|
 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
You can now receive your money transfers in our branches More |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay your ECG bills with us More |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
||||||||||
|
|
||||||||||
|
|
FOREIGN OPERATIONS REMITTANCES Q.Can I receive money from outside without going through Western Union? How can I go about it? A. Yes. All you have to do is to furnish the sender of the funds with our offshore correspondent bank details. However you (the receiver) should have an account with GTBank for onwards transfer of received funds. Q. I want to transfer money outside what will be involved? A. A written request stating the purpose of the transfer with supporting documents should be submitted to the bank. For example if a customer wants to pay school fees abroad, the following documents have to be submitted: Letter of admission, and a bill indicating fees to be paid and a completed B1 form and a letter requesting for the transfer to be made. Q. What kind of account(s) should I open if I want to remit funds from another country to my account in Ghana?
A. Primarily you can open two types of accounts. That is, either a cedi or a foreign account. If it is a Cedi account, the equivalent of the funds received will be credited to the cedi account. If on the other hand it is a foreign currency/ exchange account, the foreign currency amount received would be credited to the account. Cash withdrawals against such deposits will also attract a charge of 3%. Q. Can a foreigner, transfer salary earned in Ghana to an account held in a foreign bank? A. It is possible for Non-Ghanaians working legally in Ghana to transfer part of their salaries outside. In this case a Personal Remittance Quota form (obtainable from the Bank of Ghana) has to be completed and approved and then the transfer can be made. Q. Are there restrictions to the number of times I can withdraw from my foreign currency account over a month? A. There are no restrictions on the number of withdrawals in a month. Q. Is it possible to transfer funds to GTBank PLC if I do not have account with GTBank Ghana? A. No. All funds transferred from the Bank should come from accounts held with us. The Bank cannot make transfers on behalf of non account holders. Q. If I receive funds transfer into my foreign currency account can I withdraw foreign currency? A. Yes. However the withdrawal will attract a charge of 3%. Q. What is a Letter of Credit? A. A Letter of Credit is a document issued by a bank on the instructions of its customer, (the applicant/importer), undertaking to pay the beneficiary (exporter) or accept and pay drafts drawn by the beneficiary (exporter) against stipulated documents, provided the terms and conditions of the credit are complied with. Q. What are the different types of LCs? A. Examples of commonly used Letters of Credit include: Deferred Payment Letter of Credit: This allows the buyer (importer) to take possession of goods by agreeing to pay the issuing bank or the confirming bank at a fixed future date. Red Clause: The contract for the establishment of the LC allows the bank of the exporter to advance some payment to the exporter/beneficiary to aid in the exportation of the goods. Stand-by letter of credit: As opposed to a commercial letter of credit, stand-by letter of credit does not cover the direct purchase of merchandise or goods, so called because it is often intended to be drawn on only when the applicant for whom it is issued fails to perform an obligation. Back-To-Back: This is used when there is a third party (middleman) between the importer and the exporter. It involves the establishment of two LCs, one by the importer in favour of the middleman and another by the middleman in favour of the exporter. The amounts involved are different and the difference serves as the commission of the middleman. Q. What is a sight LC? A. A Sight LC is one in which payment for goods is due upon presentation of Credit Compliant documents to the importer’s bank. In this case the customer pays before the documents are released to enable goods to be cleared. Q. What is the meaning of an ITLC? A. An ITLC (Irrevocable Term Letter of Credit) is a tenured Letter of Credit. It is a deferred payment undertaken of the issuing bank (GTBank in this case) to pay at a predetermined future date. Q. What is the difference between Operative and Inoperative LC? A.The difference between the 2 is that for an Inoperative LC, the beneficiary of the LC is not expected to ship until the LC is made operative. However, an operative LC is an LC that has the payment undertaken of the issuing bank to pay. The beneficiary is allowed to perform/ship on the LC. Q. What is the maximum period of time an LC can expire? A. The maximum initial tenor of an LC is 180 days, since the life of the LC is dependent on the life of the Import Declaration Form (IDF). It can however be extended subsequently. Q. Do I need to be a customer of the GTBank before I can establish a Letter of Credit? A. Yes. A Letter of Credit is a contract involving payments and the bank can only make payments on behalf of its customers. Q. Do I have to come to the Bank any time I need a letter of credit? A. No. At Guaranty Trust Bank our customers are assigned dedicated relationship officers who can help customers process their transactions without necessarily coming to the Bank. Q. What is the meaning of partial shipment? A. Partial shipment means that goods can be shipped in parts or in consignments and not all at a time. This has to be agreed between the importer and exporter. Q. What documents do I need to present to GTBank when establishing a letter of Credit? A.
