Saturday, July 2, 2022

Need forex services? Here’s why you should try Co-op Bank forex

If you are regularly looking for forex services for personal or business needs, then you should try Co-op Bank Forex.

This is a service from the Co-operative Bank that provides customers with the most flexible mode of doing accessing foreign currency services.

To begin with, Co-op Bank forex will offer you the flexibility of doing your foreign exchange conversions today and delivering your instructions in a future agreed date, effectively support giving an edge to your foreign exchange dealings.

In addition to this, you will be getting well researched daily Forex and Money Market briefs that will be delivered on your email.

“We have committed to provide competitive exchange rates to convert funds from one currency to another for amounts above $1,000 or equivalent in other Foreign currency either in cash, account, or transfer into or out of a customer’s account,” says the bank in a statement to Bizna Kenya.

The bank explains that this can be same day or have a future date depending with the customer’s needs. Interestingly, there are no fees charged for Foreign currency conversions. At the same time, negotiated rates are real time and competitive.

Foreign Currency Cash

Co-op bank buys and sells the following foreign currencies in cash from all its branches countrywide:

  • United States Dollar, USD
  • Euro
  • Great Britain Pound, GBP
  • Swiss Franc, CHF
  • Austarian Dollar, AUD
  • South African Rand, ZAR
  • Canadian Dollar, CAD

If you do not hold an account with the lender, the bank will  allow you to convert up to a maximum of Sh. 200,000. For amounts above USD 1,000 and its equivalent, the bank will offer you preferential rates directly from its Treasury Department.

Your conversions shall be delivered immediately or up to a maximum of 2 working days depending on your needs.

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“We also support our customers in borrowing funds in one currency they are expecting to receive in future by receiving another currency which the customer is holding at the time of transaction,” the bank states.

On maturity of the transaction, the bank will receive the currency they lend out to the customer in exchange of the currency the customer gave the bank as security.

Co-op Bank also accepts Foreign currency denominated cheques that are provided by Foreign banks to be issued to a customer or non-customer who wishes to make a Foreign currency payment for goods or services including education, examination and medical fees abroad.

In the same vein, it also accepts Foreign cheques issued by local banks in USD, Euro and GBP which are cleared through the Central bank of Kenya.

Foreign currency account

To get the best out of Co-op bank’s forex basket, you will need to open a Foreign currency account. This is a bank account that will enable you to maintain value in foreign currency. It will give you the flexibility to convert to Kenya Shilling when the market is in your favour. You can open a saving or current account by visiting any Co-op Bank branch that is nearest to you.

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