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Discussion in 'Growing and Managing a Business' started by angelajason06, Mar 28, 2013.
Hi I want to know that what is FEC in banking and what are the advantages of that?
FEC = Free Entry Cost (bank pay legal fee, it's same as ZEC, just different bank use different term)
A Forward Exchange Contract (FEC) is a contract between the bank and their customer whereby the bank agrees to buy from or sell to the customer a fixed amount in foreign currency on fixed future date, or during a period expiring on a fixed future date, at the rate of exchange quoted in the contract.