Foreign currency accounts
For corporate clients + providers of service
A CFC account is for corporate clients involved in import and/or export transactions; as well as providers of services (merchant trade, tour operators, insurance brokers, etc.).
What's hot
Reasons why you need this
Simplicity
It greatly simplifies the financial side of import and/or export dealings
Earn interest
You can earn interest on your foreign currency
Practical + convenient
It is convenient and practical because of the nature of your business
Sense of security
There is a sense of security as a result of the involvement of the bank
What you can do
- You can hold an account in any major currency (AUD, CAD, CHF, EUR, GBP, JPY and USD)
What you need to know
Subject to exchange control procedures
- The cost of imports can only be set off against the proceeds of exports through the CFC account system*
- Other foreign commitments may not be set off against the proceeds of services
*Subject to certain exchange control procedures.