Using F/X Transfers System, Karafarin Bank is ready to transfer currencies from one account to another through banking system, between branches of a single bank or two different banks.
Transfer of currencies from one account to another through banking system, between branches in a single bank or two different banks is called F/X Transfers which are categorized as follows:
A- Incoming F/X Transfers
It is a payment order sent to Karafarin Bank by its correspondent banks (domestic or foreign). After receiving SWIFT message and ensuring remittance to the bank’s account, the said fund will be credited to the mentioned account (the beneficiary) within 24 hours.
For the time being, F/X regulations allow the beneficiary to either retain the currency in his or her F/X accounts or sell it to the bank at the current rate or transfer it abroad. It’s worth mentioning that the recipient ought to be the bank’s customer.
B- Outgoing Transfers
Customers are required to refer to any branch with which they have an account and fill in the F/X Transfer Application Form. Thus, the bank embarks on issuing F/X transfer for domestic or foreign correspondents using its widespread correspondent network within a short period of time.
According to CBI circulars, it is possible to sell currencies against importing goods (order registration), purchase books, conduct research opportunity and repay principal and dividend resulting from foreign investment. Otherwise if the customer requests an F/X transfer from IRR account, the currency ought to be purchased from an exchange office. Money transfer to outside Iran from F/X account is possible only when the fund is provided from the applicant’s own currency (foreign source).