Closing of Exchange Contracts

The closing exchange is a very important stage in the export process , because that is when the sale to the bank by the exporter , the foreign currency resulting from the export operation will occur .

Deadlines
Exports with a maturity not exceeding 180 days from the date of shipment of the goods , the Exchange Closing with an authorized and chosen by the exporter bank is formalized by completing the form BCB - TYPE 01 . The form must be completed and recorded in
Central Bank Information System ( SISBACEN ) , which monitors foreign exchange operations.

The Foreign Exchange involves the following undertakings by the exporter
• negotiate the currency obtained by the financial institution of choice at a given exchange rate ;
• delivered on date specified , supporting documents and other proof of export , these are requested by the importer . It is important to remember that the due date may not exceed the maximum limit of 15 days after shipment of goods overseas, as determined by the Central Bank;
• effect the settlement of foreign exchange on a certain date , which is marked by the effective entry of foreign currency. The fulfillment of this commitment depends , of course , the payment by the importer .
The Exchange Closing on exports can be made up to 180 days before the shipment of goods , or within 180 days of your shipment. The date of shipment is defined by the date of Bill of Lading .
The Central Bank establishes the maximum period of 15 days from the shipment date for delivery of the documents to the bank authorized to export that , after due conference will make your issuing bank remittance abroad .
The definition of the most appropriate time for the Exchange Closing depends on the need for financial resources for the development of the product to be exported , the current nominal interest rate and the expected changes in the exchange rate between the date chosen for the closure and settlement date of the exchange agreement .