19-10-2017
 
 
   

 

International Banking Activities                 

 

The International Affairs Division started operation in 1993, considering the necessity of global expansion. Soon, many branches were equipped and prepared for offering international banking services. As a result of offering continuous and high quality services, many customers have been attracted to our international services. Bank Maskan is an internationally well – known bank because of its on – time paybacks.

 

It furnishes all types of SWIFT transactions, brokerage services, letters of credit, forex, letters

of guarantee, import and export financing and other international transactions.Bank Maskan increased the number of the Forex branches to 74 by end of the year 2013.

 

Bank Maskan aims at development of its global activities. Consequently plans for improvement

of both hardware and software infrastructures are under implementation. In addition, various training programs are offered and presented to further enhance staff knowledge based on

the international banking aspect and promote the Bank’s services. A short description of all

international services offered by Bank Maskan is presented below:

 

Import Letters of Credit

With assistance of the SWIFT system, Bank Maskan issues import letters of credit for

importers within maximum one day. Depending on the track record of the client and the

volume of his activities, the advance payment requested by Bank Maskan for the letter of

credit is between 0 and 100 percent of its value.

 

Export Letters of Credit

Foreign currency branches of Bank Maskan provide a complete range of services related

to export letters of credit (advising, payment, etc.). Under the relevant local regulation these

branches also provide Iranian Rial facilities to exporters who need to fulfil their obligations against L/Cs.

 

Facilities to Importers

Bank Maskan issues sight and deferred(up to 12 months) letters of credit with the lowest possible advance payment.

 

Facilities to Exporters

Bank Maskan allocates facilities to exporters in order to encourage non – oil export in the

following ways:

• Pre – export facilities to finance engineering,procurement or production related to the

export of goods and technical services;

• Post – export facilities, to provide bridge financing for deferred payment by the foreign

party for purchased goods and technical services.

In case of issuance of an irrevocable letter of credit, Bank Maskan provides facilities (in the

equivalent amount in Iranian Rial) of up to 90% of the value of the imported product or service. In all

other cases, the Bank finances up to 70% of the export value.

 

Letters of Guarantee

Bank Maskan issues the following types of forex denominated guarantees:

• Tender Guarantee and Bid Bond;

• Good Performance Guarantee;

• Advance Payment Guarantee;

• Retention Money Guarantee.

 

 Foreign Currency Accounts

Bank Maskan opens foreign currency accounts in the name of legal or natural persons based on the following terms:

1. Denominated in EUR, USD, GBP, JPY, CHF, AED, CAD, KRW, CNY, TRY and QAR.

2. Applicants need to satisfy the general conditions for opening Iranian Rial accounts

The following are major types of Forex accounts offered by the Bank:

• “Qarz – al – Hassaneh foreign currency savings account”, with a minimum balance of US$ 100

or equivalent;

• “Qarz – al – Hassaneh foreign currency current account”, with a minimum balance of US$

1,000 or equivalent;

• “Foreign currency term deposit account”, with a minimum balance of US$ 1,000 or equivalent.

 

Foreign Currency Payment Order

With assistance of the SWIFT system and its network of correspondent banks, Bank Maskan effects in a timely and secure manner worldwide foreign currency payment orders. The service includes:

• Issuance of foreign currency P/Os originating from foreign currency accounts, up to account

balance;

• Remittance of foreign currency P/Os amounts to individual’s foreign currency account;

• Disbursement of banknotes to beneficiary of inward foreign currency P/Os;

• Purchase of foreign currency P/Os while converting their amount into Iranian Rial;

• Conversion of the currency of P/Os into other acceptable currencies, at the request of the

client;

 

Foreign Currency Exchange Services

Bank Maskan purchases and sells at the rate, announced by the Central Bank of Iran the

following currencies: EUR, USD, GBP, JPY, CHF, AED, KRW, TRY, CNY,INR and RUB.

The Bank, purchases without limit, foreign currencies received via the international banking system, including foreign currency P/Os, and other valid transfer tools as well as the balance of foreign currency accounts.Selling of foreign currencies to other persons is effected according to related regulations of the Central Bank of Iran.

 

Correspondent Banking

Bank Maskan has entered into correspondent banking agreements with first class banks in all parts of the world, covering all foreign currencies serviced by the Bank. Many of these agreements also include standby inter – bank credit lines or refinancing agreements to provide financial facilities at competitive prices to Iranian importers and exporters. At the request of its clients, the Correspondent Banking Department also translates account statements into English.

 

Free Trade Zone Activities

Iran’s Free Trade Zones are governed by their own set of banking and foreign exchange regulations, which are more liberal than that of the Iranian mainland. In 2002 Bank Maskan established specialized branches in Kish and Qeshm Free Trade Zones to offer further enhanced services to its customers. The Bank’s branches in the Free Trade Zones:

• Buy and sell foreign currency;

• Issue domestic and international P/Os at client’s request without limitation;

• Issue import letters of credit;

• Open various types of foreign currency accounts