Treasury Services

Foreign Exchange

Cash Transactions or Bureau De Change

• You can buy or sell foreign currency at competitive rates directly at any of our branches countrywide. This service is available in the following major currencies: Euro, GBP and USD.
• No commission charged; the cost of the deal is determined by exchange rate applicable to that transaction.
• You can call the dealers directly to negotiate for preferential rates. This product is also extended to none Sidian Bank Ltd. clients subject to approval and prior arrangements.

Spot

• These are swift transactions done on one day and settlement is done after two working days. Most bank transactions fall in this category.
• This product is also extended to customer transactions subject to prior arrangements and approval.

Inward Foreign Remittances

• We can receive funds in foreign currency from any part the world to customers accounts at Sidian Bank.
• The settlement is done through our correspondent banks and clients’ account is credited on the same day or the following day.
• We offer negotiated rates for inwards amounts of $ 3,000.00 and its equivalent in the specified foreign currency.

Telegraphic Transfer (TT)

• This is a funds transfer service where the bank remits money on behalf of its clients to foreign countries in foreign currencies.
• The bank has a well-structured correspondent relationship where we can transfer the following currencies (EUR, GBP, USD, ZAR).
• The rate, charges and the date are specified at the point of doing the transaction.
• The bank usually settles TT on the same day or the following day through our correspondent banks whilst the banking practice is to settle after two working days.
• We offer negotiated rates to amount equal to USD 1,000.00 or its equivalent in other foreign currency.

Foreign Exchange Forwards

• A forward contract is a binding obligation to buy or sell a certain amount of foreign currency at a pre-agreed rate of exchange, for settlement at a future date.
• We transact for forward foreign exchange contracts for qualifying customers upon application and appraisal.