In the case of importation of pharmaceuticals, a current license issued in the name of the importer by the Pharmaceutical Council of Ghana and Certificate of registration of business premises. Q. Can I bring my own foreign currency when I want to establish a Letter of Credit on behalf of my client? A. Yes. Since the bank in all circumstances would have to source for the foreign currency it becomes easier in case customers are able to provide the needed foreign currency. (However, a swap fee may be applied) Q. Can GTBank establish Letters of Credit in favor of customers anywhere in the world? A. Yes. You only have to provide GTBank with the correct name, address and bank details of both offshore bank and the customer. Q. What is the validity period of a Proforma Invoice? A.The validity of a proforma invoice is actually determined by the exporter/supplier and is influenced by economic reality. A Proforma Invoice is usually not valid for more than 3 months. Except where it is clearly stated on the Proforma Invoice that it is valid for a longer period of time in which case the duration of validity must be stated. Q. What is the maximum tenor for remittance on Bill for Collection transaction? A. 180 days from Bill of Lading/Airway bill date. Remittance made after this period requires Bank of Ghana approval. Q. What is a Collection Order? A. A Collection Order is a document containing instructions for the remittance. It is a remittance request or instruction sent either directly from the supplier to the importer’s bank or from the supplier’s bank to the importer’s bank. The importer’s bank being an agent in the transaction is duty bound to follow the instructions on the collection order. Q. What is Import Declaration Form (IDF)? A. Import Declaration Form is an import Control document provided by the Ministry of Trade and Industry (MOTI) to monitor imports into the country. It is a regulatory requirement of the Ministry of Trade and Industry that an Import Declaration Form accompany all imports into Ghana. It is therefore mandatory for importers to complete Import Declaration Form at the time of placing their import order. Q. What is the difference between the country of origin and the country of supply? A. The country of origin is where the goods are manufactured while the country of supply determines where inspection of goods will be carried out. Q. What is the HS code and what is it used for? A.HS Code is short form for Harmonized System Code. It is used to determine the duty payable on imported goods. Q. What does documents against acceptance (D/A) mean? A. Term for documentary draft collection instructions requesting the presenting bank to deliver documents only upon acceptance of the draft by the drawee/importer. Q. What does Documents against Payment (D/P) mean? A. Term for documentary collection instructions requesting the presenting bank to deliver documents only upon receipt of payment from the drawee/importer. Q. How many inspection agents do we have presently? A. As from 1st April 2000, Ghana moved away from predestination inspection to destination inspection. The following companies were appointed to do the inspection;
Q. Why must the bank retain original documents? A. It is Bank of Ghana’s requirement that original documents (transport and title) be retained in the transaction file as evidence of utilization of funds by the bank/customer. Q. Do I need to be a customer of the bank before I can send documents through GTBank? A. Yes. In documentary collections, the bank acts as an agent on behalf of its customer. The bank cannot be an agent for non customers Q. What banking details do I have to provide my foreign customer to establish a Letter of Credit on my behalf. You need to provide the addresses and transfer details of GTBank and that of GTBank’s correspondent banks to foreign customers to facilitate the smooth transfer of documents and funds. The following are the details; GTBank 25A Castle Road, Ambassadorial Area Ridge, Accra, Ghana. Correspondent Bank Details; Ghana International Bank 69,Cheapside
|
||
|
|
© 2006 Guaranty Trust Bank Ghana Ltd. Powered by Guaranty Trust Bank Plc || Scam Alert! || Terms & Conditions || Site Map |