Features

• Available currencies – 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 based on the current global rates
• Account deposit – No minimum. An amount of more than 5,000 USD is subject to a special rate from the treasury.
• Mode of Deposit – cash or transfer from an account
• Delivery Channel – for individuals it is at the branches (to be credited/debited from client account) and for a financial institution or bank it is transferred through the interbank link
• Statement – invoice for any purchase above Kshs. 10,000 equivalent of USD

Product Pricing

• The daily rates are linked to spot rates obtained from the forex market and information on the same is available from the dealing system
• SME and Corporate customers can deal directly with GAB or through Relationship Managers (RM’s) subject to signing off the dealing mandate.

Charges

• For customers – swift charges and for banks no charges
• No commission

Documentation

• Retail Customers – selling or buying instruction obtained from customer through the branches
• Corporate Customers – selling or buying instructions
• Banks – repurchase agreement
• Dealing Mandate

Conditions

• Customer should have an account with Gulf African Bank
• For Retail and Corporate – availability of funds
• For Banks – credit lines limit established as agreed by the ALCO Committee