Currency exchange for companies

Buying and selling currency

Bank offers you:

- dynamics of exchange rate changes;
- the most convenient scheme for international settlements in export-import operations;
- methodological assistance in the preparation of foreign trade contracts.

Basic principles of foreign exchange transactions in PrivatBank Cyprus


PrivatBank Cyprus conducts foreign exchange transactions with all currencies without restriction, except for Ukrainian hryvnia (UAH).

The basic currency for foreign exchange transactions is US Dollar (USD). This means that you can buy, for example, Swiss francs or pounds sterling only for US Dollars, but at the same time you can buy US Dollars for any currency.
   
The priority is for operations with the following currencies:
- Euro (EUR);
- British pound (GBP);
- Swiss franc (CHF);
- Russian rouble (RUB).

The account opened with the Cyprus branch of PrivatBank Ukraine in currencies of transactions is a prerequisite to conduct foreign exchange operations. So, if you need to exchange a currency, please specify whether the PrivatBank has the account in the selected currency. It can be checked via phone +357 22 750 or email service at Privat24 Internet Bank.

To conduct foreign exchange transactions with customers of Bank, as well as with counterparty banks, PrivatBank Cyprus is guided by the "Regulations of the PrivatBank Cyprus' work", laws and regulations of the Republic of Cyprus.




Procedure for FOREX transactions

Cyprus branch conducts FOREX transactions through accounts at PrivatBank Ukraine upon confirmation of the deal through the REUTER's system by the PrivatBank Ukraine dealer with a further confirmation of the deal in the SWIFT system.

Exchange confirmations are issued on the day of the transaction.The confirmation includes:
- value date;
- transaction date;
- bank details for the purposes of wiring the purchased currency;
- commissions;
- other related information.

Conditions for transactions:
- TOD (from Eng. "today") – exchange of currency is carried out on the day of the transaction;
- TOM (from Eng. "tomorrow") – exchange of currency is carried out on the next day after the transaction (at the rate of the transaction date);
- SPOT (from Eng. "spot") – exchange of currency is carried out on the day after the conclusion of the transaction (at the rate of the transaction date). 

Regulations for FOREX transactions

In order to conclude currency exchange transactions you need to:
1) Call PrivatBank Cyprus on phone +357 22 750 378 (extension 32). Talk to the Bank officer or send the message with your FOREX application to the Privat24 Internet Bank;
2) Determine the amount and rate of exchange with the responsible Bank officer;
3) Submit an application for exchange, stating the amount of the purchase / sale of foreign currency and the exchange rate;
4) Send the above-mentioned application in electronic form to PrivatBank Cyprus through the Privat24 Internet Bank.


Terms on currency exchange transactions:
- The exchange rate is formed on the basis of Forex rate and includes the commission of the Bank for precessing currency exchange transactions. No additional fees are charged from customers;
- PrivatBank Cyprus offers currency exchange operations only to clients who have opened a current account at PrivarBank Cyprus in the relevant currency and who have submitted all the necessary documents;
- The exchange is made only after a client apply's reception via the Privat24 Internet Bank;
- Applications for exchange are accepted from customers up to 16:30 (local time). Applications sent after 16:30 will be processed on the next banking day.