Forex Group

Services for Importers

Buying Foreign Currency

The majority of our business is looking after the needs of importers; primarily sending foreign currency payments to overseas suppliers. The steps involved are simple:

1. Call your Forex Group dealer. Quote your currency and amount. We'll quote you the current rate.
2. Login to our website and add the Beneficiary details or alternatively, use our Transaction Template and fax the details to 1300 722 215.
3. We will fax or email you a confirmation receipt for your records.
4. Ensure the details are correct on the receipt and then transfer the AUD value to our settlement account (account details are on the receipt). Alternatively, we do have Direct Debit available for your convenience.

Managing Letters of Credit (LC's)

The establishment of a Letter of Credit, or LC as they are commonly known, is expensive particularly when the issuing bank takes control of the foreign currency exchange. Put simply, companies can reduce the cost of LC’s by pre-purchasing the currency from Forex Group and thus saving money on the exchange rates.

A letter of credit is a banking mechanism that allows importers to offer secure payment terms to exporters. All letters of credit contain these elements:

• a payment undertaking given by the bank (issuing bank)
• on behalf of the importer (applicant)
• to pay an exporter (beneficiary)
• a given amount of money on presentation of specified documents representing the supply of goods
• within specific dates