Month: November 2020

How International Banking Works

For a company to become adept in International banking it has to be well versed with international transactions even before exploring the available finance options. The rate at which a bank can also interact on an international platform is also necessary. There are several finance trade products for companies trading on the international frontier.

One of these is the letter of credit which helps the seller to ascertain that payments have been made. Once this letter has been received from the bank, the exporter gets a confirmation that payment will be made by the importer. This is the means through which the bank guarantees that payment will be made. If for unforeseen reasons an importer fails to meet the terms and agreement on the payment, the bank then steps in and makes the payment. This is the in which the exporter makes performs risk-free transactions through following these stipulated terms and conditions.

Any international bank should be well aware of all the specifics of international financing. There are some companies that prefer using banks that issue letters of credit online. This is one way of speeding up transactions since the exporter is able to get the letter of credit promptly and therefore goods can now be released to the importer since the bank has guaranteed the payment and therefore does not cause the unnecessary delays in the export and import process.

International financing is so crucial since one wants to ensure that they get the favorable terms available. The bank in which one makes transactions should allow one to available finance options available for exporting goods. International banks are in most cases preferred because of number of reasons such as tax avoidance in what many know as offshore banking, which is not necessarily illegal but one should always be aware of the hazards that come with international banking.…

Study Banking – Academic and Practical Knowledge of Financial Markets

Students with a head for numbers and the financial markets should be at the head of the queue to study banking undergraduate courses. Banking degrees equip students with the academic knowledge to operate in the increasingly competitive world of financial markets, with experience of analysing and solving complex problems in banking and finance.

Not only do the course structures provide solid understanding of core modules, the elective modules give students the flexibility to define career objectives and aspirations for the coming years. By the end of a three year course structure students will have an advanced knowledge of international finance and banking and financial management, with the opportunity to focus on additional areas of finance with a dissertation relevant to interests and aspirations.

Studying banking degrees in London gives the option of a placement year within the industry with a range of companies renowned for their reputation in economics and the financial markets. This is the perfect way to network and build up potential working relationships for the future.

Although financial degrees provide a demanding work schedule the input from lecturers and tutors will help to lighten the load. Life as a business student in London is incredibly diverse and fast-paced, with an incredible social scene boasting festivals, parades, comedy clubs and more just waiting to be explored in spare time.

Students that wish to see the world and travel as part of their career will certainly be able to do so in business and finance – a global language that which all are fluent. Because of this factor, banking courses contain a diverse field of undergraduates with people from all continents enrolling – thus making it easier to identify with others for future careers.…

How the New Regulatory Reform Affects Jobs in Finance

Defenders of a liberal financial system will probably agree that lack of education, wishful thinking and over confidence caused thousands of Americans to get into debt. On the other side of the coin, debtors might argue that greedy bankers and financiers ‘bet’ on the crisis and consequently willed it. Philosophy teaches us to examine issues objectively. The government’s main objective, stipulated by the declaration of independence, is to secure the unalienable rights of life, liberty and the pursuit of happiness. The millions of Americans who recently lost their jobs evidenced the need for the government to secure these rights.

In essence the new regulatory bill has been developed to prevent abusive practices and to avoid manipulative propaganda. By creating federal agencies that will monitor what happens in the financial industry, the government expects to have a transparent banking system that will allow consumers to understand what they are getting into. Additionally, the government will have oversight of other financial companies that pose risks to the system, and have the power to dismantle them if necessary. The initial outcome of the bill will not begin until a couple of years; thereby it will neither improve nor aggravate the unemployment rate for the short term.

Last year’s stimulus package included grants to finance state training programs directed to laid-off workers; however these have had ambiguous results. As a matter of fact, a study developed by the Labor Department that randomly picked people trained by a federally financed program in 2001 and 2002 found practically no financial gains. Yet, according to Peter Weddle, former Chairman & CEO of Job Bank USA, Inc., one of the largest electronic employment service companies in the United States, “Being unemployed is the perfect time to assess if you are working at your talent.” He goes on to define talent as the intersection between passion and practicality or, in other words, “what you love to do but also what you do well.”

