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INTRODUCTION
Fidelity Bank is reputed for offering quality trade products and services to meet the demands of her Corporate, Commercial and Consumer banking clients. The highly networth individuals are not left out as the bank’s Invisible products and services are designed to suit the need of these high profile clients.
OUR PRODUCTS & SERVICES
LETTERS OF CREDIT (LC)
This is an irrevocable undertaking by the bank on behalf of her customer to pay the supplier (beneficiary) on presentation of credit complying documents. LC balances the risk arising from mutual suspicion between the importer (applicant) and exporter who are involved in trade across the shores of their respective countries.
Fidelity provides various forms of support to needy customers in terms of financing, document handling and collection of proceeds depending on the type of LC.
BILLS FOR COLLECTION
It is an international payment mode suitable for parties to trade transactions with high degree of trust. Goods are shipped to the importer while the shipping documents pass through the banking system for collection of proceeds.
We are very effective in document handling and collection of proceeds for both import and export Bills for Collection transactions.
FIDELITY IMPORT TRADE ALERT (FITA)
FITA is a major milestone achieved in our quest to provide unique service to our trade customers. It is an application designed to provide prompt notification to customers on the status of their trade transactions at any point in time via SMS or e-mail or both. It covers the following:
- Form ‘M’ acceptance by the Risk Service Providers
- Form ‘M’ amendment
- Receipt of Shipping Documents
- Receipt of Risk Assessment Report (RAR) from Service Providers
- Pre - Advice on Form ‘M’ expiry dates (2 weeks before expiry date)
- Due date for submission of Exchange Control Documents
To receive these notifications, ensure that your e-mail address and GSM Phone number are part of customer information maintained in the bank
EASY TRADE
Easy Trade is an enhancement of FITA that gives the customer remote access to information relating to his trade transactions with the bank. It provides a platform that enables the customer initiate trade transaction from the comfort of his office and also tracks same right from inception to the end of the trade circle.
This service also allows for automatic delivery of SWIFT Messages to the customer’s email address for Funds Transfer, Letters of Credit- fresh issues and amendments (MT103, 700, 707) generated on customers processed transactions.
FOREIGN CURRENCY TRANSFERS
Fidelity Bank transfers and receives funds on behalf of customers in foreign currencies through their domiciliary accounts. Outward fund transfers through naira accounts are limited to eligible transactions subject to regulatory documentation requirements.
Inward Transfers
Funds received on behalf of customers are credited to their accounts within 24hours.Value is given in currency of fund except where the customer chooses otherwise or does not have an account in the currency; in which case he gets Naira or equivalent in the currency of the account held with the bank.
Our Correspondent Bank Transfer Details are available on request immediately.
Outward Transfers
We remit funds on behalf of our customers following their specific instructions to any part of the world. Delivery time ranges between 12 to 48 hours depending on the location of the beneficiary.
Our transfer instruction form is designed to capture all the relevant information that will guarantee a hitch free delivery and the forms are available in all our business locations.
Foreign Cheques Collection and Issuance
The Bank facilitates the clearing/collection of foreign cheques deposited by its customers. Depositors’ accounts are credited on receipt of value from the Drawee Bank.
The Bank also issues Foreign Currency Drafts in USD and GBP on request by domiciliary Account holders and customer desiring to make payment for eligible Invisible Trade transactions from their Naira Accounts.
Bureau De Change Services
We provide bureau d'change( BDC) services in all our branches covering the following lines of transactions.
- Travel Allowances -Personal Travel Allowance (PTA) and Business Travel Allowance (BTA). PTA and BTA have limits of US $4,000.00 and US $5,000.00 or its equivalent in GBP and EURO per quarter respectively.
- Mortgage Monthly Repayment
- Medical Bills abroad
- Credit Card Payment
- Utility Bills
- Life Insurance Premium Payment
BDC transactions have a limit of US $5,000 or its equivalent in GBP and Euro, however, bills in excess of US $5,000.00 can be processed as Invisible Trade transaction under the listed transaction lines subject to documentation as prescribed in the FX Manual of the Central Bank of Nigeria.
Invisible Trade Transactions
- Correspondences courses, subscription and examination fees organized by local corporate bodies.
- Correspondence courses, membership subscription and examination fees(for individuals)
- Conferences, seminars and training courses organized locally and abroad.
- Board Meetings/ Directors’ fees.
- Medical fees.
- School fees.
- Foreign Nationales' personal home remittances.
- Books, magazines and periodicals (single copies)
- Contract Service fees
- Settlement of Claims on crystallized offshore bank guarantee.
- Insurance payments for aircraft operating in Nigeria; remittance for re-insurance and premium for returning Nigeria residents.
- Payment for maintenance of Fishing and Shipping Vessels and Aircrafts.
- Purchase and Sale of Securities
- Repayment of external loans.
- Judgment Debt.
- As listed in the Central Bank of Nigeria (CBN) Foreign Exchange Manual and as updated from time to time by the CBN.
Trade Advisory Services
We recognize the dynamic nature of international trade and the need to provide useful information to our clients on the ever changing operational modalities in international trade. Fidelity Bank has a savvy Trade Advisory team, well equipped to address customer’s needs in terms of information and trade advisory that is value adding to the customer’s business.
CUSTOMER FEEDBACK
To serve you better, please spare us a few minutes of your busy schedule and complete the questionnaire. Click here to view our questionnaire
Call Relationship Manager: 01-2713478, 01-2700534, 01-270530 -3
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