At Gulf African Bank we offer the best competitive rate for your foreign currencies. Foreign exchange or forex deal is the act of buying of one currency and selling another on the local or international market using the spot rate (i.e. the current rate of a currency to another).
- Currency - KES, USD, GBP, EURO, UGX, TSH, INR, JPY and others
- Types of account - individuals, corporate, governments, non-governmental organisations, banks and financial institutions
- Eligibility - resident and non-resident
- Age Requirement- 18 years and above
- Duration - spots
- Account deposit – No minimum. An amount of more than 5,000 USD is subject to a special rate from treasury.
- Mode of Deposit – cash, transfer from saving/current account
- Delivery Channel - branches (to be credited/debited from client account) and for financial institution or bank to be transferred through interbank
- Statement - invoice for any purchase above Kshs. 10,000 equivalent of USD
- Rates are linked to spot rates obtained from forex market (information available from dealing system)
- SME and Corporate customers can deal directly or through Relationship Managers (RM’s) subject to signing of the dealing manadate.
- For customers – swift charges and for banks no charges
- No commission
- Retail Customers - selling or buying instruction obtained from customer through the branches
- Corporate Customers - selling or buying instructions
- Banks - repurchase agreement
- Dealing Mandate
- For Banks - credit lines limit established as agreed by the ALCO Committee
- For Retail and Corporate – availability of funds
- Customer should have account with Gulf African Bank