Forex & Payments

Exchange Rates Forex Contract Procedures International Payments International Collection

Procedures

The prerequisite for the commencement of cooperation is the signing of a general contract governing the realisation of foreign exchange trading and the provision of other monetary services. The signing of the general contract does not commit the client to anything up until the commencement of the cooperation. After signing the contract, the client may trade with our company and may do so by telephone, by fax or by email.

1. When concluding the transaction, the contractual parties must agree to:
   1. the amount of the required currency
   2. the type of the foreign currency
   3. the type of the required equivalent
   4. the exchange rate for a unit of the foreign currency
   5. the deadline for the settlement of the transaction
   6. the bank account for the transfer of the funds (the payment instructions)
   
   
2. The negotiation of the exchange transactions may take place:
   1. by telephone
   2. by means of a faxed order
   3. by means of an emailed order
   
   
3. The company then sends the client written confirmation (by electronic mail or fax) of the negotiation of the exchange transaction which will contain:
   1. the designation of the required currency using the ISO code and the amount and exchange rate for said currency
   2. the transaction registration number
   3. the foreign exchange value
   4. the price for the service, the fees
   5. the settlement deadline agreed with the client
   6. the bank information for the transfer of the funds (the payment instructions)
   7. the identification code of the foreign exchange location
   8. the date and place of issue of the document

The client is obliged to immediately sign the confirmation of the negotiated exchange transaction and to send it back to the company by fax or by post. The client is not authorised to change anything in the confirmation, with the exception of any apparent errors. This confirmation serves only for the purpose of recording the already negotiated exchange transaction.

Immediately upon negotiating the exchange transaction, the client is obliged to send (preferably on-line) the agreed amount of funds to the company's account so that the given funds are credited to the company's account at the latest as of the agreed deadline for the settlement of the exchange transaction (including the appropriate fees).

Once the aforementioned amount has been credited to the company's account, the company will send the required foreign currency to the client's account or will send a payment abroad according to the client's instructions and it will do so within 2 workdays (the maximum deadline for interbank transfers).