Our Customer Foreign Currency Account (CFC Account) is available in all major currencies. Ideal for companies in the import and export business. 

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Convert funds

Convert funds to a preferred currency when needed and reduce conversion fees.

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Manage forex risk

Effective way to manage rate fluctuations.

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Business Integrator International

Make cross-border payments easily and securely.

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  • Benefits

    • Effectively manage exchange rate risks.
    • Convert funds to a preferred currency when needed and reduce conversion fees.
    • 24-hour online electronic channels to manage CFC Accounts.
    • Earn credit interest on foreign currency deposits.
    • Option to earn higher yields by investing in a Term Deposit Account.

  • Features

    • Manage foreign currency payments and receipts using only one account.
    • Available in all major currencies Download list.
    • CFC Account holders can apply for an overdraft.

  • Who can apply

    • Importers and exporters of goods
    • Locally recognised ships’ agents
    • Freight forwarders
    • Marine insurance brokers
    • South African entities that provide services to non-residents
    • Merchanting traders, insurance brokers, stockbrokers and tour operators
    • Insurance companies utilising the account for foreign currency working balances

    If you do not fall within the above list, our Exchange Control Specialists can assist to submit an application on your behalf to the South African Reserve Bank to open a CFC account.

  • South African Reserve Bank (SARB) regulations

    • The types of transactions that may be processed over CFC Accounts are subject to the South African Reserve Bank exchange control requirements.
    • Details of the exchange control requirements that must be complied with are published on the South African Reserve Bank’s website.

    Contact our International Banking Specialists for more information.

Frequently Asked Questions

Forex

International payments

International travel

International trade

  • Who qualifies for international trade products?

    • Clients who wish to secure foreign contracts or services with a guarantee.
    • Clients who want an alternative payment method that can help eliminate payment risk.

  • How do I find out more?

    Contact your Relationship Executive who will link you to an IB Specialist. If you’re not an Absa client email us at InternationalBankingServices@absa.co.za

    In order for us to ascertain which trade services you’re looking for, you'll need to answer the following questions:

    • Which countries and counterparties do you do trade with?
    • How long have you been exporting and/or importing?
    • Do you have a company policy around mitigation of trade and/or foreign exchange risks?
    • How do you currently settle your international trade transactions?
    • Can you give us an indication of the volume and value of your international trade transactions over the past year?
    • What settlement terms are you currently using – is payment immediate, or at a deferred date?
    • Do you experience seasonal variances in your trade cycle? Provide details.
    • What, in your opinion, are the biggest risks you face when trading internationally?
    • What do you perceive to be the biggest obstacles you face when dealing with international trade transactions?

Customer Foreign Currency Accounts

Need more help?

Contact your nearest branch or your International Business Banking specialist.

Email us at:

InternationalBankingservices@absa.co.za
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