OCBC will need to sell your FX contract at the prevailing market rates. Any gains or losses will be attributed to your account.
FX Contract Booking
Need an edge? It is time to hedge.
Say hello to live Foreign Exchange (FX) rates you can lock in on OCBC Velocity
FX Online helps reduce the risk of currency fluctuations and uncertainty. Suitable for businesses that:
- Import or export goods and services
- Have foreign currency accounts
- Send international payments
- Want greater cash flow certainty to improve budgeting and achieve financial objectives in international markets
Get real-time foreign exchange rates and book the rates that work best for your business. In this video, we will guide you on how to book FX contracts and use them on OCBC Velocity.
Choose the currency pair that you would like to buy/sell and the amount required. Then select “Get started” and follow the on-screen instructions.
Log in to OCBC Velocity. Select “Transaction” and choose either “An OCBC Account”, “A bank locally” or “A bank overseas”.
Key in amount to be transferred. This should match the FX contract. Then select “Other Rate Types”.
Select the “Contract Number” that corresponds to the amount for the transfer, then click on “Proceed with Selected Contracts” to key in the rest of your beneficiary details.
If the FX contract is not shown, please click “Add Contract”, enter the contract number and account.
Submit your transaction afterwards.
Input the amount and currency pair that you would like to buy/sell as well as the value date. Then select “Get rate” and follow the on-screen instructions.
After entering your transfer details, select “Use FX contract” and select the FX contract that you have booked, tap on “Done” to continue your transactions.
Lock in your FX rates on OCBC Velocity
FX contract booking is available to all OCBC Business Banking customers with an “Authoriser” entitlement via OCBC Velocity (Business Internet Banking) and the OCBC Business app. OCBC will progressively roll out this function to more customers in the future.
During the booking stage, you will need to select your bank account and OCBC will earmark a percentage of your account balance based on the value of the FX contract booked. The amount for earmarking will be displayed on screen before you confirm your FX contract booking.
We will debit/credit the remaining earmarked amount back to the same designated bank account after deducting any losses arising from potential fluctuations in the exchange rate if customers have foreign exchange transactions that remain unsettled or are oustanding past the Value Date.
Unfortunately, you cannot cancel a foreign exchange transaction after it is completed.
Daily Market Outlook research
Learn about key FX and rates updates from our Daily Market Outlook research, helmed by our team of in-house economists, strategists and analysts.