Are you in need of foreign exchange or concerned about fluctuations in price?
Bearing this in mind, VIB Bank tries to make its various foreign exchange products which are easily accessible, allowing you to estimate operating expenses, ensure payment and minimize future exchange rate risks.
Customers’ benefits
· With VIB Bank’s various sources of foreign exchange and products, your demands of all kinds for foreign exchange, import settlement, interest repayment, etc shall be satisfied.
· Providing you with the most satisfactory package products as well as an overall control of foreign exchange and capital
· With the most competitive and flexible exchange rate of VIB Bank, regular and big customers shall enjoy preferential international payment fee and procedures.
· Feel free to get information about exchange rate and its fluctuation both nationally and internationally at any time through email, telephone, and fax or at any VIB Bank’s branch.
· Enjoy prompt, safe, accurate and effective transaction procedures.
· Free advisory service provided by VIB Bank’s devoted and professional staff on asset management, risk prevention and the most beneficial, suitable kind of forex business.
Special features
With our most updated information and advanced transaction system, you will feel secure when dealing with such transactions as EUR, JPY, AUD, GBP and enjoy the best exchange rate as well as escape from the risks caused by the nonstop fluctuations both nationally and internationally.
Various kinds of forex services
Spot
Using currency of another kind to buy and sell one currency at the spot rate. Settlement is made within the day or after a maximum of two working days at customers’ requests.
Forward
Forward is a transaction in which two parties have committed to buy and sell a volume of currencies at a fixed forex rate. The settlement is fixed on a future date that is within three to 365 days.
Selling Currency Forward
Your selling of foreign currency transaction to VIB Bank is fully legitimate right after your export documents are submitted.
Buying Currency Forward
Buying Currency Forward is valid right after your foreign trade contract (in the case of direct payment) or L/C (in the case of L/C payment) is submitted.
Currency Swap
Currency swap is an transaction in which an equivalent volume of foreign exchange is bought and sold at the same time (only two currencies are used in the transaction). Settlement is different between the buying and the selling transaction with the exchange rate fixed on the contract signing date.
If you are in possession of excess EUR but plan to use USD, you can conduct a Swap transaction with VIB Bank instead of selling the EUR for USD. This transaction prevents the risk of fluctuations in the EUR/ USD exchange rate, while at the same time offers attractive interest rates on both loans and deposits. Furthermore, with our quick and convenient procedures you do not need to present any documents.
VIB Bank can provide Swap service for most convertible currencies.
Currency Option
Currency Option is a mutual contract under which the Option buyer is entitled, but not held responsibility to sell or buy a certain amount of foreign exchange at a fixed future date. A fee (called premium) shall be paid for the Option seller at the contract signing time. Settlement is within 03 days to 365 days.
Preventing risks faced by importers
Buying Option : preventing risks of exchange rate drop by limiting the floor price.
Preventing risks faced by exporters
Selling Option: preventing risks of foreign exchange surge by limiting the ceiling price.
In the case of unfavorable fluctuation in prices, customers are entitled to execute the contract. On the contrary, customers can refuse to sell the contract and do the transaction in the spot market.
Contact
For your further information, feel free to contact any VIB Bank’s branch at your most convenience, or call to our Call Center at (04) 9426919, (84511) 3652743, (08) 8242620