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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