Commercial Foreign Exchange

Lotusfx has been helping commercial customers who are either importers or exporters. Importers need to pay their overseas suppliers for the goods they import. Exporters are similarly paid for their goods in foreign currencies by their overseas customers.

Lotusfx uses the network of international banks and financial intermediaries through the SWIFT system to receive and send money overseas.

Lotusfx provides best exchange rates prevalent at the time of transaction and is usually better than the published exchange rates of commercial banks.

How it works for an importer:

•  Customer gets a bill in foreign currency for goods imported

•  Customer calls Lotusfx and obtains an exchange rate

•  Once exchange rate is quoted and accepted, a contract is created between Lotusfx and the Customer and a copy of the contract is sent to the customer

•  Customer provides the bank account details of the overseas supplier

•  When payment is received from customer, the overseas payment is sent to the nominated party's bank account overseas through telegraphic transfer.

 

How Customers can Pay Lotus

•  Bank Cheque payable to Lotus Foreign Exchange Ltd

•  Cash payment at a branch of Lotusfx

•  Direct credit to the bank account of Lotus

 

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