You can buy and sell foreign currency at KCB, which can earn you thousands of shillings daily. Though many of you have not done this before, it’s a fact that this is one of the easiest ways to become a millionaire in Kenya.The bank gives you the opportunity to become a millionaire, and here is how to do it.
The currencies are available for all major currencies including Dollar ($), Euro (€), Sterlin Pound (£), Japanese Yen (¥).
Open an account with KCB
Currency Account
These are savings and current accounts denominated in foreign currencies
At KCB, customers can maintain a foreign currency account as savings, current account or fixed deposit investment account. These accounts are available in all major world currencies including USD, Sterling Pound, Euro, South African Rand among others.
Benefits
- Free incoming SWIFT transfers
- Low account maintenance fee of US$7 per month for balances below US$1,000
- Free cash deposits to foreign currency accounts up to US$10,000
- Foreign currency withdrawals at selected KCB Quick serve ATMs
- Drafts
These are banker’s Cheques denominated in a foreign currency used for payment of goods and/or services rendered overseas.
Benefits
- Available in all major currencies
- Can be used to pay fees for colleges abroad or international fees for courses such as ABE and ACCA, commodity purchases, medical expenses etc.
- Purchase/Sale of Foreign Currency
You can buy or sell foreign cash over the counter in any of our KCB branches countrywide.
Benefits
- Available in all major world currencies (US$, Euro and Pound Sterling etc.), in mint condition
- Flexibility/negotiation of exchange rates for amounts above US$2,000
- No commission charged for cash transactions below US$40,000 or the equivalent in other currencies.
- Forward Contracts
- Foreign Exchange Forward Contracts; Par-Forwards, Flexi-Forwards and Outright-Forwards
- You can arrange with our treasury team for the sale or purchase of a specific amount of foreign currency at a specified exchange rate for settlement on a particular date up to 180 days (6 months) in the future.
- This enables you to eliminate any risk of exchange rates moving between the time that commitment is first established (deal date) and the date of actual delivery of funds (value date) at no additional cost.
Dual Currency Deposits
- Dual Option Currency deposits (DOCUs) are structured products for our clients who want a higher return on their investments by providing a fixed rate of interest above that paid by a traditional money-market investment, but has no capital protection.
- Their tenor is usually one to three months.
- Swaps
These are banker’s Cheques denominated in a foreign currency.
Benefits
- Swaps allow you to manage the exchange and interest rate risks associated with financing and investing in currencies other than the domestic one.
- Swaps are also valuable for long-term hedging of translation risk.
- Traveler’s Cheques
These are near cash instruments suitable for travelers who do not wish to carry foreign currency in hard cash.
Benefits
- Travelers’ Cheques are widely accepted and encashable anywhere in the world.
- KCB accepts American Express travelers’ Cheques presented by KCB account-holders only.
- Swift Transfers
This is a service that enables one to send and receive money from one account to another, anywhere in the world. Transactions above the equivalent of US$ 10,000 have to be supported by appropriate documentation before they are effected.
Benefits
- Available for all major world currencies
- Flat fee for outgoing SWIFTs, irrespective of the amount transacted
- No charge for incoming SWIFTs to foreign currency accounts
- Instant credit into beneficiary account upon receipt of customer’s remittances
All the options above shows how you can trade in foregn currency,buy the most important is to purchase and sale foreign currency through forex trading. You can do that by first opening an account at KCB Bank, which will enable you deposit operating amount before you start trading. Important point to note is that this business is so dynamic, so you must be able to be accurate in speculating.
