Categories: Banking

Canara Bank unveils “FX 4 U” for forex remittance via Internet Banking

Canara Bank has launched FX 4 U that enables its entire internet banking users to handle forex transactions hasslefree. FX 4 U is used for forex remittance through internet banking. With this development, eligible customers will be able to undertake remittance facility in adherence to the FEMA regulations 1999.

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About FX 4 U:

Once the letter of credit (LC) module is activated, the corporate customers can make and submit LC applications with documents through internet banking.
Corporate customers can make and submit the LC applications along with documents through internet banking once the LC module is activated.
The transactions that are submitted through internet banking will flow seamlessly to the Centralized Process Centre – Forex Transactions(CPCFT), where the Compliance and accounting will be done and transmitted through The Society for Worldwide Interbank Financial Telecommunication (SWIFT).

Important takeaways for all competitive exams:

Syndicate Bank was amalgamated into Canara Bank on April 2020.
Canara Bank Founded: July 1906 by Shri Ammembal Subba Rao Pai.
Canara Bank Tagline: Together We Can.
Canara Bank MD & CEO: L V Prabhakar.
Canara Bank Headquarters: Bangalore, Karnataka.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.