Foreign exchange markets facilitate international trade and payments – Hobbs – Business Express

Bank Windhoek’s Chief Treasurer, Claire Hobbs, said that foreign exchange markets facilitate international trade, payments, financial transactions, and investments. She made this statement in Windhoek, when she reminded clients about the Bank’s Onshore Foreign Currency (OFC) and Customer Foreign Currency (CFC) Accounts.

Hobbs explained that these multi-currency borderless accounts allow the account holder to send and receive payments in various currencies. “The account can either be maintained by a bank in the home country, onshore, or by a bank in another country, offshore,” she said.

The OFC is aimed at individuals for investment purposes, while the CFC will be used by businesses to mitigate the exchange rate risk when making or receiving payments in foreign currency for business purposes. “The two products benefit frequent travellers and businesses who often transact or save in multiple countries. In addition, these accounts attract no account management or monthly fees with no hidden charges while paying interest on credit balances, depending on the amount and currency,” said Hobbs.

To promote the two types of accounts and inform customers interested in diversifying their currency holdings or having specific foreign currency needs, Hobbs shared that the Bank would execute an online awareness campaign highlighting the benefits of these accounts and customers can apply if they fulfil the requirements.

Hobbs concluded by saying that the campaign’s creative approach communicates the ease of transacting internationally, transcending language, culture, and geographic boundaries as the Bank continues journeying together, enabling individuals to become global citizens unhindered by continuous market fluctuations as they trade and transact with various foreign counterparts. “OFC and CFC can propel them into a world of opportunity and improved lifestyle with numerous currencies within reach,” she said.

The Bank’s Onshore Foreign Currency and Customer Foreign Currency Accounts awareness campaign will conclude on Thursday, 30 November 2023.