Though this might be true, most finance and accounting professionals worry how this bill will affect their economy. Some probably think it is a good time to go back to school and prepare for the opportunities that will be created. It would be foolish to speculate on what will happen, but it would be wise to prepare for the new regulation. Moreover, those who are able to fully understand the bill will be able to use it for their benefit. Government agencies will need auditors to monitor banks and other financial companies. The businesses being audited will need tax lawyers to interpret the new regulation and accountants to keep their books up to date. Maybe new types of businesses will be created. As businesses begin to adapt to the new regulation, they will periodically look for knowledgeable professionals.…

Underperforming Economic Sectors and a Strong Rand

With the Rand hovering around an all-time high against the dollar the last week, there is no surprise that the economy is feeling the knock on effects. According to Cees Bruggemans at FNB, the June 2010 manufacturing output was 8.8% higher than the same month last year and a 7% increase in the food and beverages sector respectively. These are both strong signs that the South African economy has fundamental strengths to support the tourism boom associated with the FIFA world cup.

While the growth of the South African Manufacturing and mining sectors continue to rebound from the lows of 2009, we are seeing a resistant bounce in other sectors of the economy less resilient to recessionary pressures. Durable and semi-durable goods have yet to see a turn around and repair of many of these sectors can only be expected in Q4 of 2010 or Q1 of 2011.

With the strong Rand currently trading at 7.2862 against the Dollar, according to forex traders eToro, further increases in the export markets could be dampened in turn having a knock on effect and slowing economic growth, which according to Reserve bank of South Africa is expected to hold steady at 2,9 per cent during 2010 compared to a forecasted global average of 4.6% predicted by the International Monetary Fund’s World Economic Output report from July, 2010.

While much of the recovery will depend on the output of the underperforming sectors of the economy, it is important to see the strength of the Rand remains a major element of the repair. The Rand has built strength against the dollar much in part because of the instability in the Euro area and volatility of the EUR/USD paring.…

Safety Deposit Boxes Give You Peace and Security

Banks offer various services aside from accepting deposits and giving out loans. They also provide money transfer; accept bills payments, issue bank checks, drafts and traveler’s checks, and a lot more. The banks also do not just secure your cash but also they can secure your documents, jewelries and other personal belongings through safety deposit boxes. Actually there are also other institutions that offer safety deposit boxes, among others are the post offices.

Safety deposit boxes are boxes or containers that are being safe kept inside a vault. Though the banks or any other institutions may have limited liabilities relative to thefts and other crimes that may occur while your possessions are inside the safety deposit box, still many people opted to keep their valuable possessions inside the safe box. This is relatively because of the high security measures that a bank or any other institutions implement compared to the safety and security that you can provide in your own place.

You can put anything you want inside the safety deposit box. This can be a set of precious jewelries, gemstones, valuable metals, other currencies that are so valuable to you, certificates of deposits and securities, and other important documents like your property title certificates, birth certificates, and wills. A hard drive or any computer data storage can also be secured inside the safety deposit box.

Safety deposit boxes come in different price ranges and sizes. In order for you to avail one, you have to pay a rent and you will be given an access key combined with another key that result to dual control to access the box. Your signature and sometimes even a pass code are also being required before you have an access to open the box. In some other banks and institutions, an electronic pass code or biometric security measures are being implemented. The main factor here is the control always requires a counterpart. You can not access the box all by yourself without the counterpart from the bank or the institution you are renting with.

Although in some cases like hotel rooms, cruise ships, resorts, and other facilities of the same nature, offer safety deposit boxes that will only require a single control that will only be known by the user. This is on a temporary basis while you are just staying in their facility and this will only be at your own risk.…

Swiss Banking And Finance

Swiss banking accounts offer people with money a way to keep their funds private from the rest of the world. These accounts may also help a person legally avoid high taxation rates in their home countries. Very wealthy people often use Swiss banking accounts as a means for keeping funds from the eye of the public and for favorable tax treatment. The process of setting up one of these accounts is usually very simple with the right professionals helping you along the way.

Benefits of Privacy

The major benefit of setting up a Swiss bank account is privacy. One does not need to have his or her name listed as the agent on a bank account. One can choose to hire someone else to serve as a director or shareholder for an account that is created. Also, most companies do not require that a person hold yearly board meetings or fly to the actual location to open up the account. Transactions can now take place totally online, and this saves time and money for the busy professional.

Secrecy of Records

Records are also kept confidential in Switzerland. Switzerland is renowned for keeping its records private from the rest of the world. Even during World War II, other countries attempted to force Switzerland to go public with information about the offshore accounts that people held in the country. The banks in Switzerland refused to go public with this information which made Switzerland a respected country for its offshore banking laws and ability to adhere to them. People who are interested in helping wealthy people protect their assets may want to attend bookkeeping schools to learn about the process of opening up a bank account for these people. By obtaining a bookkeeping education, one can learn how to maintain the confidentiality of records. It is important to receive this education because every so often world leaders from other countries will try to pressure agents at banks into coming forward with confidential information. The task of an agent is to stay strong and resist the temptation to publicly release information.

