Your Foreign Currency Partner
Frequently Asked Questions
1. What are your regular trading hours?
9:00am – 12:00pm - Value Today
2:30pm – 4:00pm - Value Tomorrow
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IMPORTANT: Funds should always be cleared(funds should already be in trading account)
before dealing.
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2. What is the difference between value today and value tomorrow(value tom) transactions?
Value Today – deal date and settlement date on the same day.
Value Tomorrow – buying and selling rates are locked / agreed Today but the actual settlement shall be done on the next banking day.
3. What is your minimum volume per transaction?
Our minimum volume to be traded per transaction is USD5,000.00.
Lake Shore CCY does volume trading and we do not have over-the-counter transactions.
4. How do I become a client?
In compliance with AMLA policies and regulations your account officer will schedule a client call. We will walk you through the registration and transacation process. Registration is simple and there is no obligation to buy currency from us.
For corporate customers we require the following:
1. Articles of incorporation and by-laws
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2. Latest General Information Sheet(GIS)
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3. Board resolution indicating authorized traders and signatories of entity authorized to deal with Lake Shore CCY
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4. Clear copy of government issued identification of authorized traders and signatories
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5. Business Permit
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6. Completed Anti-Money Laundering and Anti Terrorist Financing Questionnaire
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7. Audited Financial Statements
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8. BSP/AMLC Certification (as applicable)
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If you have questions please do not hesitate to contact us, we are always eager to help.
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5. Do you also require your clients to submit trade documents for clients who wish to buy dollars?
Yes, buyers are required to submit ANY of the following trade documents:
- Invoices
- Bill of lading
- Packing list
Including Lake Shore CCY required documents:
- Application to Purchase
- FX Certification - A trade document to be filled up and submitted by the Buyer certifying that the amount dealt partially covers his/her FX requirement.
7. How fast can you settle each transaction?
Usual processing time per transaction is 30 minutes.
8. What if a Buyer or a Seller cancels a deal?
In an event a buyer/seller cancels a deal, a cancellation fee will be charged to the client.
Cancellation fee is computed mark-to-market or 5 cents (of the amount dealt) whichever is higher.
“Mark-to-market” is computed as on-going market rate less the agreed rate times the amount of Dollars dealt.