We accept over the counter cash for USD, GBP, EUR and ZAR currencies, where you are allowed to call the dealers directly for amounts above USD 1,000 and its equivalent in any other foreign currency.
Spot Foreign Exchange Operations
The bank has a well structured correspondent relationship with the major international currency clearing centers, where we can transfer the following foreign currencies – USD, GBP, EUR, JPY, CHF, ZAR, CAD, AUD, SEK, NOK, DKK, AED, INR, TZS, UGX.You are allowed to call the dealers directly for amounts above USD 1,000 and its equivalent in any other foreign currency. This product is also extended to none NIC clients doing large transactions subject to approval and prior arrangements.
Inward Foreign Remittances
We are well equipped to receive funds in foreign currency from any part of the world to customers’ accounts in NIC BANK. Settlement is done through our correspondent banks and our client accounts are credited on the same date or the following day whilst the banking practice is to settle after two working days. In addition, we offer specially negotiated rates for inwards of USD 5,000 and its equivalent in the specified foreign currency.
Outward Foreign Remittances
We also offer remittance of funds in foreign currency to any part of the world. At NIC Bank, efficient settlement is done through our correspondent banks either on the same date or the following day. Special rates are offered for amounts equal to or exceeding USD/GBP/EUR 1,000 or its equivalent in other foreign currencies.
Foreign Exchange Forward/Swaps Contracts
NIC Bank offers forward exchange contracts (or forward transactions) which is a binding obligation to buy or sell a certain amount of foreign currency at a pre-agreed rate of exchange, for settlement on a specified future date. Arrangements can be made with our Treasury team to sell or purchase a specific amount of foreign currency at a specified exchange rate for settlement on a particular date up to 180 days (6 months) in the future.
We also allow the management of exchange and interest rate risks associated with your financing and investing in currencies other than the domestic one through foreign exchange swap contracts.
For more information on our foreign exchange services, kindly email us and we will get back to you.