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Updated by axioscreditbank on Jul 14, 2021
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Things You Should Know About Currency Exchange

Currency Exchange Rates tell you about how much is the worth of your currency in the foreign country. You can take it as the price of being charged for buying that currency. Global currency exchange services decide the currency exchange rate for most of the currencies. The traders of foreign exchange trade currencies for 24/7. This foreign exchange market has traded $5.1 trillion in the year 2016 in a day.

Things You Should Know About Currency Exchange by axioscreditbank

Currency Exchange Rates tell you about how much is the worth of your currency in the foreign country. You can take it as the price of being charged for buying that currency. The traders of foreign exchange trade currencies for 24/7. This foreign exchange market has traded $5.1 trillion in the year 2016 in a day.

9 Things You Must Know About Foreign Exchange Rates and International Remittance

You are always required to get the knowledge on particular facts about foreign exchange rates regardless of whether you work in some foreign country or make daily international money transfers to assist your child studying abroad. This is needed to get as much as we can through the overseas money transfers. In spite of the fact that these days it is much more easier to allow banks or online remittance services take control of your money, there are still chances that you can lose a huge amount of money to FX spreads or the unrevealed prices that such institutions slowly charge from you. Therefore, a complete former education of FX rates and the process how market runs it is very much essential. If you think it is complicated to know about foreign exchange rates, We are here to help you and make it easier for you to understand the layman’s guide on FX rates. Let’s start people.

Things To Consider When Choosing A Currency Exchange Provider

All thanks to the greater challenge and competition in the sector of finance that more and more companies are drifting their way from carrying out their foreign exchange strategy with their broker or bank. When we talk about the foreign currency exchange services, we come to know that your company has many more alternatives today then it would have had somewhat ten years ago. This article will make you clear about how to make sure you are prior to obtaining the market’s benchmark standard in business foreign exchange. Search if your present foreign exchange and abroad payments provider are truly providing you the type of well-organized, cost-saving, transparent service. It should be recognized really where you are being charged and also the techniques many brokers and banks appoint to take out more money from your company.

Top 8 Questions About Currency Trading

International Foreign exchange is unfamiliar terrain for all retail traders, though the foreign exchange market is the biggest expanded financial market in the world. Until the time internet trading became popular, Forex was earlier the only path of large and big financial institutions, companies hedging funds, and multinational companies. Now, the time has changed. Nowadays, individual and private investors are hungry for taking all the data and information about forex. Whether you need a fresher course based on currency trading or you are a forex novice, here, we have answers for some of the most asked questions that are concerning the foreign exchange market. Read more..

Reasons Why You Should Open an Offshore Banking Account

Thе еxtrаtеrrіtоrіаl bаnk іѕ a brіllіаnt thіng bесаuѕе іt finally gіvеѕ any individual thе орроrtunіtу tо kеер thеіr capital аbrоаd. Whеn реорlе оnlу dо bаnkіng аnd ѕаvе оn dоmеѕtіс bаnkѕ, the annual interest rate is very nominal as thеу hаvе lіttlе соmреtіtіоn. Whеn реорlе саn саrrу оut bаnkіng operations аbrоаd, thеу nо lоngеr dереnd оn national banks. Read more...

Why You Need Trade Finance Instruments: An Overview

Banking services have evolved a lot since the time of its inception. Whether it is a small business exporting or importing goods or it is a multinational corporation, trade finance plays a crucial role in deciding the total transaction of products. This is one of the reasons why it is of utmost importance to learn more about the functioning of trade finance. Read more:-

5 Key Financial Considerations Before Switching Jobs

There are 5 key financial considerations you must take before deciding to switch your job. Sometimes, it happens like your workdays look extremely long and irritating and your job loses all its shine. On the other hand, you find other opportunities waving their hand at you. In this case, one should never assume that their newfound job will provide you instant pick up where you left off the old one. Read more:-

Top 9 Benefits Of Offshore Banking

These days, many of us are hearing a lot about Offshore Banking, but the question is what exactly аrе оffѕhоrе bаnk ассоuntѕ? If we try to take definition right from the dictionary, then it is – “the practice of running a bank which is not completely based in your own country”. In fact, in general terms, thе оffѕhоrе bаnkіng іnduѕtrу uѕеѕ thе services of a bank or financial іnѕtіtutіоn оutѕіdе іtѕ country of rеѕіdеnсе. If уоu hаvе invested or dероѕіtеd funds in a bank in a country оutѕіdе уоur hоmе country, уоu раrtісіраtе іn оffѕhоrе bаnkіng. On thе оthеr hаnd, а practice of depositing money in any bank based іn уоur hоmе country іѕ оftеn саllеd hоmе bаnkіng. Read more:-

What Are Business Debit Cards? How Are They Beneficial For Businesses?

Being an international businessman, operating on a cash-only basis can be a little bit of an inconvenience for you. Plus, in addition to handling your regular business activities, there are many other areas that you have to take care of, for example, in-flow and out-flow of money including a budget, and managing cash flow, etc. Regardless of its business size, corporations always look for safe, faster, and reliable ways to pay invoices or make purchases instead of being kept on waiting for its approval process.

What Are Business Debit Cards?

