Foreign currency accounts
Bank of Melbourne offers competitive Foreign Currency Accounts in all major currencies. Foreign Currency Accounts would mainly suit the business involved in both import and export as a Foreign Exchange Risk management tool. Foreign Currency Overdrafts and Term Deposit services are also available.
Advantages of this type of facility are:
- Consolidates foreign exchange transactions for ease of cash management.
- Provides a natural hedge for Importers.
- Accommodates delayed or early payments and receipts.
- Consolidates funds raised from other financing tools.
- Accounts are interest bearing (minimum balance apply).
- Regular Bank Statements detailing transactions are provided.
Foreign Currency Overdrafts
Foreign Currency Overdrafts provide working capital for trade purposes, allowing you to centralise your cash flow and manage it on a day-to-day basis. After consolidating foreign exchange cash flows in the one account, working capital requirements can be funded on finer terms using other financing tools such as multi-currency trade finance.
Other advantages of these overdrafts include:
- Natural hedge for exporters.
- Accommodate delayed or early payments and receipts.
Need more information?
If you have any questions or want more information, call us toll free on 1300 665 616.