FOREIGN EXCHANGE AND INTERNATIONAL BANKING SERVICES
Canara Bank entered Forex arena in 1953 with the opening of its first Foreign Exchange Department in Mumbai.
We finance exports at pre-shipment stage as well as post shipment stage, which can be availed either in foreign currency or Indian Rupees.
In addition we facilitate forfaiting. That is, discounting of deferred export receivables on 'without recourse basis' from an overseas forfaiting agency.
Canara Bank is pioneer in financing of LC based International Trade transactions in India.
The Bank not only finances at customers option in foreign currency at pre-shipment and post-shipment stages at LIBOR related rates but also finance the import leg in foreign currency where imported inputs are required for exports.
The Bank has the expertise in handling project exports of goods and services.
The Bank has an excellent worldwide correspondent relationship and have the capability to handle any export, import, remittance and related transactions anywhere in the world and in any currency.
Non fund based transactions like adding confirmations to LC, issuing inward and outward Bid bonds & guarantees, establishing LCs for import into India, arranging buyer's credit at attractive terms etc. are our forte.
Canara Bank has branches in London, Hong Kong and Shanghai, China. We have a joint venture with SBI at Moscow under the name Commercial Bank of India LLC. The Bank also manages 2 Exchange houses in the Gulf and has arrangement with 20 Exchange Houses and 17 Banks for drawing DDs from Gulf Countries on our select branches through out India.
The Bank has an integrated Treasury with a forex dealing room located in Mumbai in India. Our London branch has a dealing room of its own. We are active in the Indian forex market as well as in Overseas forex market. We provide a whole range of services and products like purchase and sale of 7 world currencies, forward bookings and other forex hedging instruments like currency swaps.
The above services are offered at attractive cost to the customers of the Bank subject to the Bank's policies and exchange control / FEMA provisions laid down by the Regulatory Authorities from time to time.
Our 16 Foreign Departments located in major cities in India have the requisite expertise to guide you and inform you in any matter connected with our products and services as well as the current forex regulations.
The Bank has Forex Relationship Managers stationed in the metro cities exclusively for this purpose.
For any further information please contact our office at the following address:
NRI SERVICE CENTRE,
NRI & MI (FOREX) DIVISION,
Integrated Treasury Wing,
Mumbai - 400 021.
Tel: +91 22 22871523
Fax: +91 22 22872369