Solving the problem of cross-border remittance: A complete analysis of strategies and preventive measures!
April 29, 2024
In international trade, cross-border remittances are a common payment method, but sometimes remittances may be delayed, causing inconvenience to both parties and even affecting business progress. There are many reasons for this situation, and understanding these reasons can help companies take appropriate measures to avoid or solve problems. The following are some common reasons and coping strategies: I. Remittance Channels...
South African currency exchange rate hits a record low, beware of foreign exchange risks
16 May 2023
The South African rands exchange rate against the US dollar recently hit a record low, attracting market attention. Last Friday, the South African rand depreciated by 1.8% against the US dollar during trading, closing at 19.32 rand per 1 US dollar, reaching a record low. Throughout the week, the South African rand fell nearly 4.7% against the US dollar, the largest single-week depreciation in nearly 9 months. So, what caused...
Which banks are at risk of receiving foreign exchange for export to Russia?
25 April 2023
Currently, many Russian and Belarusian banks and their subsidiaries have been excluded from the SWIFT system, and many Russian banks have also been included in blacklists such as the Specially Designated Nationals List (SDN List) and the EU Financial Sanctions Consolidated List. Although domestic companies can use cross-border RMB to receive payments from Russian buyers, if the paying bank is involved in a sanctioned bank, there is a high probability that...
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