Contact Us

Love to hear from you!

This blog will always try to provide with the articles that will help you dealing with Foreign Exchange and International Trade related transactions. Please leave your valuable comments in the comment or Contact Us section. Your valuable suggestions and comments will guide us to shape our upcoming articles to serve your purposes in a better way.

Get in touch with us by filling out the form below.

Comments

Import on “FOC” or “No Cost Basis” by Export-Oriented Industries in Bangladesh

FOC sounds like the Incoterms, FOB. However, it is a trade term not a recognized Incoterms. People dealing with import business may have seen various types of imports. In most of the cases payments must be made for the items imported. In some cases no payment is made. Every country has its own import policies and guiding rules for international trade. Procedures for import on FOC basis also differs based on those policies and rules. In Bangladesh this procedure is guided by the Import Policy Order (in force) from Ministry of Finance. It is also termed as Import on “No Cost Basis”. What is FOC or Free of Cost Import FOC or Free of Cost import means the process of importing goods for which no payment has to be made from the importing country. When goods are sent from abroad as a gift, free sample, replacement or raw materials for producing the ordered produce in the receiving country, no payment is required to be made by the importer. There are some limits for maximum amount of such impo

Operational Exchange Rate for Banks and their Application in Banking Transaction

Many of us want to know about the operational exchange rate of banks and their application in day-to-day foreign-exchange-related banking activities. Customers receive different amounts of local currency for the same amount of foreign currencies in separate transactions. They often become confused. This article will help you understand the rates applied for different transactions in banks. Trade finance professionals, customers, students, and even resource persons may find this piece of writing worthwhile. Here we will discuss the definition of the exchange rate, its different types and use, types of quotation, and how different rates are determined. What is Exchange Rate The exchange rate means the rate at which one currency is exchanged or calculated in another currency. In other words, we can say this rate indicates how many units of one currency (for example, local currency)you need to pay to get one unit of another currency(foreign currency). Conversely, it is the rate at which

Foreign Exchange for Beginners

Are you a newbie in the area of Foreign Exchange and International Trade Finance? If you are, this is a perfect place to start your lessons. Many newbies have repeatedly searched for study materials on this topic, Foreign Exchange for Beginners. They never found a complete guideline. This section of my blog aimed to help them in this regard. In addition, this write-up will guide you through learning operational procedures in banking and international business. Let us start with some ABCs of Foreign Exchange & International Trade. We will discuss some terms used in this track and their definitions. You will know what documents are required for what purpose. You will also find samples, examples, and references. It will help students, bankers, and those who are involved in Trade Finance. Then, this blog will try to continue with the readers' interest. What is Foreign Exchange? Before we reach a final definition, we must know the word Foreign Exchange. This word (Foreign Exc

Voice of International Business

Search This Blog