Types of Financial Tools
1. Spot trading
Cash or spot transaction is the main transaction performed in the foreign currency market in case of which deliveries and payments are performed immediately after the transaction completion or within maximum two business days. Inecobank offers spot transactions in foreign currency and by precious metals at quoted prices.
2. Foreign currency options and forwards
Forward is an off-exchange, term, binding agreement that allows performing transactions in foreign currency and hedging foreign currency risks. Foreign currency option is a term, unbinding agreement by which the buyer or the seller reserves the right to perform buying and selling of foreign currency within adjusted term and price.
Spot deals, spread groups, foreign currency options and forwards of foreign currency transactions performed in international financial market offered by Inecobank are described on “Our Services” link of www.inecotrade.am web-page.
Foreign currency transactions in the international financial market are performed via special software of Inecobank. The Customer can perform transactions via personal electronic-trade account opened in the name of the Customer as well as get all the required information on its account and also complete information on transactions execution process in an on-line regime.
Commission fees, expenses and other charges to use the Service
Opening current account
- According to the effective tariffs of current bank account in Inecobank.
Commission fee from each transaction
- An amount in AMD equal to 10 US dollars (at an exchange rate defined by the CBA for that day) – for each partial transaction in small volumes envisaged by the agreement concluded between the Customer and the Bank
- AMD 0 – for transactions in big volumes defined by the agreement between the Customer and the Bank.
Customer’s Account Minimum balance (deposit account)
- Depositing a sum equal to USD 500 or Euros 500 by the Customer to the deposit account is a precondition for rendering foreign currency transactions execution service in the International financial market. Sums in other amounts can be determined on contractual basis.
Commission fees are charged upon each transaction completion from the electronic –trade account of the Customer. The Bank reserves the right to unilaterally charge commission fees and other fees from the Customer’s current bank account, without any additional consent by the latter, which are envisaged by the agreement or tariffs of the Bank.
Upon performing transaction via electronic-trade account the information on charging a commission fee by the Bank is displayed in the transaction window, while upon performing the transaction via telephone the Customer is informed on that by the employee of Inecobank.
On the conditions, methods and terms of making payments by the Customer
Payments by the Customer are made via trade-settlement software of the Customer at real time mode.
Procedure and terms of contacting Customers
Customers are contacted via trade-settlement software and telephone communication.
Agreement on performing arbitration transactions in the International financial markets is necessary to conclude with Inecobank CJSC to enjoy the service of performing foreign currency transactions in the International financial markets. The Agreement is concluded on unlimited terms and can be terminated based on the application by the Customer or by the Bank’s initiation in the event of any infringement of agreement terms by the Customer.
Procedure of returning the consumer funds in case of termination of already concluded agreements
Upon agreement termination the deposit (marginal) account balance of the Customer shall immediately be transferred to its current bank account and the login function of the Customer into the electronic account shall be blocked.
Acceptance and execution procedure of transactions performance orders and instructions
Transactions are performed via trade-settlement software of the Customer at a real time mode.
Transactions performance location
Transactions can be performed via special trade-settlement software provided by Inecobank CJSC from any personal computer where the software is downloaded.
Policy aimed at the prevention of conflict of interests
Inecobank applies measures aimed at the exclusion of conflict of interests with the Customers when performing foreign currency transactions in the international financial market in compliance with RA legislation and internal legal acts of the Bank, and in the event if those are impossible, it ensures the prevalence of Customer’s interests.
List of necessary documents for using the rendered services
The existence of current account and corresponding deposit account in the Bank is considered as precondition to use the rendered service. Identification document is mandatory to submit in order to conclude the agreement and get electronic-trade account, while documents verifying the existence of current bank account and deposit amount in Inecobank for opening a deposit account.
Upon execution of transactions in compliance with the requirements under the agreement it is THE CUSTOMER WHO BEARS THE RISK with regard to transactions. The Bank SHALL NOT REIMBURSE losses carried by the customer if those weren’t caused as a result of unfair behaviour of the company.