What is the PFCTA?

Anonymous

∙ 16y ago

Updated: 8/17/2019

PRIVATE FOREIGN CURRENCY TRANSACTION AGREEMENT

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∙ 16y ago

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What is a Ledger to Ledger Currency transaction?

1) USD Provider and EURO Provider, directly or through their authorized mandated representative would accept, sign, seal and returna private currencies exchange agreement, along with IMFPA which is an integral part of this PFCTA, by fax or e-mail (hard copies to be sent by courier service if required). 2) The EURO Provider arranges the USD Provider's multi currencies account for the purpose of this transaction. The USD Provider shall provide to the EURO Provider the necessary documents for the account opening. 3) The transaction will start as per the agreed schedule immediately following the activation of the specialised bank account. 4) The USD Provider shall transfer daily the face value of each scheduled Tranche less the Discount to his specialised bank account. The EURO Provider executes the exchange immediately when the funds are received on the Customer's specialised account. The balance of the face value meaning EURO Provider's Bonus and intermediaries' Commission, the Discount, will be transferred the very next day as per Addendum 4. This way, fees are paid after performance of the EURO Provider

What is the PFCTA?

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What is a Ledger to Ledger Currency transaction?

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