Corporate Banking

Introduction

  

Spot exchange settlement covers both spot foreign exchange purchase and spot foreign exchange sale. Spot foreign exchange purchase means that designated foreign exchange banks buy foreign exchange from enterprises and institutions or individuals at certain exchange rates and pay corresponding RMB. Spot foreign exchange sale means that designated foreign exchange banks sell foreign exchange to enterprises and institutions or individuals at certain exchange rates and charge corresponding RMB.

Spot exchange settlement shall be closed in 2 business days (T+2). Spot exchange settlement is different from spot FX transaction because transacting currencies in spot exchange settlement are foreign currency-RMB, and those in spot FX transaction are both foreign currencies instead of RMB.
At present, XIB customers may conduct spot FX transactions in 9 regular currencies, including USD, HKD, EUR, GBP, JPY, AUD, CHF, CAD, and SGD. Other foreign currency transactions incurred due to business need will depend on specific conditions.
Charges for foreign exchange spot vary according to different currencies, for example : 0.2% for USD settlement, 0.30% for HKD, 0.35% for Japanese Yen and Euro. Preferential rate shall be subject to the review and approval of XIB branches.

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