CDH Investment Banks Non-Governmental Organizations Foreign Currency Denominated Account (NGO’s FCDA) is a tailor made account that offers you unbelievable rates crafted to meet the specific needs of Non-Governmental Organizations (NGOs) and other similar entities. This account is denominated in other convertible currencies. The accounts are maintained in foreign currencies like USD, GBP, EUR, ZAR, and any other tradable currencies.
Features
- No minimum balance requirement
- Interest rate is negotiable
- Withdraws in local currency through Malawi Kwacha operating account
- Payment of own foreign bills using the FCDA account
- Waiver of certain charges subject to annual turnover of accounts.
NGO FCDA account opening requirements
- Account opening forms
- KYC documentation as advised by the Bank
- Customer must maintain a Malawi Kwacha operating account
- Account to operate in compliance with RBM Exchange Control Regulations
Target market
- NGOs (organisations earning in foreign currency) (Local or International NGOs)
- Embassies
- Multinationals
- Development financial institutions like USAID, World Bank, AFDB, IDA
- Any institution with foreign currency inflows other than exporter
Benefits
- Clients are allowed to negotiate rate at the time of conversion into local currency
- Allows client to predetermine applicable charges on the account
- Allows client to hedge against exchange rate fluctuations
- Enables client to make foreign payments directly from the account
- Provides alternative forms of investments due to flexible and competitive interest rates.
- Customer can hold funds in the FCDA account and convert when conditions favorable.
