Foreign Exchange

Our main forte lies in foreign exchange services – which include extremely competitive foreign exchange rates as well as timely remittances of funds both locally and across the globe. Through our partnerships with various international banks, we are also in a position to receive on your behalf funds remitted from any part of the world.

Our charges, highlighted below, are very competitive and include no hidden commissions:

Telegraphic Transfers – Kes 1,500
RTGS charges – Kes 500
Foreign Drafts – 500
Incoming Funds – 10 units for any incoming funds received.

NB: We do not charge for outgoing RTGS remittances done against foreign exchange deals.

In order for us to be your leading banker for foreign exchange, we have access to the latest state-of-the-art Reuters information system from which we receive up-to-date local and international exchange rates, latest breaking news, as well as currency trends. We also have a team of well-trained and dedicated dealers who are able to lead you through any forex transactions you process through the bank.

Additionally, Client – as our valued customer – will get access to our daily market report summarizing pertinent issues regarding interest rates, forex rates (both local and international pairs) and the goings on in the international economic arena. This will be emailed to you every morning.

For you to carry out any forex transaction with Chase Bank, we will require that you open a Forex Trading Account – an account specifically designed to cater for your forex needs. The account has no ledger fees and no other account maintenance charges levied on our conventional accounts.

The Network

Correspondent Banks include:

Deutsche Bank – USD, EUR, GBP, JPY and CHF
Standard Bank of South Africa - ZAR
Commonwealth Bank of Australia – AUD
Bank of Communications China – RMB(Chinese Yuan)

The Products:

Spot Foreign Exchange:

Under this arrangement we will offer to buy or sell of foreign currency, where delivery of the same will take place within a maximum period of two business days at the prevailing exchange rate of the day.

Forward Contracts:

A Forward Contract is a contractual obligation between two parties; whereby the purchase / sale of forex is agreed today with settlement to occur at specified future date that is greater than 2 working days.

Forward contracts are affordable hedging instruments that are aimed at protecting the client from the volatility of currency markets.

Under this arrangement, Chase Bank will buy or sell foreign currency at a predetermined price for settlement at a future date. The future date shall be 3 business days or more from the date of the deals.

SWAP Contracts:

SWAP Contracts are mainly used for funding. In this arrangement, Client deposits its foreign currency with Chase Bank in exchange for local currency at a specified rate for an agreed period of time. At maturity, Client pays shillings to Chase Bank in exchange for its foreign currency. These payments are inclusive of interest.

By virtue of the above agreement, Client would be assured of access to local currency to fund its operations whilst maintaining ownership of its foreign currency – held as deposit by Chase Bank for the duration of the SWAP arrangement period.

Structured Deals

In collaboration with our trade finance and credit departments, we structure solutions to customers that are both competitive and innovative to enable customers enhance business opportunities. Examples of these include L.C’s and Foreign Currency Guarantees.

Tentative charges for these two products are:
LCs – Quarterly charge of 2% (negotiable)
FCY Guarantees – Quarterly charge of 1% (negotiable)

Placements of Surplus funds

We offer very competitive rates on Call and Fixed Deposits.

NB: Our interest rates are guided by prevailing Treasury bill rates and are negotiable.