This is the place where we publish the interest rates, exchange rates and other financial information that is relevant to the transactions of the company and our team members.
As a rule, all payments must be made directly in the currency of the transaction, and we should avoid cross border payments whenever possible.
When otherwise, the exchange rate for cross border transactions will calculated on the day at the Visa Exchange Rate. In order to calculate the exchange rate, we use a 0% bank commission in the calculator on the page:
https://usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html
The exchange in currency is to be done so that the recipient will get the correct amount in the recipient currency, rounded up to the nearest 2 decimal places, when the exchange rate is applied.
Transaction charges should be borne by the company, with the most efficient process where the receiving party will get the amount as designated by this policy.
Interest rates will be calculated as per appropriate public interbank lending rates, with a predetermined markup.
Every 6 months, starting on 1st January 2020 an average is to be taken of the daily representative rates for a 31 day period centred around the starting date of the period. For example, for 1st January 2020, the period would extend from 16th December 2019 to 15th January 2020, inclusive.
For low interest rate regimes (≤3%) the markup is to be 1%, for medium interest regimes (>3%,≤8%) the markup is to be 2%, for high interest rate regimes (>8%) the markup is to be 3%. The markup is expected to take care of the volatility at the higher end of the interest rates.
The effective rate for the 6 month period (1st January to 30th June, or 1st July to 31st December), will be the benchmark rate added to the markup.
All interest rates will be calculated to nearest 2 decimal places.
Here are the tables for the applicable currencies: