Canara Bank unveils “FX 4 U” for foreign exchange remittance through Internet Banking

Canara Bank has launched FX 4 U that allows its complete web banking customers to deal with foreign exchange transactions hasslefree. FX 4 U is used for foreign exchange remittance by web banking. With this improvement, eligible prospects will be capable of undertake remittance facility in adherence to the FEMA laws 1999.

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About FX 4 U:

  • Once the letter of credit score (LC) module is activated, the company prospects could make and submit LC purposes with paperwork by web banking.
  • Corporate prospects could make and submit the LC purposes together with paperwork by web banking as soon as the LC module is activated.
  • The transactions which are submitted by web banking will stream seamlessly to the Centralized Process Centre – Forex Transactions(CPCFT), the place the Compliance and accounting shall be executed and transmitted by The Society for Worldwide Interbank Financial Telecommunication (SWIFT).

Important takeaways for all aggressive exams:

  • Syndicate Bank was amalgamated into Canara Bank on April 2020.
  • Canara Bank Founded: July 1906 by Shri Ammembal Subba Rao Pai.
  • Canara Bank Tagline: Together We Can.
  • Canara Bank MD & CEO: L V Prabhakar.
  • Canara Bank Headquarters: Bangalore, Karnataka.

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