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Don’t Do these Transactions with a Forex Bureau

forex bureaux transactions

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Don’t Do these Transactions with a Forex Bureau

Many forex bureaux in Ghana and other African countries  engage in several transactions in addition to those mandated by their license. These are only possible because unsuspecting members of the public fall for their offers.

Some of these transactions are unauthorized, and knowing them is the first step of avoiding them. Here are some of the unauthorized businesses according to Notice no. BG/GOV/SEC/2003/2

See also: How to start forex trading online

Acceptance of deposits from any person or corporate body or any legal entity with the intent obtaining or supplying the foreign exchange equivalent either wholly or in part at a future date

Related: How forex bureaux make the big money

Acceptance of foreign exchange deposits from any person or corporate entity or any legal entity with the intent of obtaining or supplying the cedi equivalent either wholly or in part at a future date

1.  Opening a foreign exchange or cedi account for a customer

2. Engaging in offshore business or maintaining foreign correspondence relationship

3. Establishment of letters of credit

4. Engaging directly or indirectly in any form of foreign currency transfer activity

These businesses are unauthorized and forex bureaux are expected to stay away from them.

Related: How to start and operate a forex bureau in Ghana

Related: How to benefit when your local currency is depreciating

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