Business debit card services help solve all these issues by providing a degree of flexibility to businesses. They are the cards with credit numbers that can be used by businesses in the same manner as normal credit cards are used. When you make purchases with the business debit cards, the amount is automatically debited from your account instead of being added to the credit line. These cards are specially designed to cater to the needs of businesses by helping them track and monitor business expenses for enabling greater control over expenses.

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How To Ensure Safe & Secure Use Of Visa Debit Cards?

Of course, we all are familiar with debit cards. They have not only made all types of transactions possible online but also eliminate the need of carrying cash with us all the time. From a small value of Rs. 1 to multiples in thousands, now you can pay for goods & services in a few seconds without struggling in the ATM line for withdrawing cash. Almost every bank offers debit card services tied up with a special payment system like Visa, Master, Rupay, or American Express, etc. But have you heard about visa debit cards? Though both visa debit and credit cards are becoming increasingly popular, visa debit cards are enjoying frequent use across the world by maximum users. What are they and how to use them safely?

If you are also looking for the answer, this blog can help you. Keep reading to know:

What Are Visa Debit Cards?

Just like regular debit cards, visa debit cards allow an individual to pay for the goods & services directly from their account. They all are issued by a bank or financial institutions to enable a person to use their available funds in the account. So, what is the difference? The only difference is that these Corporate Visa Debit Cards are accepted worldwide and widely being used in more than 200 countries across the world. You can use it to pay retailers, or various regular banking transactions, or to withdraw cash from an ATM.

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Standby Letter Of Credit (SBLC) Guide - Axios Credit Bank

What Is A Standby Letter of Credit?

Standby LC is a type of letter of credit where the issuing bank guarantees an on-time payment to the seller if the applicant/buyer is unable to make the payment provided that the seller meets all the mentioned terms & conditions in the SBLC contract. It is also known as SBLC and acts as a safety net for the sellers to ensure a complete payment for the delivered goods & services to the buyer.

The Standby letter of credit service is widely used in international trade transactions where the parties-to-the-contract are unfamiliar with each other and willing to eliminate the associated overseas risks. Some of these risks include bankruptcy and improper cash flows on the part of the buyer which leads to a delay in the payment to the seller. In case of an adverse event, the bank issues a guarantee to make the remaining payment to the seller as long as they meet the requirements of SBLC.

While issuing an SBLC in the favor of the seller, the buyer’s bank verifies the credit quality of the buyer and once it gets satisfied, the bank notifies the seller’s bank assuring its commitment to pay the seller if the buyer defaults on the agreement. In short, it is proof of the buyer's credibility to make the payment.

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Difference Between Letter Of Credit And Bank Guarantee

If you are a global trader, you might be aware of using different types of trade finance instruments. And letters of credit & bank guarantee are one of them. but only a few of you know how these instruments differ from each other. Since they both are frequently used in international trade transactions, and both assure sellers/exporters regarding paying on-time by worldwide importers/buyers. Then, how are they different? If you also want to know, keep reading. This blog contains a brief discussion about both of them as well as key areas of differences.

Let’s first start by understanding their meaning.

What Is A Letter Of Credit?

  1. A letter of credit, also known as a payment guarantee letter or a documentary credit is a legal document issued by a bank or a financial institution where a letter of credit service provider guarantees an on-time and full-fledged payment to the exporters.
  2. In the event, if the importer defaults or is unable to pay or perform the terms & conditions of the LC agreement, the whole or remaining amount will be reimbursed by the issuing bank.

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Is Private Banking A Right Decision? Find Pros & Cons

Today, private banking is a popular concept and already has made its influential place among investors to assist them in managing their investments, tax procedures, and many more areas along with the regular banking & financial services. If you are also a businessman and looking for availing of private banking services, this blog can help you to avoid the possible risks by making you aware of its certain pros & cons. But before we start, let’s understand what private banking is.

What Is Private Banking?

The concept of private banking revolves around a set of more personalized banking & financial services/products that are being provided to individuals with high net worth by banks or FIs. You can understand it by the term “Private” that stands for more personal services than regular banking. It includes investments, tax planning, portfolio management, and estate planning & many more.

Pros of Private Banking

The clients enjoy several benefits when they use private banking. As more & more banks are getting digitized, it is quite easy to get in touch with an expert to consult on various banking matters. Some of the pros of private banking are here as follows:

  1. Privacy - The biggest benefit of getting private banking services is a high level of privacy. Be it private banking’s clients, their financial evaluations, or personalized services offered to them, all related banking data is kept private, confidential & anonymous. It is essential as it helps private bankers avoid exposing/revealing the offered services from their competitors.

  2. Investment Options - Clients that apply for private banking get a plethora of investment opportunities through private bankers. Apart from this, they are also provided with suitable & appropriate resources & products to manage their financial activities better.

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Why Is International Trade Finance A Popular Choice Among SMEs?

SMEs ie. Small & medium-sized enterprises play a vital role when it comes to strengthening the economy, especially in developing countries.

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All About Free Trade Agreements

A free trade agreement or FTA is an arrangement between two or more countries to reduce trade barriers to encourage easier imports & exports. Under an FTA, a group of countries signs a trade agreement according to which goods & services can be imported and exported with little or no government tariffs, import quotas, or subsidies, etc.

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