The world is groping for the correct international banking system, which consists of the provision of banking services to non-residents and to residents in foreign currencies from offices located in the home country, as well as proprietary trading and on behalf of customers, without establishing a foreign presence.
The international bank could help you to fulfil your banking needs when playing on the world stage by providing you with essential services and assistance. The need for international banking is a requirement of anyone who has extensive business relationships in foreign countries or is looking to expand into their marketplace.
International Banking comes under cross-border trade (be it physical trade, currencies, or equities/bond markets). The basic need of International banking is the ability to convert or exchange your currency and paying and receiving payment for your goods and services. For very large banks, with a global footprint, International Banking may be a department by itself.
Sectors of International Banking: There are different types of international banking structures and relationships. A correspondent bank is a that provide services for another bank. Neither has an ownership interest in the other or has any control over the other. They remain engaged in a mutually beneficial relationship.
International trade officer: International Trade Specialist has major responsibilities for coordinating credit and financial activities. The employee acts as an advisor on matters of tariffs markets, federal and foreign regulations.
International trade Specialist ensures that paperwork and letters of credit are according to trade laws. They get the opportunity to work on the variety of field’s concept, practices and procedures, giving a great professional exposure to them. The International trade officer has closely worked with managers or the head of a unit/ department.
Forex Officer: Forex officer assist clients in understanding and capitalising on foreign currency markets by giving their clients information on exchange rates and insights into global markets. They make forecasts, provide in-depth analysis of market and make trade recommendations based on their findings.
The forex exchange officer maintains and monitors the record of the bank’s funds on deposit in the foreign and outstanding purchase and sales contracts, he/ she lists the cash totals in the holdover register, posting net balances to daily position reports and determining the revised position for the bank. He also reviews the records to determine when balances need replenishing.
NRI banking officer: The NRI banking officers are responsible for the formation of new business and maintenance of professional relationships with clients. They makes calls to prospective clients and set up sales presentations to clubs, organisations, groups, associations and other companies.
They usually implement the financial solutions to meet the requirements of the NRI customers and ensure value-added customer service. They make close contacts with the NRI Clients an existing customer through Emails and phone calls and shares insights on the fluctuations in interest rates, exchange rates and various product offerings.
Education needed to become an international bank manager: Although the specific education you’ll need will vary, most employers will require that you have an undergraduate or graduate degree in a field related to banking or management.
Experience: The basic experience required is five years or more of the experience in the role of the progressive banking industry, though the Post Graduate trainee programme in banking and finance is eligibility required if you plan on going this route.
The banking and other financial institutes offer management training programmes for university graduates who wish to become bankers. Although they typically include a university degree in a field such as business, economics, finance, management or marketing.
The salary: Banking is a highly lucrative field. After completion, of course, the candidate earn around Rs 50, 000 per month and after taking the experience in this field the candidate also earn around between Rs. 6 to 8 lakhs per annum also. The salary level you could earn as an international bank manager can vary, typically depending on professional qualifications and the scope of your job duties.
The writer is director of TKWS Banking and Finance