Risks to Watch

When one does decide to open up a bank account in Switzerland, he or she should make sure the agents working within a Swiss bank have obtained a bookkeeping certification. It is essential to make sure that the agents have mastered their bookkeeping training and are thoroughly knowledgeable about the way to keep records confidential from the public. These days, Switzerland is receiving pressure from countries like the United States to sign certain treaties that will make information go public. It is up to an agent who is the bookkeeper for a bank to keep information private no matter what occurs.

Save on Taxes

The main benefit that people will enjoy by opening up Swiss bank accounts is avoiding international taxes. People will be able to avoid very high taxes on their wealth and income by opening up Swiss bank accounts. It is always a wise idea to open up one of these accounts to preserve one’s wealth.…

How to Start Internet Banking Today

There are many ways to do your banking, but there are smart ways to get benefits and advantages with internet banking today is easy and safe, and is the most convenient way to go. You can transfer funds, check your balances, order checks, and do a lot more on line.

Some people are wary about online banking because of its bad press. But the people who have had bad experiences with this type of banking are actually very few and far between, if you compare that number to the many who never have any trouble with this. There have been a great deal of improvements made over the years to protect the consumer in this regard. And the improved security with your private information continues to be enhanced. Your accounts are set up by you alone, with private passwords and codes so that only you can access them. And it is not difficult or complicated to change your password at any time you desire. Improvements are also always being made for the ease of use for the consumer.

The auto complete function has been eliminated. This was when the completion of the application for the account was automatically finished. Now only you can finish it, and it cannot be accessed by strangers. And many banks have enforced new rules so that you are no longer responsible if an unauthorized person does access your account. This guarantees your security on line.

So how does one start an online account? You will need to have a computer with Internet access. If your browser, like Internet Explorer, is supported by your bank, that is all you need. There is no software you need to buy. Then all you do is register on line.

The form for registration will require your social security number, your debit card, or credit card account number, and you will be given the opportunity to choose a personal identification number, or pin, for your accounts. You can also use a checking account number or savings account, if you do not have a credit or debit card. Your mortgage loan or other loan account will also do fine.

Imagine never having to leave the house to attend to your banking needs. That will also save you gas money and travel time. And you can do this twenty four hours per day, and seven days per week. You will be given a confirmation number for every transaction you make, and you are bound to find this type of banking easy and convenient.

You can check ATM transactions (that is, automatic teller machine), and checking and savings transactions, as well. You can pay bills this way anywhere in the United States. You will be able to view check images, statements, even phone transactions. And you will never have any doubts again about deposits or withdrawals that you have made, because you can see them whenever you need to. You can even apply for credit online, or request a credit card increase. You can order checks, and stop checks, as well. And you will even be able to get insurance service quotes, and check your brokerage and investment balances.

So make the choice to make the switch to internet banking today.…

How To Go Green – A Simple Money-Saving Green Living Tip

One benefit of going green is saving money. Some of the best green living tips that also save you money are easy to do and take very little time to implement.

Here is a terrific money-saving green living tip that is so simple that it is easily overlooked. Once implemented, this efficient green living tip will enhance your green lifestyle by making your life easier, saving both time and money every month.

What “How to go green” tip am I referring to? It is something you probably already know about: online bill pay.

I have been using online bill pay for several years now because it saved me both work and money. However, it was only recently, based on a comment made by my sister that I realized what a terrific, easy green living step online bill pay could be.

The majority of people can take advantage of online bill pay, and they should. This is a green living tactic that would have advantages regardless of its green credentials, but is even more valuable because it conserves paper and resources.

Anyone with a checking account and an internet connection (which you must have if you are reading this article!) can gain this benefit of going green. To set up online bill pay you need to take the following steps.

First, set up online banking with your bank. Almost every bank offers online banking nowadays. By allowing customers to manage their bank accounts online, demand for person-to-person contact with banking personnel is reduced, and some transactions that required paper can be handled paperless. (Don’t worry. You can always make electronic copies of statements and transaction records that can be stored on your computer for retrieval in the future as necessary.)

Second, once you have set up online banking with your preferred bank, navigate to the online banking set-up page. Typically, you will need to create a user name and password, and your online account will require approval by your bank. Approval is normally very quick, taking only a few days at most, as banks like to increase the number of customers with online banking.

