FX Transactions FAQs
What you need to know about processing FX transactions online
Frequently Asked Questions
Do I still need to write the name of the dealer under payment details?
No.
Is there a minimum amount for negotiating rates?
No. There is no minimum amount.
How long will the booked deal remain active?
The deal will remain active for 2 working days and will be reversed after the expiry of the stated period based on the prevailing market rate movements unless there is a prior arrangement for longer holding periods.
Can I use the same deal for multiple transactions?
Yes. While negotiating with our dealers, ensure to book a deal for an amount equivalent to the total amount for the various transactions.
What happens if my deal is reversed before I fully utilized the booked amount?
If a deal booked earlier had not been fully utilized, you will need to call our dealers to book a new deal.
What happens if a deal is reversed before a transaction has been fully authorized?
Delete the transaction and call our dealers to book a new deal and initiate a new transaction with the new deal.
Do I need a deal reference for same currency transfers if the transfer is done in foreign currency?
No. Same currency transfers do not require a rate.
Can you book a deal to be used by different companies if the companies are related?
No. Each company must have a separate booked deal.
Can you use the same deal for both personal and business account?
No. Each account must have a separate deal.
What is the EX NIC Internet banking Foreign Currency Utilization Process?
Step 1
Call your NCBA dealer to negotiate a rate and book a deal.
Step 2
After booking Deal, log in to your Internet banking profile to view your booked deal under the Forex Deals menu on the landing page.
Step 3
Copy the deal reference.
Navigate to the payments menu to select the payment type you wish to perform and populate the payment details as applicable.
Enter the booked deal FX reference on the FX reference field.
Click Continue to confirm the rate.
Click Continue to confirm the Customer Spread.
Click Confirm to complete the transaction.
On the Homepage the FX reference deal details will be updated to indicate the Amount Sold balance.