Overview
Overview
At DFCC Bank, we offer a comprehensive suite of Foreign exchange products designed to help our clients manage currency risks, secure favorable rates, and optimize returns. Whether you are an individual investor or a business managing foreign currency exposures, our solutions are tailored to meet your needs.
Our Foreign Exchange Products
Our Foreign Exchange Products
- Dual Currency Deposits (DCDs)
Dual Currency Deposits (DCDs) are a unique financial instrument combining a traditional deposit with a currency option.- Higher Potential Returns:Earn higher yields compared to conventional deposits.
- Currency Flexibility:Deposit funds in one currency with the possibility of repayment in an alternative currency at maturity.
- Risk and Reward:Suitable for investors seeking enhanced returns while being comfortable with foreign exchange exposure.
- FX Forwards: Foreign Exchange Forward Contract
FX Forwards are contracts to buy or sell a specific amount of foreign currency at a predetermined exchange rate on a future date.- Rate Certainty: Lock in exchange rates to protect against unfavorable currency movements.
- Cash Flow Management:Provides predictability and stability for future currency obligations.
- Risk Mitigation:A practical tool for hedging foreign currency exposures efficiently.
- Par Forwards
Par Forwards allow you to fix a series of exchange rates for multiple settlements over a specified term.- Multi-Settlement Protection: Safeguard against currency volatility for recurring transactions.
- Exchange Rate Stability: Ideal for businesses managing regular foreign currency inflows or outflows.
- Tailored Hedging:Provides certainty and mitigates risks arising from currency fluctuations.
- Foreign Exchange Rate Options
FX Options provide the flexibility to protect against unfavorable currency movements while allowing you to benefit from favorable shifts in exchange rates.- Hedging Flexibility:Gain the right, but not the obligation, to exchange currency at a predetermined rate.
- Risk Management:Mitigate exposure to volatile exchange rates without losing the potential to capitalize on favorable trends.
- Customizable Solutions:Our FX Options can be tailored to align with your financial goals and risk tolerance.
Why Choose DFCC Bank for Your Foreign Exchange Needs?
Why Choose DFCC Bank for Your Foreign Exchange Needs?
At DFCC Bank, we pride ourselves on delivering innovative solutions and exceptional service:
- Expert Guidance:Our experienced dealers craft strategies to suit your specific requirements, leveraging deep market expertise.
- Comprehensive Offerings:From hedging risks to optimizing returns, we provide diverse Foreign Exchange (FX) solutions for individuals and businesses.
- Efficient Execution: Our prompt and seamless service ensures your financial transactions are executed with precision.
Get Started Today
Get Started Today
Take control of your foreign exchange needs with DFCC Bank. Contact our Treasury Services team to explore our FX products and find the right solutions for your financial goals.
Click Here to check out today’s Exchange Rates at DFCC Bank
You may also contact dealers on:
| Name | Designation | Contact Number |
|---|---|---|
| Kasun Pathirage | Assistant Vice President | 112442777 |
| Thushini Desinghe | Senior Dealer | 112442781 |
| Ashani John | Senior Dealer | 112442755 |
| Dilum Fernando | Senior Dealer | 112442605 |
| Ryan Jansen | Assistant Dealer | 112442778 |
| Charith Jayasundara | Assistant Dealer | 112442783 |
Frequently Asked Questions (FAQs)
Frequently Asked Questions (FAQs)
Foreign exchange (Forex or FX) is the operation of trading one currency for another, generally for commerce or investment purposes, travel, or exporting. Banks will provide services for people who wish to purchase, exchange, or transfer foreign currencies.
- Accounts denominated in foreign currencies (savings /FD accounts).
- Buying and selling foreign currency remittances (inward and outward).
- Foreign exchange services to facilitate trade and commerce, which includes imports and exports.
- Solutions for businesses to manage exchanges in risk.
We provide several foreign exchange services in the bank. These include the following:
Exchange of currencies for individual or corporate clients.
Our exchange offices can be found in any of our branches which deal with these services. Please come prepared with a valid ID (passport, NIC, etc.), a travel ticket, and any other necessary documentation.
Yes, limits are prescribed by the Central Bank and are subject to change depending on the nature of the transaction such as traveling, studying, or business purposes. For more information, feel free to visit the nearest branch.
Yes, our bank has a thorough internal monitoring process to ensure that it does not leave its customers with non-competitive rates. These rates are updated several times during the day in order to stay in sync with the market.
- Buying Rate:This is basically the rate that a bank will buy a foreign currency from you.
- Selling Rate:Opposite of the above, this is the rate that the bank will sell foreign currency to you.
- Overseas education tuition fees and living expenses.
- Overseas medical services.
- Business Payments, Imports, and many more services related to it.
- Personal transfers to family members
Yes. We have provided services related to outward remittance for example:
08. How long does it take to transfer a foreign currency?
The time it takes to initiate an international wire transfer will depend on the receiving country, the currency used, and the payment method chosen. But generally speaking, most transactions will fall within the 1-3 working days range.
09. What is the difference between spot and forward FX rates?
Spot rates are for immediate transactions, while forward rates apply to transactions set for a future date.
10.Are there any documents that you need while utilizing foreign currency remittances?
Yes, the documents needed may vary with the intention of the transfer. However, there are documents that are commonly needed such as: Proof of purpose for the transfer, such as: invoices, admissions, medical bills, Valid ID and bank accounts.
11. Is it possible for businesses to hedge against foreign exchange risks?
Yes. The treasury department has multiple solutions including forward contracts and currency swaps that help manage foreign exchange risks.
12. Can a foreign currency account be opened with the bank?
Indeed, foreign currency savings or current accounts can be opened with the bank in currencies such as USD, GBP, EUR and other currencies as well. Such accounts are suitable for overseas companies and tourists.
13. Can individuals open foreign currency accounts in Sri Lanka?
Yes, Sri Lankan residents can open Foreign Currency Accounts under specific schemes, approved by the Central Bank of Sri Lanka.
14. What is the maximum amount of foreign currency that I may take with me when traveling overseas?
Tourists are always required to comply with the regulations imposed by the Central Bank of Sri Lanka. Currently the bank issues USD 5,000 per person.
