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With our glossary you can find the most frequently used terms in foreign exchange
What is foreign exchange hedging?
Currency hedging is a financial strategy that allow corporations to protect themselves from foreign exchange volatility.
One example is of currency hedging is a foreign exchange forward agreement. This allow clients to fix an exchange rate for a future date, and upon expiration of the agreement, settlement occurs at the difference between the contracted rate and the reference market rate.
What is SWIFT or BIC?
SWIFT was created by the Society for Worldwide Interbank Financial Telecommunication, and for that reason it has this acronym, it is also known as BIC: Bank International Code. The purpose of a SWIFT or BIC code is to identify the banking institution using a unique universal code, which can be between 8 and 11 characters long. Be aware that financial institutions according to the segment or operation area may have more than one SWIFT or BIC code.
The BIC or SWIFT consists of 8 or 11 characters, and:
The bank code, defined in four unique characters
The country code, defined in two characters that make up the country's ISO code
The location code, defined in two characters in order to distinguish banks from the same country
The city code, defined in three optional characters that define the bank city.
What is BIC?
BIC is the acronym for “Bank International Code”, it is another name used in the market for SWIFT.
What is BC or Bacen?
It is the Brazil Central Bank, an independent federal institution, linked, but not subordinated, to the Ministry of Finance. The institution was created in 1964. Among other responsibilities, the BC is responsible for governing the monetary, foreign exchange and credit policies, in addition to authorizing financial institutions to operate, financial relations with the outside world and the regulation and supervision of the National Financial System (SFN).
What is ABA or Bank Routing Number?
It is a 9-digit numeric code issued by the American Bankers Association (ABA) that identifies a bank or institution.
This code is used primarily by financial institutions based in the United States.
What is BSB?
What is BSB?
BSB stands for Bank State Branch and is a 06-digit numeric code that identifies a financial institution within Australia.
The BSB number consists of three parts AAB-CCC, being:
The first two numbers (AA) specify the financial institution.
The third number (B) indicates the state in which the branch is located.
The last three numbers (CCC) is the unique identifier for the branch.
What is Transit?
It is a 5-digit numeric code that identifies a branch of an institution or bank in Canada.
XXXXX: Branch/Agency Number
What is Siscomex?
Siscomex is the Integrated Foreign Trade System that performs the control and registration of activities aimed at Brazilian foreign trade.
What is DI?
DI is the acronym corresponding to the Import Declaration; it is the document that regulates the information of goods import process and serves as a basis for customs clearance of imports. A DI is issued on the Siscomex website.
What is LI?
LI stands for Import License and its main function is to authorize the import of some goods. It must be generated before the goods are shipped. The LI is issued through the Siscomex website.
What is DUIMP?
DUIMP stands for Single Import Declaration; it is the new electronic document that puts together all information of customs, administrative, commercial, financial, tax and fiscal nature pertaining the control of imports, replacing the DI (Import Declaration).
What is DU-E?
DU-E is the acronym for Single Export Declaration. Its about an electronic document that contains information of a customs, administrative, commercial, financial, tax, fiscal, and logistical nature, and serves as the basis for customs clearance of exports. In order for moneycorp to carry out its exchange contract, it will be necessary to inform the DU-E number and the access key. The access will be granted us for the purposes of consulting the information only, and does not allow editing, deleting, or cancelling.
What is LPCO?
It stands for Licenses, Permissions, Certificates and Other Export and Import Documents. It is the Siscomex channel with the Foreign Trade and other related bodies, such as: intervening parties for issuing licenses, permissions, certificates and other necessary documents.
What is CE?
CE is the acronym for Electronic Bill of Lading registered in the Merchant System. It can represent the BL (Bill of Lading), the HBL (House Bill of Lading), and the MBL (Master Bill of Lading) containing more information than the printed document.
What is Bill of Lading (BL or B/L)?
Bill of Lading (BL or B/L) is the main document for import or export by sea transport. It works as a transport contract between the shipper and the carrier; as a receipt for the delivery of the product to the company responsible for transport; and, finally, as the document for the pick up of the goods from the carrier's.
What is AWB?
AWB stands for AirWay Bill, or air bill of lading, the main import or export document using this type of transport.
What is IBAN?
IBAN is an acronym in English for “International Bank Account Number”, in Portuguese: "Número Internacional de Conta Bancária" and is an international standard created by the Society for Worldwide International Financial Telecommunication to standardize bank accounts internationally. Click here and learn more.