Foreign exchange facilitates easy international trade and payments: Hobbs
• By Confidente Reporter
Bank Windhoek Chief Treasurer Claire Hobbs says foreign exchange markets support international trade, payments, financial transactions, and investments.
Hobbs made these remarks while reminding clients of the Onshore Foreign Currency (OFC) and Customer Foreign Currency (CFC) Accounts at Bank Windhoek.
She stated that these borderless multi-currency accounts allow account holders to send and receive payments in multiple currencies.
“The account can be maintained by either a bank in the home country, onshore, or a bank in another country, offshore,” she explained.
Individuals will use the OFC for investment objectives, whereas corporations will use the CFC to reduce exchange rate risk when making or receiving payments in foreign currency for business purposes.
“The two products benefit frequent travellers and businesses that frequently transact or save across borders. Furthermore, these accounts have no account administration or monthly fees, as well as no hidden expenses, while paying interest on credit balances depends on the amount and currency,” Hobbs explained.
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