range of travel and corporate currency exchange products. Each of these products has been carefully tailored to suit travellers and businesspeople who invest funds in foreign markets. Locate a Bidvest Bank branch in your area or continue reading to discover more about foreign exchange.

Corporate foreign exchange services with Bidvest Bank

From the perspective of those who import and export goods, machinery and other products overseas, it’s essential that you’re able to pay suppliers and partners efficiently and securely. As a SARB Authorised Dealer, Bidvest Bank is well equipped to assist with the purchase or sale of foreign and local currency on behalf of South African residents and non-residents.

Moving money internationally need not be a laborious process, particularly with the help of Bidvest Bank’s trade services team. We offer open account payments, foreign bills collections, letters of credit, guarantees, trade finance loans and customer foreign currency accounts. Read more about our trade services to discover which product or service will best suit your international payment requirements.

Also available for those seeking corporate currency exchanges is the use of fxpaynet in partnership with Travelex. A secure online foreign exchange solution, fxpaynet provides instant and secure payments in up to 80 currencies from anywhere in the world.

Bidvest Bank also offers spot rates and Forward Exchange Contracts, which are two common types of foreign exchange payments. Spot rate payment allows for the purchase of a currency amount at a fixed time and place. We quote the time and place for immediate corporate currency exchanges, and fix that rate for up to two working days. Forward Exchange Contracts are payments for future dates at pre-agreed exchange rates. These types of contracts are flexible as the delivery dates can be tailored to meet individual requirements.

Travel foreign exchange for business or leisure

Bidvest Bank understands that every traveller has his or her preferred way of handling finances. Whether it’s in the form of credit and debit cards, traveller’s cheques or a combination of the two, our travel foreign exchange products are tailored to ensure that every individual is satisfied.

Our international travel products and services include the exchange of a wide selection of bank notes, World Currency Cards and Cash Passport Cards (pre-paid debit cards, which can also be used at ATMs), American Express Travellers Cheques, travel insurance and Voyager Miles.

Our products also cover local financial exchange, where visitors coming into South Africa are able to visit one of our branches in provinces throughout the country to exchange foreign money. We charge no commission for the cashing of foreign American Express Travellers Cheques into Rands, and we’re ready to receive cash advances from foreign credit cards in preparation for your stay.

Our pre-paid Rand Travel card is a safe and secure means through which visitors can withdraw money from local ATMs and pay for goods and services via local Visa merchants.

You can also send money to family and loved ones overseas, and make purchases internationally through the use of Bidvest Bank and MoneyGram, which is a same-day, online payment service. Covering 190 countries and territories, this payment system allows the exchange of a large variety of currencies. Bidvest Bank also supplies foreign bank drafts and telegraphic transfers. Read about our travel foreign exchange products and services to select the one that best suits your payment needs.

Exchange currency with Bidvest Bank

As one of the largest and most liquid markets in the world, forex is a favourable system both for exchange and investment. Owing to the fact that it is an over-the-counter market, or in other words because exchanges are performed electronically via Internet, telephone and fax, forex is able to operate continuously and amass a large number of foreign currency amounts daily.

Whether you are travelling, importing, exporting or investing in forex, Bidvest Bank has a large variety of foreign exchange products tailored to suit individuals. From international travel to trade services, Bidvest Bank is dedicated to facilitating favourable foreign exchange and business dealings. Locate a branch in your province or contact us to enquire about currency exchanges.