Once you have your online banking set up, you are able to pay bills electronically. You simply enter the information for the payees once, and then each month as the bills come in, you tell the bank who to pay and how much to pay them. Recurring bills such as a mortgage can be set up to be automatically paid on a fixed date reach month. The best part is that the bank cuts the checks, debits your account, and sends out the bills. You don’t have to write checks or write out addresses and return addresses. The bank does this work for you. In addition, the bank mails the bills for you as well, saving you a first class stamp (currently 44 cents) and an envelope for each one. If you have 25 bills to pay each month, this is worth about $12.50 every month, or about $150.00 per year.

You can opt to receive many bills online as well, reducing postal mail clutter. And in many cases, online billpay is available from your bank for free-absolutely no cost to you.

An alternative is paying bills online yourself, with the option of direct debits from your checking account, but this is more time-consuming. I prefer to let the bank do the work.

Online banking is a simple way to go green that will save you money every month. It is one of the easiest ways to go green and save money.…

Finding a Bank Account That Caters to Your Financial Needs

Gone are the days when banks – and bank accounts – generally extended the same set of features. Instead, any given bank today usually offers a wide range of bank accounts for customers to choose from, with selections varying significantly from one bank to the next. Thus, consumers are able to select a bank account that caters to all their financial needs.

However, the sheer number of banks and types of bank accounts out there can also make the process of choosing an account seem overwhelming. So it’s best to break the process down into easier steps. To begin, you’ll need to choose a bank. Many people have either done business with banks before or currently have some type of account open with a local bank. If you already know which bank you want to open your account with, a large part of the work is already done. However, if you need to choose a bank, it’s best to do a bit of research first.

Start off by choosing a handful of banks in your area that you might want to bank with – then proceed to researching each of them further. You’ll initially want to consider aspects like locality and the number of branches in your area, extent of banking services, and customer service ratings – information that can all be gathered via online research or word-of-mouth. If you ultimately find you’re interested in multiple banks after your initial research, you can then start looking into each bank’s services and account types in more detail to choose the bank that’s right for you.

Once you’ve chosen a bank, you’ll want to gather information on all the different types of accounts they offer. The best way to do this is to meet with a banking associate, who can then outline the various account types available. This also gives you an opportunity to relay to the bank what you’re looking for in an account – so the associate can more effectively pair you with an appropriate account. Once you know what the bank offers – and once the bank knows what type of account services you’re after – you’re bound to find an account that’s right for your financial needs.

So, while there are countless banks – and even more types of bank accounts – out there, you can easily source and open an account that’s right for you. Simply research your options – asking a lot of questions along the way – and keep a keen eye out for account features that will cater to your financial needs.…

Banking Interview Questions – What Not To Do

Banking is one of the most challenging industries in which to get hired. The number of applicants for each vacant position can be as high as 100-to-1. The worst thing a potential applicant can do is to make mistakes in answering banking interview questions. Here are some examples of what you do not want to do when you are interviewing for a banking position.

Lack of enthusiasm

Most interviewers will form an impression of you within the first 60 seconds based on how you act and what you say. If you fail to show interest in the position, the company will pass on hiring you. A successful applicant will show enthusiasm for their accomplishments and be able to clearly articulate how they will benefit the company. If you are unable to enthusiastically sell yourself during the interview, how do you expect to sell anything to your bank’s customers?

Dress inappropriately

I once interviewed a person for a banking position that showed up for the interview wearing shorts and flip flops. I asked him if he thought bankers wore this type of attire in their position. His response was that he thought this interview was casual and that is why he dressed the way he did. Always dress more conservatively than the position requires. You do not want to damage your chance of getting a job by dressing inappropriately.

Inefficient knowledge of key job requirements

You may expect the position you are interviewing for includes extensive interaction with bank clients during golf outings, sporting events or dinner. If your expectations for the job are way off then the company will reject your application. If your job routinely requires 80+ hour work weeks then do not ask if you can work only 50 hours.

Ringing cell phone

You should never bring a cell phone to an interview. If you must bring your cell phone, make sure to turn off the ringer before the interview starts. Nothing is more disrespectful to an interviewer than to have a cell phone ring in the middle of an interview. If it does ring, DO NOT ANSWER the phone!

Talking Negatively

If you had a conflict in your current or previous position, do not talk negatively about the issue. Companies do not want employees who are going to be negative because this impacts team dynamics and performance. You do not want to use profanity in answering questions. This shows a lack of professionalism. If you are talking with a bank client and you use profanity, it may lose their account which could be a multi-million dollar account.

An interview is a dialogue between the company and yourself. The interview benefits both parties to determine whether or not a candidate is a good fit for a banking position. Making these mistakes will terminate any chance you have of getting the position.…