International Trade

The following products are offered under International Trade.

1. Letters of Credit

• Import Letters Of Credit
• This is required to facilitate the Importation of Goods/Services from one Country to another. The Letter of Credit is the arrangement between the BUYER and SELLER.
• Sellers normally requests for a Letter of Credit when they do not know the Buyer (or are unsure about them)
• Opening of a Letter of Credit involves Seller, Buyer, Seller's Bankers and Buyer's Bankers
• To open a Letter of Credit, the documents required are (Application and agreement for confirmed letter of credit, Import Declaration Form (IDF), proforma invoice and insurance cover for 110% of invoice value)
• Letters of Credit could be payable either on SIGHT or USANCE
• Export Letters Of Credit
• Export Letters of Credit are similar to the Import Letters of Credit with the only difference being that one is for export of Goods/Services from one Country to another while the other is for import of Goods/Services

2. Spots and non spot transfers

• Spot Purchases & Sales: Where settlement of the transaction takes place after two working day
• Non Spot Sales: Where settlement of the transaction takes place either "SAME DAY VALUE" or "NEXT DAY VALUE"

3. Forwards

• Forward transactions are beneficial to Clients who would want to "HEDGE" themselves against market rate risk (unwarranted rate movements)
• Unlike Spot Transactions which have a 2-working date value, Forward transactions can have a tenure of 7 days to 12 months
• The physical settlement happens on maturity of the Forward Contract

4. Telegraphic transfers

• Services available for the following currencies: USD,GBP,EURO,CHF,INR,CAD AND ZAR
• Charges are KES 1,500.00 for the above outgoing spot transfers
• Non Spot TT charges vary. Please contact Treasury for Non Spot charges
• "Correspondent Bank deductions (outgoing telegraphic transfers): Equivalent USD 25.00
• Inward Telegraphic Transfer Charges: 5 units of respective currency

5. Foreign demand drafts

• Services available for the following currencies: USD,GBP,EURO,CHF,INR,CAD AND ZAR
• In addition the above FCY Cheques we issue LOCAL FCY Cheques in the following currencies: USD, GBP and Euro.
• ICICI INR DD's can be made payable at approximately 240 branches in India

6. Foreign currency accounts

• We open FCY CURRENT accounts for clients in the following currencies: USD, GBP, EURO.
• Local FCY cheque books are issued for the same

7. Wall street - Cash in Dubai

• This product allows customers to receive cash USD or AED in DUBAI ONLY at designated Wall Street Exchange BureausCharges are KES 1500.00 per transfer and deductions at receiving point are USD 20.00 or equivalent

8. World Link - multicurrency payments

• World Link Multicurrency allows Imperial Bank to offer approximately 170 currencies (telegraphic transfers and demand drafts only) without having to open Nostro accounts for the same
• Charges are KES 1500.00 for telegraphic transfers and KES 500.00 demand drafts

9. RTGS

• This stands for Real Time Gross Settlement
• These are same-day transfers in KES to the beneficiary bank
• Charges KES 2000.00 per transaction
• Cut Off Time to inform treasury for the transaction - 10.00 am

10. Fixed deposits

• Fixed Deposits offered for USD,GBP and EUR
• Attractive interest rates
• 1 month to 3 month deposit options