What is Forex?
Forex is Foreign Exchange, also known as FX. Forex is the process of changing one currency into another currency for a variety of reasons, usually for commerce, trading, or tourism.
What is Forex Market?
The foreign exchange market is where currencies are traded. Currencies are important because they facilitate purchase of goods and services locally and across borders. International currencies need to be exchanged in order to conduct foreign trade and business.
What currencies are traded via Internet Banking at Family Bank?
There are three major currencies that are supported by Family Bank Internet Banking platform. These include:
- USD (Dollar)
- EUR(Euro)
- GBP (British Pound)
Who determines Forex Rates?
The rates are determined in the foreign exchange market where currency trading goes on 24 hours a day, save for the weekends. The foreign exchange market is an over-the-counter (OTC) market of global network of financial centers where trading is done directly by the transacting parties. The participants in a forex market include banks, international corporations, central banks, investment management firms, hedge funds, retail forex brokers, and investors.
What is negotiated rate in Forex?
Negotiated rates are adjustable exchange rates that Family Bank offers to its customers when executing Forex transactions with the below scenario’s:
- If a customer is exchanging large amounts.
- If exchange rates are extremely high/volatile.
- If the customer is a frequent trading customer etc.
Does Family Bank allow its customers to negotiate Forex rates on Internet Banking?
Yes. Family Bank customers can have negotiated Forex rates on Internet Banking. Customers need to be registered for the service to enjoy negotiated exchange rates.
What is the procedure of having negotiated rates on Internet Banking?
- Log into Internet Banking
- Select Money Transfer & indicate all the bank details
- Choose negotiated rate
- Request a reference code from treasury. Valid for 24hours
How often will the customer use the provided reference code?
Each reference code will be used once for each transaction.
Does the negotiated rate take into Account the other countries time span/difference?
No. Unfortunately, the negotiated rate only takes into Account EAT time zone. Thus, Diaspora customers need to take this into consideration.
How can customers reach out to the Bank for more information?
Customers can reach out to our Contact Centre on 0703095445 or customerservice@familybank.co.ke
