OFFSHORE TRADE ACCOUNT

EURO EXIM BANK OFFSHORE TRADE ACCOUNT

Features of Offshore Trade Account

• Exporters/Importers can use offshore trade account for the
settlement of Trade transactions
• Euro Exim Bank Offshore trade account offers to maintain major
currencies of USD, GBP, EUR and other global currencies
• It can be opened and operated globally by providing required
documents with ease
• It can also use to settle cross border trade payments with Escrow
Account services
 OFFSHORE TRADE ACCOUNT
Offshore trade account
• Offshore trade account mainly used by Suppliers and Buyers thereby
ensuring that the payments are made to beneficiaries without any
hassles
• Funds can be transferred into offshore trade account to make
payment of Issuance fees or any other services fees payable to Euro
Exim Bank Instrument
• Inward Instruments like LC/SBLC and BG can be offered as security
collateral to get instruments like Back-to-Back LC, SBLC and BG to the
Suppliers/Beneficiaries for trade settlements purpose
 OFFSHORE TRADE ACCOUNT
Steps for opening an Offshore Trade Account
• Application form send to Offshore Trade / CRM team for creating simplex
reference
• Introduction letter is sent (Details of all documents required)
• Terms and Conditions (Declaration by the client)
• Mandate form (Mandate Holder, Mandate Holder’s signature, Type of
Mandate)
• eKYC process starts – Received consent letter and eKYC invoice
sent, after receiving eKYC payment, eKYC link shared for uploading
documents
• Compliance team checks the documents and once clearance is
given, PI for Offshore Trade Account Opening fees is given and fees
collected and account opened.
 OFFSHORE TRADE ACCOUNT
Introduction Of EximWire
• EximWire is the application available with Euro Exim Bank for opening
of an offshore trade account by the client.
• EximWire link shared to client and access given for submitting
the online application.
• EximWire gives the new client an option to open offshore trade
account in Euro Exim bank.
• EximWire also provides account opening in three different currencies
of USD, GBP and EURO.
 OFFSHORE TRADE ACCOUNT

Offshore trade account can be opened in the following three major

currencies:

) USD Offshore trade Account

This will facilitate to maintain currency of USD
2) GBP Offshore trade Account
This will facilitate to maintain currency of GBP
3) EUR Offshore trade Account
This will facilitate to maintain currency of EUR
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Steps for opening an Offshore Trade Account….. contd..

1. The Below link will be shared to client.

https://sso-euroexim.com/

2. Client will sign up and alert will come to the team to give access to
the client to submit online application.

3. Client then login and submit the online application.

 OFFSHORE TRADE ACCOUNT

• Once all the details are filled correctly then proceed to submit the
form.
• The Admin verifies details after submission of form, if the provided
details are sufficient, then the account opening is approved.
• Once the account is approved by the admin, the approval mail will be
sent to the user email Id.
• KYC Clearance/Fees/CIF approval. (KYC Checklist available in simplex)
• Offshore Trade Account Activated and Welcome Letter sent to client’s
registered email.
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Details of VIRTUAL CARD Account
• The menu has a “Virtual card Account” tab, On clicking the tab, user
is directed to card account.
• The default currency in the Virtual Card Account is “USD”
• If the user wants to make a payment to the beneficiary, click on the
“New Payment Request” tab and enter the requested amount.
• User can proceed to submit the request (Only trade settlements).
• Once the Payment request is submitted, the admin will approve the
payment request after the verification of trade tractional documents.
 OFFSHORE TRADE ACCOUNT

Details Of Transaction
• In this section we maintain the “Transaction History”.

The following Transaction histories are maintained:

1. Internal Transfer
2. External Transfer(Incoming)
3. External Transfer(Outgoing)
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• Internal Transfer Means “Transaction between same currency

accounts”.

• External Transfer (Incoming) Means “Transaction between other

accounts to incoming chosen account”.

• External Transfer (Outgoing) Means “Transferred from selected

outgoing Exim wire account to another account”.
 OFFSHORE TRADE ACCOUNT – CHARGES

• Maintenance of Minimum Balance on each Account

• $1000.00
• £1000.00
• €1000.00

• Non maintenance of Minimum Balance on each Account (Penalty)

• USD account monthly charge - $100.00

• GBP account monthly charge - £100.00
• EUR account monthly charge - €100.00
 OFFSHORE TRADE ACCOUNT – SWIFT CHARGES
• Each Outgoing Swift transfer will be charged –
• 1% / $50.00 / £50.00 / €50.00 or Equivalent to $100.00

• Each Incoming Swift transfer will be charged –

• 1% / $50.00 / £50.00 / €50.00 or Equivalent to $100.00

• eKYC Charges of USD $1500 to be paid towards due diligence process

• **Offshore trade account opening fees - USD $6000. For Virtual card
USD $2000 Total will be USD $8000
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