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Forex

Forex

Corporation Bank has a wide range of forex services to offer for both business and non business needs.

  • The Bank undertakes Collection/Negotiation/discount of Export Bills.
  • The Bank offers to advise Export Letters of Credit and also add confirmation thereof.
  • The Bank arranges external commercial Borrowings
  • The Bank offers all types of credit facilities to exporters and importers, including foreign exchange denominated finance to resident entities.
  • The Bank offers inward and outward foreign exchange remittance services for travel,medical and other personal requirements.
  • The Bank issues travellers cheques, in foreign exchange and deals in foreign currency.
  • Nation-wide network of 66 designated branches handling foreign exchange business, covering important business centres in India
  • List Of Forex Branches

REMITTANCES

Instructions for transfering funds from Overseas centers

For transfering funds from overseas centers, the remitter must instruct his banker to remit the amount to our nostro account maintained with various banks in respective currency. ie, USD amount in USD currency account, GBP amount in GBP currency account etc. The names of the banks, account number and currency for five major currencies are available on this website . (For other currencies customers can contact the branches where they maintain the account or send a request here.) The request for fund transfer may be on the following lines. Remit...............(Currency and amount).....................to ..........(Name of the nostro bank)........................ A/C no;.......(nostro account No)....

For Furhther credit to ................(Mention the name of the branch where the account is maintained)............

A/c No......(A/c no of the beneficiary) .........................of Mr...........(Name of the Beneficiary).................... for the purpose of ........... (Purpose of Remittance)....................

SWIFT Code of Corporation bank is CORPINBB. The respective branch code given in the list of branches may be added for faster processing, (eg: For Panjim, SWIFT code is CORPINBB 259. For Rajkot SWIFT code is CORPINBB 191)

For further clarifications send email or fax to International Banking Division Mumbai at 91-022-22023378, 22814728

EXPORTERS

  • 1. Pre-shipment Finance (Packing Credit) Fund
  • Rupee denominated credit
  • USD/EURO/GBP denominated credit-PCFC/FCLS(from FCNR (B) funds)
  • 2. Post-shipment Finance
  • Rupee denominated credit
  • Negotiation of bills-under LC
  • Purchase/discount of bills
  • Rupee advance against collection bills
  • USD denominated credit
  • Ex.Bill Rediscounting
  • FCLS

IMPORTERS

  • Issue Import LC-Sight/Usance
  • Buyers line of credit
  • FCLS

TECHNOLOGY EDGE

RMDS:2000 (Reuter Monitor Dealing System) for online dealing operations enabling the bank to make available to clients competitive exchange rates.

NAS (Network Access Server) - remote login facility to customers to have direct access to computer network at International Banking Division, Mumbai for picking up online forex rates, placing clients on an advantageous platform especially when ratres are volatile.

SWIFT - (Society for Worldwide Interbank Financial Telecommunication) network is presently available at International Banking Division, Mumbai. 31 designated branches are on SWIFT network so as to render speedy and prompt transactions and services

E-mail connectivity to all the branches of the Bank enabling superior service and a speedy reach

Telex / fax / lease line connections to branches as standby communication mode .

OTHER SERVICES

  • Forward Contracts
  • EEFC accounts
  • Issue of Guarantees-Performance/Bid Bonds
  • Advisory Services/Foreign Exchange Risk Management
  • The Bank extends extensive financial assistance to high growth sectors like Garments, Software, Gem & Jewellery, Dyes and Chemicals.
  • Export credit has been identified as a thrust area and as a pioneering bank in financing Gem and Jewellery, the Bank in 1980's has won the award instituted by the Gem and Jewellery Export Promotion Council for five consecutive years. A special Diamond Cell at Overseas Branch, Mumbai extends dedicated services to Gem and jewellery exporters in Mumbai.

In addition to pre-shipment finance in rupee as well as foreign currency, the Bank extends customer specific credit facilities like arranging buyers line of credit, ECBs etc. The Bank has already made an impact in the market by extending foreign currency loans, out of FCNR(B) funds, to resident constituents at internationally competitive rates.

  • Single window facilities for corporates at specialised Industrial Finance Branches at Mumbai, New Delhi, Bangalore, Ahmedabad and Pune.
  • The bank sells foreign currency TCs of American Express and Travellex.
  • Full fledged dealing room operations enables the bank to offer finer exchange rates to clients. The integrated domestic and forex treasury operations has enabled the Bank to cope up with the demands and challenges in the ensuing liberalised atmosphere.
  • A forceful presence in interbank market empowers the bank to meet diverse needs of forex clients. Prudent ALM practices followed to ensure efficient use of forex resources.
  • Correspondent banking relations with reputed banks across the globe - relations with 160 banks, covering over 395 offices/centres.
  • Technology edge for superior service - The Bank has computerised forex operations at its International Banking Division, Mumbai as well as at various Designated Branches.
  • Excellent housekeeping track record for hassle free services

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