Exchange rate hedges facilitate the efficient management of your currency operations, so that fluctuations in the exchange rate of currencies you work with will not affect your business.
If you have a Foreign Trade facility, you can take out exchange rate insurance by calling Telephone Banking on 901 191 000, Monday to Friday, between 8:30pm and 2pm.
At Cajamar Caja Rural, we can offer you two different types of exchange rate insurance to guarantee payments in currencies other than Euros:
- Closed export exchange rate insurance: this provides a commitment to sell currency within a fixed period when the amount and expiry date are known. The customer is required to provide said currency on the expiry date.
- Open export exchange rate insurance: the customer pledges to sell a maximum amount in currency on a set date in the future, with the option of making partial use at the agreed exchange rate up to the expiry date of the insurance.
- When taking out exchange rate insurance, 10% of the sum taken out will be attributed in terms of risk to the Foreign Trade Facility.
- Exchange rate insurance is a complex product according to MIFID regulations, so customers must meet all the requirements set out by these regulations in order to access this product.
- Customers must have registered with the Telephone Banking service, so that when they call to take out this product, they will be identified and the call will be recorded for their absolute security.
Bear in mind that:
- Exchange rate insurance is designed to cover a foreign trade operation. In other words, you must have a clear idea of your needs and collection dates in order to choose between open and closed exchange rate insurance.
- Export exchange rate insurance creates an obligation for the customer to sell currency.