FNB and RMB have been recognised as the Best Foreign Exchange Provider in South Africa and Botswana by Global Finance Magazine for the second year running.
Winners were selected from 104 countries and 7 global regions using criteria including transaction volumes, market share, scope of global coverage, customer service, competitive pricing and innovative technologies. Global Finance also considered input from industry analysts, corporate executives and technology specialists.
FNB and RMB facilitate foreign exchange transactions and cross-border payments within the FirstRand Group through a single foreign exchange business unit that offers a range of solutions suitable to a client’s unique needs and requirements.
Anthony Grant, CEO of foreign exchange, says that the award recognises their efforts to offer the best foreign exchange products and services to a wide range of customers ranging from individuals to corporates and financial Institutions.
“We operate in a global environment where many of our clients have a need for foreign exchange services,” says Grant. “With the ongoing volatility in the ZAR, people are increasingly aware of the prevailing exchange rate as it has an impact on their finances. Payments for holidays, kids’ education or diversification of wealth can be negatively impacted by currency depreciation.
“Our FNB Business and RMB Corporate clients need to manage cash flows while matching offshore payments and receipts to shipments of goods and services. We are confident that our offering provides excellent currency risk mitigation as well as access to a range of channels to transact on.”
The FNB and RMB foreign exchange offering focuses on using technology to put control into clients’ hands. The foreign exchange capability is integrated into the FNB online banking platform for ease of access. For FNB business and RMB corporate clients that qualify, a range of dealing products that allow clients to book spot and FEC deals on-line are available.
The business prides itself on offering simple solutions. From travel requirements, before, during and after a trip, to getting the most out of one’s annual single discretionary allowance (SDA) and annual foreign investment allowance. Notes and travel card can be ordered on-line get delivered without having to stand in a busy branch queue. A simple payment, receipt and transfer capability is also available to send and receive money offshore or deposit funds into an FNB global account or FNB Channel Islands account.
FNB business and RMB corporate clients have access to professionals who can assist with the import and export process, including exchange control advice. Deals can be booked on the online dealing platform, Accelerate, or via the dealing desk, should clients meet the requirements. Forward exchange contracts (FECs) and other simple hedging products are available to protect businesses from currency fluctuations. Clients also have access to world class research to help interpret the challenging global environment being faced.
“Whatever our clients’ foreign exchange needs, they can take care of them in a few simple steps whenever they need to, from anywhere in the world,” Grant says.