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is is one step ahead when it comes to trade facilitation services for South African business.
A case in point is that well in advance of South Africa's inclusion in the Brics trading bloc (also comprising Brazil, Russia, India and China), it made sure that Chinese Yuan and Indian Rupees had core positioning in its foreign banknote range.
In fact, it was the first financial institution in the country to offer the Chinese unit as a standard banknote offering.
Earlier this year, it again showed its mettle by creating a facility enabling direct settlement to Chinese suppliers in their own currency.
For now, US dollars is the preferred option of South African businesses when paying the accounts of their Chinese partners, but this may change.
The Chinese government has announced a system of rebates to certain manufacturers and suppliers who accept direct settlement in Yuan. So in future, some South African businesses may find that certain Chinese suppliers prefer to be paid in Yuan.
Business travellers to China can also make use of another Bidvest Bank
innovation – the Yuan-denominated World Currency Card.
This is a secure, convenient and efficient way of loading destination currency upfront on a card, which also eliminates foreign exchange fluctuations.
For travellers looking to unlock other business opportunities in the East, these cards are also available in Indian and Mauritian Rupees and United Arab Emirates Dirham. In all, Bidvest Bank
's card range covers 12 currencies.
The bank also complements its global payments service for corporate clients by providing South Africa's most extensive range of foreign banknotes. It has banknotes available in more than 60 currencies, while its branches stock nearly 30 different options in their standard banknote offering.
As a foreign exchange specialist, the bank can respond to all client needs in this field, covering all international markets that attract the attention of South African business.