Cash Transactions or Bureau De Change
- You can buy or sell foreign currency at competitive rates directly at any of our branches countrywide. This is available in the following major currencies: (EUR, GBP, USD).
- No commission charged; the cost of the deal is determined by exchange rate applicable to that transaction.
- You can call the dealers directly to negotiate for preferential rates. This product is also extended to none Sidian Bank clients subject to approval and prior arrangements.
- These are swift transactions done on one day and settlement is done after two working days. Most bank transactions fall in this category.
- This product is also extended to customer transactions subject to prior arrangements and approval.
Inward Foreign Remittances
- We can receive funds in foreign currency from any part the world to customers account at Sidian Bank.
- Settlement is done through our correspondent banks and clients account are credited on the same day or the following day.
- We offer negotiated rates for inwards amounts of $ 3,000.00 and its equivalent in the specified foreign currency.
Telegraphic Transfer (TT)
- This is a funds transfer service where the bank remits money on behalf of its clients to foreign countries in foreign currencies.
- The bank has a well-structured correspondent relationship where we can transfer the following currencies (EUR, GBP, USD, ZAR).
- The rate, charges and the date are specified at the point of doing transaction.
- The bank usually settles TT on same day or the following day through our correspondent banks whilst the banking practice is to settle after two working days.
- We offer negotiated rates to amount equal to USD 1,000.00 or its equivalent in other foreign currency.
Foreign Exchange Forwards
- Forward contract is a binding obligation to buy or sell a certain amount of foreign currency at a pre-agreed rate of exchange, for settlement at a future date.
- We transact for forward foreign exchange contract for qualifying customers upon application and appraisal.
- We offer fixed deposit rates for local and foreign currencies on various tenors, specified to your requirements. Our Tenors range from call, to as short as 1 month up to 1 year.
- An account which a client deposits specified amount of money for undefined period with no specific maturity date. The client can therefore withdraw or ‘call’ the funds on notice at will.
Foreign Currency Denominated Loans
- Sidian Bank advances loans to clients in foreign currency. The loans are subject to credit appraisal and pricing is benchmarked on LIBOR or other international benchmarks.
- Our customers may also subscribe to our daily Treasury newsletter for market updates, currency news and foreign exchange trends.
- Interact with Sidian Bank for better foreign exchange value and services through our strategically located branch network, by telephone and our online channels including the Sidian Bank mobile banking app (VIBE) and Sidian Bank web displayed rates.
TALK TO US
We will help you. Talk to us through our support on social, email us or call us