Please go to the website and select - Register for an account. Want to find out more? This will lead to a Preliminary Application form that requires completion with some basic information. Please send the completed application form to us online.
When we receive your Preliminary Application form, a member of the BFC Bank relationship team will contact you to discuss your application and explain the next steps.
If you already have an account and need a new one in a different currency, please contact your Relationship Manager to arrange this. Please note a current account must be open for each currency held.
Designed for an international business, our multi-currency accounts solutions make it easy for you to manage money in up to 20 different currencies. This product provides an efficient and cost-effective method of cash management across multiple currencies.
Multiple currency current accounts can be opened in any of 20 currencies. You can transfer funds between the different currencies and have an ability to determine exchange rates for future invoices to be paid in a particular currency. The payment of goods in a specific currency is therefore fixed.
Multi-currency current accounts can also be used in a Notional Pooling facility to assist you with your cash management. How to understand a multi-currency notional pooling facility
Talk to the relationship management team at BFC Bank to find out more.
Accounts will be available in the currencies listed below:
BFC Bank works with a wide range of clients, from major corporations and banks to blue chip companies. Our focus is to provide a complete client-specific integrated service, which creates a global bridge for your wholesale banknote needs. With trading desks based in Bahrain, India, Kuwait and the UK, BFC Bank offers a reliable and competitive service 7 days a week; one trading centre is always open when others are closed.
Benefits. By choosing BFC WCS as your banknote supplier you will be confident of placing orders which will be processed swiftly, within a secure environment by an established provider.
An experienced team. You will be dealing with BFC Bank's highly trained team of banknote dealers, all of whom have extensive knowledge and experience of the global banknote markets.
A wide choice of currencies. We have availability and access to over 60 currencies at competitive rates.
Reduce your costs. Outsourcing your currency supply may reduce the need to constantly manage cash positions and their associated costs. One thing less concern frees up your time to concentrate on the development of your business.
Reduced Risk. Reduced requirement to hold long positions in stocks as currencies are always conveniently available in bulk.
Global Capacity. BFC Bank has the ability to source and deliver all major currencies on a global scale and on-the-ground teams in Bahrain, Kuwait, the United Kingdom and India that deliver a world class service to all our wholesale clients.
A Notional Pooling Facility combines the end balances in all of the client's current accounts that are included to arrive at an aggregated net balance. A Multi-Currency Notional Pooling Facility does the same across different currencies. The aggregated net balance will be the Sterling equivalent of the currency balances held after a margin has been determined to allow for exchange rate movements.
Subject to approval, you can arrange to have an agreed overdraft facility on one or more current accounts. This is conditional on the availability of sufficient equivalent funds (as determined by BFC Bank Ltd) held on other Sterling current and/or foreign currency current accounts within the Notional Pooling Facility.
This aggregate net balance will take in to account:
This will reduce the number of times a business will need to move funds between different currencies in accounts, saving both time and money.
An example of this may be the need for a business to pay an urgent invoice in US Dollars but have an insufficient balance in the US Dollar current account to make the payment. There may be US Dollar funds due in at a later date but not before this particular invoice has to be settled. If the business has a Multi-Currency Notional Pooling Facility it would enable the US Dollar invoice to be paid by using this agreed overdraft facility against the sufficient equivalent available funds in other current account(s).
This eliminates the need to undertake any foreign exchange transfers into the US Dollar account to pay the invoice. It would also eliminate the need to then transfer funds back once the US Dollar funds they were expecting had been received.
Please note that an Overall Maximum Limit will need to be agreed to determine the extent that a business may overdraw an account.
Please also note that debit interest will be charged to the account that is overdrawn in that account's currency and, where applicable, credit interest applied to the account that is in credit in the account's currency. Under the BFC Bank Multi-Currency Notional Pooling Facility interest is not calculated on the aggregate net balance; it is calculated on the balances of each individual account.
Speak to your Relationship Manager to find out more.