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Exchange rate hedge products will help you to manage your foreign currency operations efficiently, ensuring that any fluctuations in the different currencies you work with will not affect your business.
At Cajamar Caja Rural, we offer you two types of exchange rate insurance to guarantee payments in currencies other than euros:
- Closed import exchange rate insurance: this is a commitment to buy currency at term when the amount and expiry date are known. The customer is, therefore, required to buy said currency on the agreed expiry date.
- Open import exchange rate insurance: the customer commits to buying a maximum amount of currency at an end date in the future, but may make partial usage at the agreed exchange rate, until the insurance expires.
- 10% of the amount of insurance taken out will be attributed to your Foreign Trade Facility as risk.
- Exchange rate insurance is a complex product within MIFID regulations. Hence, the customer has to meet all the requirements set out by this directive in order to take out this product.
- The customer must have registered with the Telephone Banking service so that, when you call to take out this product, you will be identified and the call will be recorded for your security.
- Exchange rate insurance is designed to cover a foreign trade operation. In other words, you must clearly understand your requirements and payment dates in order to choose between open or closed exchange rate insurance.
- Import exchange rate insurance constitutes an obligation for the customer to buy currency.