10 cross-border trade advantages with Access Bank

Global commerce simplified

In the complex world of international trade, finding a bank that understands and specialises in your business needs is crucial. At Access Bank, we offer more than your average financial institution – we are a solutions-driven partner. Whether it’s navigating third-party intermediary transactions or expanding your operations across borders, we grasp the intricacies of Trade Finance.

“Access Bank has the ability to facilitate deals of any size. In addition, the ability to offer significantly more affordable rates on import finance is a major plus, as is having experts in the field for each deal.” Lloyd Caughey, Head of Trade Finance, Access Bank South Africa

Here are 10 ways we provide simpler, more effective cross-border trade support:

1. Experience: We have a proven track record with a strong focus on trade and Forex capabilities. Our history is one of delivering superior value to our customers by alleviating payment and supply risks. Our approach includes matching funding between buyers and suppliers to ensure seamless delivery of goods and smooth facilitation of orders.

2. Network: A key aspect of our cross-border trade advantage is our extensive network, particularly our relationships with banks in the country of export. As Africa’s largest bank by customer numbers, we service over 63 million customers. Our operations span 21 markets, including 14 in Africa, and extend internationally with a presence in the United Arab Emirates (UAE), the UK, and France. Additionally, we maintain representative offices in China, Hong Kong, India, and Lebanon, further strengthening our global footprint.

3. Cross-border payments:Access any currency, anywhere, any time. Our expertise in cross-border payments means your Access Bank relationship manager is proficient in settling foreign payments to suppliers in any country, across all major currencies. We are also equipped to receive funds from any of your offshore counterparties, crediting your account efficiently and securely.

4. Trade finance services: Our comprehensive suite of services include:
   • Export Letters of Credit: Leveraging our solid reputation, we can advise and confirm to beneficiaries anywhere in the world.
   • Import Letters of Credit: We issue stand-alone letters of credit in favor of suppliers, facilitating smoother transactions.
   • Standby Letters of Credit: These are used to support open-account trading and mitigate payment risks.
   • Payment Guarantees: We provide financial security to beneficiaries, ensuring payment even if the buyer fails to pay.
   • Risk Participation: This service enhances the management of foreign trade exposure, helping you navigate global markets more effectively.

5. Forward exchange contracts: Exchange rate fluctuations can impact your bottom line. To protect your profits, we offer forward exchange contracts, providing the necessary cover to buffer your business against the unpredictable currency markets.

6. Documentary Bills of Collection:Important for avoiding fulfilment delays and ensuring the sale of goods, regardless of fluctuations in exchange rates of the trading country. We provide this through hedging strategies, bills for collections and outright dollar loans. Each option is designed to safeguard the interests of all parties involved.

7. Forex trading platform: Opening up opportunities for trading in multiple markets, our Forex platform offers significant cost reductions, supporting your business resilience and growth.

8. FX products and services: We help simplify complex processes such as foreign remittances, Reserve Bank applications and offshore investments, helping to remove the hassle and ensuring a streamlined experience for managing international finances. 

9. Other Payment Services:These include inward and outward currency telegraphic transfers, the maintenance of foreign currency accounts and comprehensive correspondent banking services. We provide competitive spot rates, ensuring that our clients receive the best possible financial terms. 

10. Access to decision makers and speed: Having arelationship-based model means you get easy access to decision-makers and accelerated transaction speeds. Our extensive African subsidiary network enhances service efficiency and provides valuable business advice. This framework is designed to offer trade-backed solutions to African traders and banks, aiding them in completing international trade transactions effectively.

As your solutions-driven bank in cross-border trade, we provide a service that actively mitigates payment and supply risks and allows you to concentrate on your growing your business. Access Bank is here to ensure that your ventures into new markets are seamless and successful.